South Africa: TotalEnergies Exits From Offshore Blocks 11B/12B and 5/6/7
July 29 2024 - 2:35AM
Business Wire
Regulatory News:
Following the decision of the partner CNRI to withdraw from
Block 11B/12B, TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) also
announces its withdrawal from this block, off the Southern coast of
South Africa, in which its affiliate TotalEnergies EP South Africa
holds a 45% interest.
TotalEnergies entered into Block 11B/12B in 2013 and made two
gas discoveries, Brulpadda and Luiperd, which could however not be
turned into a commercial development as it appeared to be too
challenging to economically develop and monetize these gas
discoveries for the South African market.
TotalEnergies has also decided to exit from offshore exploration
Block 5/6/7 where TotalEnergies EP South Africa currently holds a
40% interest.
***
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.
About TotalEnergies in South Africa TotalEnergies has
been present in South Africa since 1954, when it started
distributing petroleum products. Today the company is a leading
player Fuel Marketing & Services, Lubricants Blending,
Exploration & Production and Renewables. For seventy years,
TotalEnergies has been committed to the energy development of South
Africa. Through a diverse portfolio, TotalEnergies boasts a network
of 550 retail sites and LPG distribution nationwide for all
domestic energy needs. TotalEnergies holds Exploration Rights
together with its various joint venture partners, over Blocks Deep
Water Orange Basin and Orange Basin Deep (west coast), Outeniqua
South (south coast), and the recent entry in Block 3B/4B east of
DWOB. TotalEnergies is also developing a 700MW portfolio of
renewable energy projects in South Africa, including the 86MW
Prieska solar plant operational since 2016. In 2023, TotalEnergies
signed CPPAs with Sasol and Air Liquide for the supply of 260MW
capacity (wind and solar) and launched the construction of a 216MW
solar plant with 500MWh battery storage.
@TotalEnergies TotalEnergies TotalEnergies
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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. 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 Universal 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).
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