TotalEnergies SE (TTE) shares moved higher Tuesday after the French energy company inked a cooperation deal with Kuwait Oil Company that could unlock new oil and gas discoveries in the Middle Eastern nation.

The Memorandum of Understanding between the two companies establishes a framework for enhanced collaboration, knowledge sharing, and joint technical studies. It's the kind of partnership that gives Kuwait access to TotalEnergies' technical capabilities while deepening the French company's relationship with a key energy-producing region.

The agreement specifically targets studies on new exploration opportunities within Kuwait's borders, with TotalEnergies bringing its technical expertise to the table to support these initiatives.

Patrick Pouyanné, Chairman and CEO of TotalEnergies, framed the partnership as a natural extension of the companies' existing relationship. "We are pleased to strengthen our cooperation with Kuwait Oil Company through this MoU, which reflects our shared ambition to contribute to Kuwait's objectives in developing its resources," he said. "The studies to be carried out will help inform future projects, while further deepening our long-term relationship with Kuwait."

Busy Times for TotalEnergies

The Kuwait deal comes as TotalEnergies continues expanding its global operations. Last week, the company announced alongside Paula Amorim, Chairman of Galp, that it would take over as operator of Petroleum Exploration License 83 in Namibia's Orange Basin, building on earlier Mopane discoveries in the region.

TotalEnergies also recently disclosed the full restart of its Mozambique LNG project activities. That ambitious project is 40% complete, with first LNG expected in 2029. Nearly all engineering work and main equipment procurement wrapped up during the Force Majeure period that had paused operations.

Investors will get a fuller picture of TotalEnergies' performance when the company reports fourth-quarter earnings on February 11.

TTE Price Action: TotalEnergies shares were up 1.60% at $71.84 at the time of publication Tuesday. The stock is approaching its 52-week high of $73.75.