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TotalEnergies: Azerbaijan: Inauguration of the Absheron Gas Field

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TotalEnergies inaugurates Absheron gas field, plans to increase production and develop renewable energy in Azerbaijan.
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  • TotalEnergies plans to increase Absheron gas field's production from 1.5 BCMA to 5.5 BCMA, aiming to supply the European market.
  • TotalEnergies intends to develop 500 MW of renewable wind and solar energies in Azerbaijan.
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PARIS--(BUSINESS WIRE)-- Regulatory News:

On the occasion of the inauguration ceremony of the Absheron gas field, whose first development phase started production in early July 2023 and is currently producing 1.5 BCMA (billions of cubic meters per year), Patrick Pouyanné, Chairman and CEO of TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE), met on Thursday in Baku His Excellency Mr. Ilham Aliyev, President of the Republic of Azerbaijan, as well as Mr. Mikayil Jabbarov, Minister of Economy and Chairman of SOCAR’s Supervisory Board, Mr. Parviz Shahbazov, Minister of Energy, and Mr. Rovshan Najaf, President of SOCAR.

Together they discussed TotalEnergies' projects in Azerbaijan, notably the launch of the second phase of the Absheron development, which will increase the field's production to 5.5 BCMA, in line with Azerbaijan's ambition to supply the European market. TotalEnergies also plans to participate in the development of the country’s renewable energy potential under the Memorandum of Understanding signed in June 2023 to assess and develop 500 MW of renewable wind and solar energies and energy storage systems for the national grid.

“I am very pleased to inaugurate Absheron, alongside the national company SOCAR and our new partner ADNOC. Discovered by our exploration team, this gas field provides additional gas resources to contribute to diversifying gas supply for Europe”, said Patrick Pouyanné, Chairman and CEO of TotalEnergies. “In line with our multi-energy strategy, we also look forward to supporting Azerbaijan in implementing its own energy transition strategy, through an agreement to develop renewable energy combined with electricity storage.”

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About TotalEnergies in Azerbaijan
TotalEnergies has been present in Azerbaijan since 1996, where it will own a 35% stake in the Absheron gas and condensate field (after completion of sale to ADNOC) and holds a 5% stake in the Baku-Tbilisi-Ceyhan (BTC) pipeline.
The Absheron gas and condensate field is located in the Caspian Sea 100 km south-east of the coast. It is operated by JOCAP (Joint Operating Company of Absheron Petroleum). The production of the first phase of development of started up in early July 2023. This first phase connects a subsea production well to a new gas processing platform, itself linked to SOCAR’s existing facilities in Oil Rocks. It has production capacity of 4 million cubic meters of gas per day and 12,000 barrels a day of condensate. The gas is sold on the domestic market in Azerbaijan.

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 nearly 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.

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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).

TotalEnergies Contacts

Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR

Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com

Source: TOTALENERGIES SE

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