REG-TotalEnergies SE Venezuela: TotalEnergies Exits From Petrocedeño

TotalEnergies SEAnnouncement

29/07/2021 08:00

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Venezuela: TotalEnergies Exits From Petrocedeño

 

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE), through its affiliate Total
Venezuela, has decided to transfer its non-operated minority participation of
30.32% in Petrocedeño S.A. to Corporation Venezonala de Petróleos (CVP), an
affiliate of Petróleos de Venezuela (PDVSA). Equinor having also decided to
transfer in parallel its participation of 9.67% in the company, PDVSA will own
100% of Petrocedeño.

Petrocedeño S.A. is a company that produces extra-heavy crude oil from the
Orinoco Belt in Venezuela, transports it and transforms it into light crude
oil.

“TotalEnergies’ strategy, approved by its shareholders in May 2021, aims
at focusing new oil investments on low carbon intensity projects, which does
not correspond to extra-heavy oil development projects in the Orinoco Belt,”
commented Arnaud Breuillac, President Exploration & Production at
TotalEnergies.

This transaction carried out for a symbolic amount in exchange of a broad
indemnity in relation to the past and future participation of TotalEnergies’
in Petrocedeño, results in the recognition of an exceptional capital loss of
$1.38 billion in the financial statements of TotalEnergies.

About TotalEnergies in Venezuela

In addition to its stake in Petrocedeño, TotalEnergies holds an interest of
69.50% in the Yucal Placer gas field (operated by Ypergas S.A., 30%), and in
Plataforma Deltana block 4 with a 49% non-operated participating interest. In
2020, less than 0.5% of the Company’s combined Oil & Gas production came
from Venezuela.

____

About TotalEnergies

TotalEnergies is a broad energy company that produces and markets energies on
a global scale: oil and biofuels, natural gas and green gases, renewables and
electricity. Our 105,000 employees are committed to energy that is ever more
affordable, clean, 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.

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 Contacts

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

Investor Relations: +44 (0)207 719 7962 l ir@totalenergies.com
(mailto:ir@totalenergies.com)



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