REG-TotalEnergies SE Republic of Congo: TotalEnergies Increases Its Interest in Giant Field Moho and Divests Two Mature Assets

TotalEnergies SEAnnouncement

24/04/2024 07:15

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Republic of Congo: TotalEnergies Increases Its Interest in Giant Field Moho
and Divests Two Mature Assets

 

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) announces that its 85%-owned
affiliate, TotalEnergies EP Congo, has signed an agreement with Trident Energy
combining the acquisition of an additional 10% interest in the Moho license
from Trident Energy and the sale to Trident Energy of its 53.5% interest in
the Nkossa and Nsoko II licenses.

Moho is a deep-offshore field located 80 kilometers off the coast of Pointe
Noire and operated by TotalEnergies EP Congo. Production increased
significantly in 2017 with the startup of the Moho Nord project. Production
facilities include two Floating Production Units (FPU), Alima and Likouf,
combining for a current output of around 100 kboe/d (100%).

Nkossa and Nsoko II are two offshore fields located 70 kilometers off the
coast. Starting respectively in 1996 and 2006, they are mature oil fields
currently producing a combined 15 kboe/d (100%).

After completion of these transactions, which are subject to customary
conditions precedent, in particular regulatory approvals, and to the
completion of Trident Energy’s acquisition of Chevron Congo, TotalEnergies
EP Congo will hold a 63.5% operated interest in the Moho license alongside
Trident Energy (21.5%) and the Société Nationale des Pétroles du Congo
(SNPC, 15%). Trident Energy will hold a 85% operated interest in the Nkossa
and Nsoko II licenses alongside SNPC (15%).

“With these transactions, TotalEnergies continues to dynamically manage its
portfolio. In line with our strategy, we focus on low cost, low emission
assets, and leverage our deep offshore expertise”, said Mike Sangster,
Senior Vice President Africa, Exploration and Production at TotalEnergies.
“As a long-term partner of the Republic of Congo, TotalEnergies remains
fully committed to the country through our increased stake and operatorship in
Moho field, and is preparing for the drilling of an exploration well on the
Marine XX license before summer 2024.”

***

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.

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