TotalEnergies SE (TTE) announced a pair of strategic deals on Wednesday that highlight the company's evolving approach to its global energy portfolio—expanding in one region while pulling back in another.

New Middle East Trading Hub

The French energy giant teamed up with Bapco Energies to launch BxT Trading, a 50/50 joint venture that will trade petroleum products backed by flows from Bapco's refinery operations in the Kingdom of Bahrain.

The venture positions BxT Trading as a new competitive player in Middle East energy markets, helping Bahrain's oil industry maximize value and gain better access to international buyers. For TotalEnergies, it's about strengthening regional presence. The company already operates major trading hubs in Houston, Geneva, and Singapore, and adding a Middle East base gives it more agility to respond to local market dynamics.

Bapco Energies gets something valuable too: direct access to TotalEnergies' global trading expertise and the chance to develop sophisticated capabilities in pricing, market analysis, and risk management—skills that typically take years to build internally.

Exiting Nigerian Oil Assets

Meanwhile, TotalEnergies is winding down part of its Nigerian operations. The company's subsidiary, TotalEnergies EP Nigeria, signed a Sale and Purchase Agreement with Vaaris to offload its 10% non-operated stake in the Renaissance JV licenses.

The Renaissance JV—formerly known as SPDC JV—includes NNPC with 55%, Renaissance Africa Energy holding 30% as operator, TotalEnergies at 10%, and Agip with 5%. Together they oversee 18 licenses in Nigeria's Niger Delta region.

Under the agreement, TotalEnergies EP Nigeria will sell its 10% stake and all associated rights in 15 Renaissance JV licenses that primarily produce oil. These assets contribute roughly 16,000 barrels of oil equivalent per day in 2025.

Here's where it gets interesting: TotalEnergies will also transfer its 10% stake in three gas-focused licenses (OML 23, 28, and 77) to Vaaris, but the company is keeping full economic interest in those assets. That matters because these licenses currently supply 50% of the gas that feeds Nigeria LNG's operations.

Broader Divestment Strategy

These deals fit into a larger pattern of portfolio optimization. Last month, TotalEnergies agreed to sell a 50% stake in its 424-megawatt wind and solar portfolio in Greece to Asterion Industrial Partners for 508 million euros (around $595 million).

TotalEnergies EP Nigeria has also agreed to sell a 40% interest in the PPL 2000 and PPL 2001 exploration licenses to Star Deep Water Petroleum Limited.

TTE Price Action: TotalEnergies shares were up 0.71% at $66.27 during premarket trading on Wednesday. The stock is trading near its 52-week high of $66.92.