[ad_1]
TotalEnergies acquires CEPSA’s upstream assets in Abu Dhabi
Paris, March 1, 2023 – TotalEnergies has signed an agreement with CEPSA to acquire CEPSA’s upstream assets in the United Arab Emirates with an effective date of January 1, 2023. The assets to be acquired include:
· | 20% participating interest in the Satah Al Razboot (SARB), Umm Lulu, Bin Nasher and Al Bateel (SARB and Umm Lulu) offshore concessions. |
The SARB and Umm Lulu concessions include two major offshore fields. ADNOC holds a 60% interest in the concession together with OMV (20%). The concession is operated by ADNOC Offshore.
· | Abu Dhabi Petroleum Company Limited (ADOC) holds an indirect 12.88% interest in the Mubarraz concession through the acquisition of a 20% stake in Cosmo Abu Dhabi Energy Exploration & Production Co. Ltd (CEPAD), which holds a 64.4% interest in ADOC. |
The Mubarraz concession consists of four offshore producing fields.
The SARB and Umm Lulu transactions and the Mubarraz transaction are subject to customary prerequisites, including the formalization of documents and final approvals.
“This transaction represents another important milestone in our longstanding relationship with ADNOC and will further strengthen our presence in Abu Dhabi since 1939,” said Patrick Pouyanné, Chairman and CEO of TotalEnergies. “The acquisition of SARB and The 20% working interest in the Umm Lulu concession fits perfectly with our strategy of focusing on low-cost, low-emission assets.”
***
TotalEnergies in the United Arab Emirates
TotalEnergies has been operating in the United Arab Emirates for over 80 years and has established a long-standing presence, which is reflected in the size and diversity of its multi-energy assets and partnerships. Today, it is the first foreign company active in the country, where all its operations are conducted.
In January 2022, TotalEnergies together with Masdar and Siemens Energy launched an initiative to drive the development of green hydrogen and the production of sustainable aviation fuel. In July 2022, TotalEnergies and ADNOC signed a strategic partnership agreement to jointly evaluate new growth opportunities through multi-energy collaborations across the entire energy value chain.
TotalEnergies, in partnership with ADNOC, holds the following interests:
· | 10% of ADNOC’s onshore oil concession; |
· | 20% of the Umm Shaif & Nasr offshore oil concession and 5% of the Lower Zakum offshore oil concession; |
· | ADNOC Gas Processing (formerly GASCO) 15%; |
· | 5% in ADNOC LNG (formerly ADGAS); |
· | National Gas Transportation Company (NGSCO) 5%; |
· | 40% of the Ruwais Diyab unconventional gas concession. |
TotalEnergies, in partnership with Mubadala, holds a 24.5% stake in Dolphin Energy, the first gas marketing project between Qatar, UAE and Oman (2007).
Since 2001, TotalEnergies, in partnership with TAQA, has been actively involved in the country’s electricity generation through the Taweelah desalination plant and power station, meeting approximately 10% of Abu Dhabi’s hydropower needs. In renewable energy, TotalEnergies (20%) is a partner of Masdar and ADPF in the UAE’s first concentrated solar power plant, inaugurated in 2013 with a capacity of 109 MW. The company continues to grow in the domestic solar energy sector, especially in the field of distributed generation.
The company is also a leader in the manufacture and marketing of a wide range of automotive and industrial lubricants, with a blending plant in the UAE supplying the entire region.
About TotalEnergies
TotalEnergies is a global multi-energy company that produces and sells energy sources: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to making energy more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies places all aspects of sustainable development at the heart of its projects and operations to advance people’s well-being.
@TotalEnergies TotalEnergies TotalEnergies Total Energy |
TotalEnergies Contacts
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
Precautions
This press release is for informational purposes only and has no legal consequences. The entities in which TotalEnergies SE directly or indirectly owns investments are separate legal entities. TotalEnergies SE disclaims all liability for its actions or omissions. The term “Company” or “TotalEnergies Corporation” refers collectively to TotalEnergies SE Corporation and companies directly or indirectly controlled by it. Such terms are used for the convenience of this communication only. Likewise, the words “we,” “our” and “our” may be used to refer to affiliates in general or the people 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 within the 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 undertake any obligation to publicly update any forward-looking information or statements, objectives or trends contained in this document, whether as a result of new information, future events or otherwise.
[ad_2]
Source link
