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BP and TotalEnergies Step Up Their Bet on U.S. Oil and Gas
By Ion Jauregui – ActivTrades
European energy giants continue to strengthen their footprint in the United States. BP (LON: BP) and TotalEnergies (EPA: TTEF) have announced new strategic moves that consolidate their positions in oil and gas within the world’s largest consumer market.
BP recently approved a $5 billion megaproject in the Gulf of Mexico, featuring a floating platform with a production capacity of 80,000 barrels of oil equivalent per day (boed). The British major is targeting 1 million boed in the U.S. by 2030, a milestone that would decisively reinforce its production base in North America, one of the most competitive and energy-hungry markets worldwide.
In parallel, TotalEnergies acquired a 49% stake in Continental Resources’ gas fields in Oklahoma, adding 26,000 boed to its portfolio. This deal strengthens the French company’s leadership in the liquefied natural gas (LNG) market, a key resource for the energy transition and global supply security, particularly in Europe and Asia.
Technical Analysis – BP (Ticker AT: BP.UK)
BP shares are trading around 430.20 pence today. After forming a triple top in April 2024 and undergoing a sharp correction, the stock is moving within a lateral range between 319.20 and 457.95 pence.
Resistance: located at the upper bound of the range, at 457.95 pence.
Support: the 400 pence area, and in extension, the 319.20 pence lows. The POC is positioned above the 100-day average and just below the 50-day, acting as secondary support at 422 pence.
Indicators: RSI remains in neutral territory following the correction, while the MACD suggests a timid recovery to the upside.
Should BP break above 458 pence, the next technical target would be 503.8 pence, a level aligned with the previous 2024 bearish crossover highs. Failure to surpass resistance could see the stock retrace towards 400 pence, or even retest the range lows. Momentum will largely depend on production and earnings expectations stemming from the new U.S. projects.
Strategic Outlook
The moves by BP and TotalEnergies highlight the strategy of Europe’s leading oil and gas players to combine offshore and onshore production in the U.S., diversifying their portfolios and capturing growth opportunities in hydrocarbons and LNG.
In the short term, these investments could boost U.S. gas supply, applying downward pressure on local prices, while enhancing the competitiveness of LNG exports to high-demand markets such as Europe and Asia.
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Stock Spotlight: Challenger Energy (AIM – London)🔦 Stock Spotlight: LSE:CEG
I first wrote about this stock back in 2024. Since then, I’ve been holding it, with a target set for 2026 (if it surprises and reaches my goals earlier, I won’t stay in).
What’s in this stock?
Currently – nothing.
So why did I invest in 2024? It’s essentially an option on two offshore basins in Uruguay, considered a geological mirror of Namibia and its the only public junior company that have positions on Uruguay offshore blocks.
Challenger made a bold move: during Uruguay’s license round in 2020–2021, no one bid (oil markets were in chaos during COVID and before Namibia’s discoveries). They were the first and only to apply and secured 2 out of 8 blocks. The approval process took time, and meanwhile their core business underperformed – leading to a reorganization of assets.
Since then, Namibia has become hot, and the southern Brazil/Uruguay margin is attracting majors.
The picture in Uruguay today without challenger blocks:
* Shell took 3 out of 8 blocks
* APA (Apache) took 2 blocks (one jointly with Shell)
* YPF (Argentina) took 1 block
Challenger’s current position:
Area 1 – Farm-in deal with Chevron: fully funded seismic, 50% of first well costs + USD 12M cash. Challenger now holds 40%.
Area 3 – 100% owned, ex-BP acreage with existing 3D seismic, now being prepped for farm-out.
A few months after the Chevron deal (2024), one of the most interesting family offices in the exploration space – Charlestown Energy (behind Sintana Energy’s turnaround) – entered a convertible loan agreement with Challenger (I bought a few weeks before them).
By 2024:
Namibia was already hot
Shell & Chevron active in Namibia, Chevron moving into Uruguay.
Charlestown, the group behind Sintana’s move into Namibia, made a small investment in Challenger.
Proceeds from Charlestown were used to reprocess Area 3 at the edge of Brazil’s Pelotas Basin.
And still – Why “nothing”?
No discoveries in Uruguay yet. No known drilling program. When I bought, it was trading at cash with zero valuation for the licenses.
Technically: The stock has woken up in recent days, but caution is needed – some may be offloading. In my view it’s one to watch. Right now, after a 24% move up in one day as I write, entry isn’t attractive.
⚠️ Disclaimer: This is not investment advice or a recommendation to buy or sell. This is a very high-risk microcap with no proven discoveries in Uruguay. Do your own research.⚠️
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