REG-TotalEnergies SE Iraq: TotalEnergies Sells its Non-Operated Interest in the Sarsang Oil Field

TotalEnergies SEAnnouncement

15/09/2022 07:45

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Iraq: TotalEnergies Sells its Non-Operated Interest in the Sarsang Oil Field

 

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) has completed the divestment of
its 18% interest in the onshore Sarsang oil field in the Kurdistan region of
Iraq, to ShaMaran Petroleum Corp., a company listed in Canada and Sweden and
focused on oil exploration and development in Kurdistan, for a firm
consideration of $ 155 million. An additional contingent consideration of USD
15 million is payable in the future depending on production and oil prices.

The Sarsang field, discovered in 2011, is operated by HKN (62%), with KRG
owning a 20% interest. TotalEnergies' share of production was around 3,500
barrels per day in 2021.

***

TotalEnergies in Iraq

In Iraq, TotalEnergies started its activities in the 1920s with the discovery
of Kirkuk field. The company currently has a 22.5% interest in the Halfaya oil
field. TotalEnergies’ production in Iraq is about 14 000 boe per day in
2021.

In September 2021, TotalEnergies signed major multi-energy agreements in Iraq
covering the construction of a new gas network and treatment units, the
construction of a large-scale seawater treatment unit and the construction of
a 1 GW photovoltaic power plant.

TotalEnergies sells lubricants in Iraq through distributors on the local
retail market. Our affiliate

Saft takes part in calls for tender as a subcontractor.

About TotalEnergies

TotalEnergies is a global multi-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 energy that is
ever more affordable, cleaner, more reliable and accessible to as many people
as possible. Active in more than 130 countries, TotalEnergies puts sustainable
development in all its dimensions at the heart of its projects and operations
to contribute to the well-being of people.

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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 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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