Republic of Congo: TotalEnergies Increases Its Interest in Giant Field Moho and Divests Two Mature Assets
24 Avril 2024 - 8:10AM
Business Wire
Regulatory News:
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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