REG-TotalEnergies SE TotalEnergies SE: Argentina: Launch of the Fenix Offshore Gas Project

TotalEnergies SEAnnouncement

20/09/2022 07:00

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TotalEnergies SE: Argentina: Launch of the Fenix Offshore Gas Project

 

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) has approved the final
investment decision for the Fenix gas development, located 60 km off the coast
of Tierra del Fuego in southern Argentina.

Through its Total Austral affiliate, TotalEnergies operates the project with a
37.5% interest, in partnership with WintershallDea (37.5%) and Pan American
Sur (25%).

The Fenix field will be developed through three horizontal wells, drilled from
a new unmanned platform in 70 meters water depth. The gas will be transported
through a 35km pipeline to the TotalEnergies-operated Véga Pleyade platform
and treated onshore at the Rio Cullen and Cañadon Alfa plants, also operated
by the Company. At production start-up, expected early 2025, Fenix will
produce10 million cubic meters per day of natural gas (70,000 barrels of oil
equivalent per day). This development represents an investment of
approximately $706 million.

“This latest development demonstrates TotalEnergies' ability to leverage its
hydrocarbon portfolio with projects that have low technical costs and low
emissions, that can be brought onstream fast by harnessing synergies with
existing facilities," said David Mendelson, Senior Vice President, Americas at
TotalEnergies Exploration & Production. “With first gas less than two
and a half years from FID, the Fenix project will contribute to maintaining
our production levels in Tierra del Fuego and securing supply to the
Argentinean gas market. With a carbon intensity of 9 kgCO(2)/boe, the project
will benefit from the Company’s technologies in lowering the carbon
intensity, such as the installation of wind farms and heat recovery
systems.”

On April 18, 2022, the national authorities granted the CMA-1 concession,
including Fenix, an extension for 10 years until April 30,2041. As a new gas
project in Tierra del Fuego, the national authorities also granted Fenix the
benefits provided for under Law 19640’s special tax regime.

TotalEnergies in Argentina

TotalEnergies has been operating in Argentina since 1978, through its Total
Austral affiliate, and is the country’s leading international gas producer,
with some 25% of production. The Company’s equity share of production
averaged 81,000 barrels of oil equivalent per day in 2021.

In Tierra del Fuego, alongside partners WintershallDea (37.5%) and Pan
American Sur (25%), TotalEnergies (37.5%) operates the Cuenca Marina Austral 1
(CMA-1) concession, which includes the onshore Ara and Cañadon Alfa fields
and the offshore Hidra, Kaus, Carina, Aries, Vega Pleyade and Fenix fields.

The Company holds equity interests in nine blocks of the onshore Neuquén
basin, spanning more than 300,000 net acres, of which five are operated. Since
2018, TotalEnergies has been developing the AguadaPichana Este Unconventional
field, which lies in the VacaMuerta wet gas window.

TotalEnergies also has Marketing & Services and Renewables activities in
Argentina through its Total Erenaffiliate, with operated capacity of 180 MW
coming from one solar plant and two wind farms.

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 Contacts

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 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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