REG-TotalEnergies SE Argentina: TotalEnergies Divests Its Interest in Two Vaca Muerta Unconventional Blocks

TotalEnergies SEAnnouncement

Wed 15:00

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Argentina: TotalEnergies Divests Its Interest in Two Vaca Muerta
Unconventional Blocks

 

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) announces that its affiliate
Total Austral has signed an agreement with YPF SA for the sale of its 45%
operated interest in two unconventional oil and gas blocks in Argentina,
Rincon La Ceniza and La Escalonada, for an amount of USD 500 million at a
valuation of around 10,000 USD/acre.

Located in the Vaca Muerta area in the Neuquén Basin, these concessions
(51,000 net acres) are currently in a pilot development phase.

Total Austral’s partners in these concessions are Gas y Petroleo de Neuquen
(10%) and O&G Developments LTD S.A (45%), owned by Shell.

“The sale of Rincon La Ceniza and La Escalonada blocks is part of our active
portfolio management strategy. TotalEnergies remains fully committed to
Argentina, where it operates a large unconventional area of 183,000 nets acres
in the Vaca Muerta play, after the divestment of these two blocks which
represented around 20% of our net acreage in that play. The Company is
currently producing gas and condensates from the operated blocks Aguada
Pichana Este and San Roque, with a combined production of around 50,000 boe/d
in TotalEnergies share in 2024. This transaction allows us to unlock value
from part of our portfolio, while focusing on the development of our core
assets in the Neuquén Basin and in the offshore of Tierra del Fuego” said
Javier Rielo, Senior Vice President Americas, Exploration & Production at
TotalEnergies.

Completion of the transaction is subject to customary conditions.

***

TotalEnergies in Argentina

TotalEnergies has been operating in Argentina since 1978, and today employs
more than 1,100 people in its business segments, in Exploration &
Production, renewable electricity (solar and wind), and lubricants.

Through its Total Austral affiliate, it is the country’s leading
international gas producer, operating some 25% of production. The Company’s
equity share of production averaged 95,000 barrels of oil equivalent per day
in 2024.

In Tierra del Fuego, alongside partners Harbour Energy (37.5%) and Pan
American Sur (25%), TotalEnergies (37.5%) operates the Cuenca Marina Austral 1
(CMA-1) concession, which includes onshore fields and 6 offshore platforms.

In Neuquen, the Company holds equity interests in three operated onshore
blocks.

Across the country, TotalEnergies operates 3 wind farms and 1 solar plant,
with an installed capacity of approximately 300 MW.

About TotalEnergies

TotalEnergies is a global integrated energy company that produces and markets
energies: oil and biofuels, natural gas, biogas and low-carbon hydrogen,
renewables and electricity. Our more than 100,000 employees are committed to
provide as many people as possible with energy that is more reliable, more
affordable and more sustainable. Active in about 120 countries, TotalEnergies
places sustainability at the heart of its strategy, its projects and its
operations.

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Cautionary Note

The terms “TotalEnergies”, “TotalEnergies company” or “Company” in
this document are used to designate TotalEnergies SE and the consolidated
entities that are directly or indirectly controlled by TotalEnergies SE.
Likewise, the words “we”, “us” and “our” may also be used to refer
to these entities or to their employees. The entities in which TotalEnergies
SE directly or indirectly owns a shareholding are separate legal entities.
This document may contain forward-looking information and statements that are
based on a number of economic data and assumptions made in a given economic,
competitive and regulatory environment. They may prove to be inaccurate in the
future and are subject to a number of risk factors. Neither TotalEnergies SE
nor any of its subsidiaries assumes any obligation to update publicly any
forward-looking information or statement, objectives or trends contained in
this document whether as a result of new information, future events or
otherwise. Information concerning risk factors, that may affect
TotalEnergies’ financial results or activities is provided in the most
recent Universal Registration Document, the French-language version of which
is filed by TotalEnergies SE with the French securities regulator Autorité
des Marchés Financiers (AMF), and in the Form 20-F filed with the United
States Securities and Exchange Commission (SEC).

TotalEnergies 

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