TotalEnergies SE (TTE) is doubling down on Namibia's emerging oil frontier. The French energy major announced Friday, alongside Paula Amorim, Chairman of Galp, that it will assume operatorship of Petroleum Exploration License 83 in Namibia's Orange Basin.

This isn't just shuffling paperwork. PEL 83 is a high-potential offshore license that covers the Mopane discoveries, which have been generating significant buzz in exploration circles. Meanwhile, Galp is consolidating its position by acquiring interests in PEL 56 and PEL 91, both of which contain the Venus discovery.

What's Actually Happening Here

The arrangement reflects a strategic realignment between the two companies. TotalEnergies gets control of Mopane, where it plans to run a three-well exploration and appraisal campaign in 2026. The goal is straightforward: figure out how much oil is actually there and start planning how to get it out of the ground.

For Venus, the companies are working together to meet the conditions needed for a final investment decision in 2026. That's industry speak for "we need to make sure this project makes financial sense before we commit billions of dollars."

Namibia's Orange Basin has become one of the most exciting exploration plays in recent years, with multiple discoveries suggesting the potential for a major new oil province along Africa's southwestern coast.

Mozambique LNG Gets Back to Business

In related news, TotalEnergies announced Thursday that it's fully restarting activities on the Mozambique LNG project. The project is already 40% complete, with first LNG expected in 2029. Nearly all engineering and main equipment procurement was finished during the Force Majeure period, which means the company kept the project moving forward even when on-site work was suspended.

This is Africa's largest LNG project, and getting it back on track represents a major commitment to the continent's energy infrastructure.

The Stock is Running Hot

TotalEnergies shares are having a moment. The stock is trading well above its key moving averages, sitting 8.6% above its 20-day SMA, 10.1% above its 50-day SMA, and 14.1% above its 100-day SMA. That's a pretty clear uptrend.

But here's where it gets interesting. The RSI is at 74.03, which puts the stock in overbought territory. Translation: the rally has been strong, but it might be getting ahead of itself. A pullback wouldn't be surprising if buying pressure eases.

The MACD remains above its signal line, indicating bullish momentum is still intact. And in a notable development from July, the 50-day SMA crossed above the 200-day SMA in what technical analysts call a "golden cross." That's typically seen as a signal for potential long-term upside.

Key support sits at $63.50. If the stock tests that level and holds, it could present a buying opportunity. If it breaks below, traders might want to reassess their positions.

TotalEnergies has gained 23.67% over the past 12 months and is currently trading at $72.64 in premarket action, near its 52-week high of $73.75. That puts it at 94.8% of its 52-week range, suggesting strong demand but also raising questions about how much room is left to run in the near term.

With the current technical setup showing overbought conditions, traders should watch for signs of exhaustion or reversal. Monitoring support levels and overall market sentiment will be critical in the coming weeks.

The company is scheduled to release fourth-quarter earnings on February 11, which could provide the next catalyst for the stock.

Price Action: TTE shares were up 0.06% at $72.67 at the time of publication on Friday.