REG-TotalEnergies SE Nigeria: TotalEnergies Sells Its Interest in SPDC JV, Retaining Interest in Gas Supply to Nigeria LNG

TotalEnergies SEAnnouncement

17/07/2024 13:45

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Nigeria: TotalEnergies Sells Its Interest in SPDC JV, Retaining Interest in
Gas Supply to Nigeria LNG

 

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) announces that its subsidiary
TotalEnergies EP Nigeria signed a sale and purchase agreement (SPA) with
Chappal Energies for the sale of its 10% interest in the SPDC JV licenses in
Nigeria.

SPDC JV is an unincorporated joint venture between Nigerian National Petroleum
Corporation Ltd (55%), Shell Petroleum Development Company of Nigeria (30%,
operator), TotalEnergies EP Nigeria (10%) and NAOC (5%), which holds 18
licenses in the Niger Delta.

Under the SPA signed with Chappal Energies:


 * TotalEnergies EP Nigeria will sell to Chappal Energies its 10% participating
interest and all its rights and obligations in 15 licenses of SPDC JV, which
are producing mainly oil. Production from these licenses represented
approximately 14,000 barrels equivalent per day in Company share in 2023;

 * TotalEnergies EP Nigeria will also transfer to Chappal Energies its 10%
participating interest in the 3 other licenses of SPDC JV which are producing
mainly gas (OML 23, OML 28 and OML 77), while retaining full economic interest
in these licenses which currently account for 40% of Nigeria LNG gas supply.

The transaction was concluded for a firm consideration of USD 860 million.
Closing is subject to customary conditions, including regulatory approvals.

“TotalEnergies continues to actively manage its portfolio in Nigeria, in
line with its strategy to focus on its oil offshore and gas assets. After the
launch of the Ubeta gas development on OML58 license last month, this
divestment of our interest in SPDC JV licenses allows us to focus our onshore
Nigeria presence solely on the integrated gas value chain and is designed to
ensure the continuity of feed gas supply to Nigeria LNG in the future”, said
Nicolas Terraz, President Exploration & Production of TotalEnergies.

***

About TotalEnergies in Nigeria

TotalEnergies has been present in Nigeria for more than 60 years and employs
today more than 1,800 people across different business segments. Nigeria is
one of the main contributing countries to TotalEnergies’ hydrocarbon
production with 219,000 boe/d produced in 2023. TotalEnergies also operates an
extensive distribution network which includes about 540 service stations in
the country. In all its operations, TotalEnergies is particularly attentive to
the socio-economic development of the country and is committed to working with
local communities.

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.

TotalEnergies Contacts

Corporate Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com
(mailto:presse@totalenergies.com) l @TotalEnergiesPR 
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Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
(mailto:ir@totalenergies.com)

@TotalEnergies
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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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