Bluenergies, TotalEnergies enter joint study deal

Executive Summary

• Bluenergies Ltd. has entered into a Joint Study and Application Agreement (JSAA) with TotalEnergies SE’s Liberian upstream subsidiary to explore the deepwater fan play in the Harper Basin, offshore Liberia.
• The partnership involves a new reconnaissance licence (RL-003) covering 8,924 square kilometres, with TotalEnergies holding a 65% interest and Bluenergies holding a 35% interest.
• An immediate 18-month work program has been committed, featuring seismic reprocessing by TGS ASA and new offshore sea bottom data acquisition to derisk hydrocarbon potential and establish drillable prospects.

Key Details

• Parties: Bluenergies Ltd. and TotalEnergies SE (Liberian upstream subsidiary).
• Agreement Type: Industry standard joint study and application agreement (JSAA).
• Target Area: Harper Basin, offshore Liberia (West Africa transform margin).
• Blocks Involved: LB-26, LB-30, and LB-31.
• Licence Structure:
  • New Reconnaissance Licence: LPRA-003 (RL-003).
  • Areal Extent: 8,924 square kilometres (approx. 2.2 million acres).
  • Term: Continues up to June 30, 2027.
  • Replaces: Existing reconnaissance licence LPRA-002.
• Working Interests:
  • TotalEnergies: 65%.
  • Bluenergies: 35%.
• Work Program (Next 18 Months):
  • Seismic Reprocessing: 6,167 square kilometres (approx. 1.5 million acres) of original 3-D seismic data initially acquired by TGS in 2013.
    • Provider: TGS ASA (Oslo).
    • Start Date: November 28, 2025.
  • New Data Acquisition: Offshore sea bottom data including multibeam/backscatter and heat flow surveys.
• Financials & Expenditures:
  • Previous Licence (RL-002) Minimum Expenditure Requirement: $1.6 million (USD).
  • Bluenergies Spent on RL-002: $1,862,000 (USD) / $2.57 million (CAD).
  • Future Expenditures: Reconnaissance expenditures under RL-003 and RL-002 are recoverable under any future production-sharing contracts.
• Strategic Context:
  • Bluenergies delineated seven large-scale discrete Cretaceous-aged basin floor fans based on 3-D survey interpretation in October 2024.
  • Exclusive relationship with TotalEnergies established in July 2025 following negotiations with other deepwater operators.
  • Non-binding MOU signed on October 8, 2025.
  • Goal: Establish economically viable drillable prospects to apply for one or several production-sharing contracts.

Notable Quotes

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