REG-TotalEnergies SE UK: TotalEnergies Sells Minority Interests in West of Shetland Fields

TotalEnergies SEAnnouncement

31/01/2022 07:40

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UK: TotalEnergies Sells Minority Interests in West of Shetland Fields

 

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) has signed an agreement to sell
to Kistos Energy Limited a 20% interest in the Greater Laggan Area fields and
in the Shetland Gas Plant in the UK, as well as interests in several nearby
exploration licenses.

The transaction price includes a firm consideration of 125 M$, as well as two
contingent payments, the first one up to 40 M$ depending on the gas price in
2022, and the second one in the event of development of a discovery on an
exploration license.

The transaction is subject to the approval of the UK authorities.

The Greater Laggan Area comprises the Laggan, Tormore, Glenlivet, Edradour and
Glendronach fields, located around 140 kilometers west of the Shetland
Islands, at water depths of 300 to 600 meters. Development of the fields was
launched in 2010 and production start-up was achieved in 2016. Production from
the 20% interest sold to Kistos Energy Limited was about 8,000 barrels of oil
equivalent per day in 2021.

Following completion of the transaction, TotalEnergies E&P UK Limited will
hold a 40% operated interest in the Laggan, Tormore, Glenlivet, Edradour and
Glendronach fields, including infield facilities and the onshore Shetland Gas
Plant, alongside partners Kistos Energy Limited (20%), Ineos E&P UK
Limited (20%) and RockRose UKCS15 Limited (20%).

About TotalEnergies in the United Kingdom

TotalEnergies is present across the energy value chain in the UK. It has been
present in the country for over 50 years and employs over 2,000 people.

Upstream, TotalEnergies is one of the country’s leading oil and gas
operators, with equity production of 201,000 barrels of oil equivalent per day
in 2020. It mainly comes from operated offshore fields in three major zones:
the Alwyn/Dunbar area in the Northern North Sea, the Elgin/Franklin and
Culzean areas in the Central North Sea and the Laggan-Tormore hub in the West
of Shetland area.

Over the past two years the Company has also moved decisively into the UK’s
offshore wind market. In 2020 it took a majority stake in Seagreen,
Scotland’s largest offshore wind farm, and entered the Erebus and Valorous
floating offshore windfarm projects in Wales. In February 2021, TotalEnergies
and consortium partner Green Investment Group won rights to develop a 1.5 GW
offshore wind farm off the coast of Lincolnshire. In January 2022,
TotalEnergies, with Green Investment Group and RIDG, secured leasing rights to
develop the West of Orkney Windfarm, a 2 GW offshore windfarm in Scotland.

Downstream, TotalEnergies is one of the UK’s largest suppliers of gas and
electricity to businesses and the public sector. The Company is also present
in the marketing of petroleum products including lubricants, aviation fuel,
bitumen and specialty fluids.

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 105,000 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.
TotalEnergies SE has no liability for the acts or omissions of these 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).

TotalEnergies Contacts

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



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