REG-TotalEnergies SE Brazil: Final Investment Decision for Atapu-2 and Sépia-2 Oil Developments

TotalEnergies SEAnnouncement

28/05/2024 07:00

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Brazil: Final Investment Decision for Atapu-2 and Sépia-2 Oil Developments

 

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE), together with the operator
Petrobras and their partners in the Atapu and Sépia consortiums, have taken
the Final Investment Decision (FID) for the second development phase of Atapu
and Sépia fields, located in the prolific pre-salt Santos Basin, offshore
Brazil.

The Atapu field has been producing since 2020 through the P-70 Floating
Production Storage and Offloading (FPSO) unit, with a production capacity of
150,000 barrels of oil per day (bopd). The second development phase, Atapu-2,
will comprise a new-built FPSO of 225,000 bopd capacity. TotalEnergies owns an
interest of 15% in the Atapu field, in partnership with Petrobras (65.7%,
operator), Shell (16.7%), Petrogal (1.7%) and PPSA (0.9%).

The Sépia field has been producing since 2021 through the Carioca FPSO unit,
with a production capacity of 180,000 bopd. The second development phase,
Sépia-2, will also comprise a new-built FPSO of 225,000 bopd capacity.
TotalEnergies owns an interest of 16.9% in the Sépia field, in partnership
with Petrobras (55.3%, operator), Petronas (12.7%), QatarEnergy (12.7%) and
Petrogal (2.4%).

The two FPSOs are expected to start producing as from 2029. They have been
designed to minimize greenhouse gas emissions through an all-electric
configuration and technologies such as waste heat recovery, closed flare,
cargo oil tank gas recovery and variable speed drive for compressors and
pumps.

“The decision to launch Sépia-2 and Atapu-2 is a new milestone in our
strong growth story in Brazil, a core area for the Company thanks to its
world-class low-emission and low-cost oil resources” declared Nicolas
Terraz, President Exploration & Production of TotalEnergies. “Following
the startup of Mero-2 in late 2023 and the upcoming startups of Mero-3 in 2024
and Mero-4 in 2025, Brazil will soon account for more than 200,000 barrels of
oil equivalent per day (boepd) in equity production for the Company. At their
plateau Sépia-2 and Atapu-2, the tenth and eleventh FPSO for TotalEnergies in
Brazil, will contribute to maintain TotalEnergies production in this key
country above 200,000 boepd.”

***

About TotalEnergies in Brazil

TotalEnergies has been operating in Brazil for almost 50 years, through six
subsidiaries, and today employs more than 3,500 people in its business
segments, in Exploration & Production, gas, renewable electricity (solar
and wind), lubricants, chemicals and distribution.

TotalEnergies' Exploration & Production portfolio currently includes 11
licenses, of which 4 are operated. In 2023, the Company's average production
in the country was 135,000 barrels of oil equivalent per day.

TotalEnergies is investing in the growth of the renewable energy segment in
Brazil. In October 2022, the company entered into a partnership with Casa dos
Ventos, Brazil's leading renewable energy player, to jointly develop a 12 GW
renewable energy portfolio.

TotalEnergies is also active in the Brazilian fuel distribution market with a
network of about 240 filling stations as well as several storage facilities
for petroleum products and ethanol.

About TotalEnergies

TotalEnergies is a global integrated energy company that produces and markets
energies: oil and biofuels, natural gas and green gases, 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).

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