TOTALENERGIES SE: Venezuela: TotalEnergies Exits From Petrocedeño
July 29 2021 - 3:00AM
UK Regulatory
TIDMTTE
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 l
@TotalEnergiesPR
Investor Relations: +44 (0)207 719 7962 l
ir@totalenergies.com
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CONTACT:
TotalEnergies
SOURCE: TotalEnergies SE
Copyright Business Wire 2021
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