REG-TotalEnergies SE TotalEnergies Acquires CEPSA’s Upstream Assets in Abu Dhabi

TotalEnergies SEAnnouncement

01/03/2023 13:30

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230301:nBw25P7sLa&default-theme=true


TotalEnergies Acquires CEPSA’s Upstream Assets in Abu Dhabi

 

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) has signed an agreement with
CEPSA to acquire CEPSA’s upstream assets in the United Arab Emirates with an
effective date of January 1(st), 2023. The assets to be acquired are:


 * a 20% participating interest in the Satah Al Razboot (SARB), Umm Lulu, Bin
Nasher and Al Bateel (SARB and Umm Lulu) offshore concession.

The SARB and Umm Lulu concession includes two major offshore fields. ADNOC
holds a 60% interest in this concession, alongside OMV (20%). The concession
is operated by ADNOC Offshore.


 * a 12.88% indirect interest in the Mubarraz concession held by Abu Dhabi Oil
Company Ltd (ADOC), through the acquisition of 20% of Cosmo Abu Dhabi Energy
Exploration & Production Co. Ltd (CEPAD), a company holding a 64.4%
interest in ADOC.

The Mubarraz concession is comprised of four producing offshore fields.

The SARB and Umm Lulu transaction and the Mubarraz transaction are subject to
satisfaction of customary conditions precedent, including formalization of
documentation and final approvals.

“This transaction represents another important milestone in our
long-standing partnership with ADNOC and will further strengthen our presence
in Abu Dhabi where we have been present since 1939”, said Patrick Pouyanné,
Chairman and Chief Executive Officer of TotalEnergies. “The acquisition of a
20% working interest in SARB and Umm Lulu concession is fully aligned with our
strategy of focusing on low-cost, low emission assets.”

***

TotalEnergies in the United Arab Emirates

TotalEnergies has been present in the United Arab Emirates for more than 80
years where it has built a longstanding presence, reflected by the size and
diversity of its multi-energy assets and partnerships. It is today the 1(st)
foreign company active in the country, with all its businesses present.

In January 2022, TotalEnergies joined Masdar and Siemens Energy in an
initiative to drive green hydrogen development and produce Sustainable
Aviation Fuel. In July 2022, TotalEnergies and ADNOC have signed a strategic
partnership agreement that aims to jointly evaluate new growth opportunities
through a multi-energy cooperation across the entire energy value chain.

In partnership with ADNOC, TotalEnergies holds the following interests:


 * 10% in the ADNOC Onshore oil concession;

 * 20 % in the offshore Umm Shaif & Nasr oil concession and 5% in the
offshore Lower Zakum oil concession;

 * 15% in ADNOC Gas Processing (former GASCO);

 * 5% in ADNOC LNG (former ADGAS);

 * 5% in the National Gas Shipping Company (NGSCO);

 * 40% in the Ruwais Diyab unconventional gas concession.

In partnership with Mubadala, TotalEnergies holds a 24.5% stake in Dolphin
Energy, the first gas marketing project between Qatar, UAE, and Oman (2007).

TotalEnergies has been active in the country’s power generation since 2001
through the Taweelah desalination plant and power station, which meets around
10% of Abu Dhabi's water and electricity needs, in partnership with TAQA. In
renewables, TotalEnergies (20%) is a partner of Masdar and ADPF in UAE’s
first Concentrated Solar Power plant, which was inaugurated in 2013 with a
capacity of 109 MW. The Company continues to grow in the solar sector in the
country, especially in the field of distributed generation where it holds a
leading position.

The Company also has a top position in the manufacturing and marketing of a
wide range of automotive and industrial lubricants with a blending plant in
the Emirates, supplying the whole region.

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.

@TotalEnergies
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Ftwitter.com%2FTotalEnergies&esheet=53354135&newsitemid=20230301005695&lan=en-US&anchor=%40TotalEnergies&index=1&md5=f494f032ce49142e8e79a21c8e0f573d)
TotalEnergies
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Ftotalenergies%2F&esheet=53354135&newsitemid=20230301005695&lan=en-US&anchor=TotalEnergies&index=2&md5=413ef6517dd3d3027298efc3b39d9d99)
TotalEnergies
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.facebook.com%2FTotalEnergiesFrance%2F&esheet=53354135&newsitemid=20230301005695&lan=en-US&anchor=TotalEnergies&index=3&md5=fc7ddb5b8b8564e093eb1bbb70465c3b)
TotalEnergies
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.instagram.com%2Ftotalenergies%2F&esheet=53354135&newsitemid=20230301005695&lan=en-US&anchor=TotalEnergies&index=4&md5=ebd331408d72b4f6178eba236d33115c)

Cautionary Note

This press release, from which no legal consequences may be drawn, is for
information purposes only. The entities in which TotalEnergies SE directly or
indirectly owns investments are separate legal entities. TotalEnergies SE has
no liability for their acts or omissions. The terms “Company” or
“TotalEnergies company” refer collectively to the company TotalEnergies SE
and the companies it controls directly or indirectly. Such terms are used
solely for the sake of convenience for purposes of the present communication.
Likewise, the words “we”, “us” and “our” may also be used to refer
to subsidiaries in general or to those who work for them. 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.

TotalEnergies 

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



View source version on businesswire.com:
https://www.businesswire.com/news/home/20230301005695/en/
(https://www.businesswire.com/news/home/20230301005695/en/)

TotalEnergies


Copyright Business Wire 2023