TOTALENERGIES SE: TotalEnergies Acquires CEPSA's Upstream Assets in Abu Dhabi
01 Mars 2023 - 02:28PM
UK Regulatory (RNS & others)
TIDMTTE
TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) has signed an
agreement with CEPSA to acquire CEPSA's upstream assets in the
United Arab Emirates with an effective date of January 1(st) ,
2023. The assets to be acquired are:
-- a 20% participating interest in the Satah Al Razboot (SARB), Umm Lulu,
Bin Nasher and Al Bateel (SARB and Umm Lulu) offshore concession. The
SARB and Umm Lulu concession includes two major offshore fields. ADNOC
holds a 60% interest in this concession, alongside OMV (20%). The
concession is operated by ADNOC Offshore.
-- a 12.88% indirect interest in the Mubarraz concession held by Abu Dhabi
Oil Company Ltd (ADOC), through the acquisition of 20% of Cosmo Abu Dhabi
Energy Exploration & Production Co. Ltd (CEPAD), a company holding a
64.4% interest in ADOC. The Mubarraz concession is comprised of four
producing offshore fields.
The SARB and Umm Lulu transaction and the Mubarraz transaction
are subject to satisfaction of customary conditions precedent,
including formalization of documentation and final approvals.
"This transaction represents another important milestone in our
long-standing partnership with ADNOC and will further strengthen
our presence in Abu Dhabi where we have been present since 1939",
said Patrick Pouyanné, Chairman and Chief Executive Officer of
TotalEnergies. "The acquisition of a 20% working interest in SARB
and Umm Lulu concession is fully aligned with our strategy of
focusing on low-cost, low emission assets."
***
TotalEnergies in the United Arab Emirates
TotalEnergies has been present in the United Arab Emirates for
more than 80 years where it has built a longstanding presence,
reflected by the size and diversity of its multi-energy assets and
partnerships. It is today the 1(st) foreign company active in the
country, with all its businesses present.
In January 2022, TotalEnergies joined Masdar and Siemens Energy
in an initiative to drive green hydrogen development and produce
Sustainable Aviation Fuel. In July 2022, TotalEnergies and ADNOC
have signed a strategic partnership agreement that aims to jointly
evaluate new growth opportunities through a multi-energy
cooperation across the entire energy value chain.
In partnership with ADNOC, TotalEnergies holds the following
interests:
-- 10% in the ADNOC Onshore oil concession;
-- 20 % in the offshore Umm Shaif & Nasr oil concession and 5% in the
offshore Lower Zakum oil concession;
-- 15% in ADNOC Gas Processing (former GASCO);
-- 5% in ADNOC LNG (former ADGAS);
-- 5% in the National Gas Shipping Company (NGSCO);
-- 40% in the Ruwais Diyab unconventional gas concession.
In partnership with Mubadala, TotalEnergies holds a 24.5% stake
in Dolphin Energy, the first gas marketing project between Qatar,
UAE, and Oman (2007).
TotalEnergies has been active in the country's power generation
since 2001 through the Taweelah desalination plant and power
station, which meets around 10% of Abu Dhabi's water and
electricity needs, in partnership with TAQA. In renewables,
TotalEnergies (20%) is a partner of Masdar and ADPF in UAE's first
Concentrated Solar Power plant, which was inaugurated in 2013 with
a capacity of 109 MW. The Company continues to grow in the solar
sector in the country, especially in the field of distributed
generation where it holds a leading position.
The Company also has a top position in the manufacturing and
marketing of a wide range of automotive and industrial lubricants
with a blending plant in the Emirates, supplying the whole
region.
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 TotalEnergies TotalEnergies TotalEnergies
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
Media Relations: +33 1 47 44 46 99 l
presse@totalenergies.com
Investor Relations: +33 (0)1 47 44 46 46 l
ir@totalenergies.com
View source version on businesswire.com:
https://www.businesswire.com/news/home/20230301005695/en/
CONTACT:
TotalEnergies
SOURCE: TotalEnergies SE
Copyright Business Wire 2023
(END) Dow Jones Newswires
March 01, 2023 08:28 ET (13:28 GMT)
Totalenergies (LSE:TTE)
Graphique Historique de l'Action
De Mai 2023 à Mai 2023
Totalenergies (LSE:TTE)
Graphique Historique de l'Action
De Mai 2022 à Mai 2023