An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Oman: TotalEnergies Signs Exploration and Production Sharing Agreement for Onshore Block 11
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
TotalEnergies (TTE) has entered into an Exploration and Production Sharing Agreement (EPSA) with Oman's Ministry of Energy and Minerals for onshore Block 11. The EPSA aims to enhance domestic gas supply through seismic acquisition and exploration activities, with a well expected to begin drilling in 2023. TotalEnergies holds a 22.5% interest, while Shell is the operator with 67.5%. This move is part of TotalEnergies' strategy to become a multi-energy company and solidifies its partnership with Oman, following its previous gas concession in Block 10.
Positive
Entry into Block 11 enhances TotalEnergies' exploration portfolio with potential gas discoveries.
Strengthens strategic relationship with Oman, facilitating future investments and collaborations.
Negative
None.
PARIS--(BUSINESS WIRE)--
Regulatory News:
TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE), along with its partners, has signed an Exploration and Production Sharing Agreement (EPSA) with the Ministry of Energy and Minerals (MEM) of the Sultanate of Oman in the onshore Block 11. The first stage of the EPSA activities will see seismic acquisition in late 2022, with a first exploration well planned to be drilled in 2023.
TotalEnergies will hold a 22.5% interest in the block, OQ 10% and Shell with 67.5% will be the operator. Block 11 contains undeveloped discoveries and exploration potential.
“Our recent activities in Oman are a demonstration of TotalEnergies’ strategy of transformation into a multi-energy company. Today’s entry into the Block 11 gives us the opportunity to unlock additional potential to meet domestic and export gas demand. It strengthens our strategic relationship with the Sultanate of Oman, as illustrated last December by our entry into the neighbouring Block 10 gas concession, and the start of construction last July of 17-megawatt-peak solar photovoltaic systems providing power to a desalination plant”, said Laurent Vivier, Senior Vice President Middle East and North Africa, Exploration and Production, at TotalEnergies.
H.E. Eng. Salim bin Nasser Al Aufi, Minister of Energy and Minerals in Omansaid: “There is a continuous focus in MEM on enhancing the natural gas reserves of the Sultanate of Oman through exploration and appraisal activities undertaken by several companies in the country. This agreement strengthens the strategic relations with partners in the sector such as Shell, TotalEnergies, OQ and others to ensure Oman’s energy security and attract more foreign investment, adding the highest value to the local supply chain.”
***
About TotalEnergies in Oman
In 2021, TotalEnergies’ production in Oman was 39 kboe/d.
TotalEnergies produces oil in Block 6 (4%), as well as LNG through its participation in the Oman LNG (5.54%)/Qalhat LNG (2.04% via Oman LNG) liquefaction complex with an overall capacity of 10.5 Mt/y.
In 2021 TotalEnergies signed a Concession Agreement to develop natural gas resources on the onshore Block 10 (26,55%), with first gas is expected in 2023. TotalEnergies also operates exploration Block 12 (80%). TotalEnergies also contributes to the development of renewables in the country.
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.
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).
