TotalEnergies Extends Partnership with Oman LNG

Rhea-AI Summary

TotalEnergies has signed an amendment to extend its partnership with Oman LNG, a joint venture in which the company holds a 5.54% stake. The agreement extends TotalEnergies' interest in Oman LNG and Qalhat LNG by ten and five years respectively. The parties will also finance investments to reduce the plant's greenhouse gas emissions. TotalEnergies is one of the main offtakers of Oman LNG's production, with an agreement to offtake 0.8 Mtpa of LNG from 2025.

PARIS--(BUSINESS WIRE)-- Regulatory News:

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) has signed an amendment to extend its partnership with Oman LNG, an Omani liquefied natural gas (LNG) joint venture in which the Company holds a 5.54% stake.

Located on the northeast coast of Oman, the Oman LNG liquefaction complex comprises two liquefaction trains, each with a capacity of 3.8 million metric tons of LNG per year (Mtpa). It is adjacent to the Qalhat LNG project, comprising one 3.8 Mtpa train, and in which Oman LNG holds a stake. This brings the site's total production to 11.4 Mtpa.

Through this agreement, TotalEnergies is extending beyond 2024 its interest in Oman LNG, by ten years, and in Qalhat LNG, by five years. The parties agreed to finance investments to reduce the plant’s GHG emissions during this extension. In January 2023, TotalEnergies had also signed an agreement with Oman LNG to offtake 0.8 Mtpa of LNG for ten years from 2025, making the Company one of the main offtaker of Oman LNG's production.

"We are pleased to extend our partnership with Oman LNG. This LNG contributes to our supply of Europe and Asian markets, and strengthens our integrated and flexible global portfolio, in line with TotalEnergies’ ambition to increase its LNG production and long-term purchases by 50% by 2030," said Julien Pouget, Senior Vice President Middle East & North Africa, Exploration & Production at TotalEnergies.

About Oman LNG's shareholders
Oman LNG is majority-owned by the Government of the Sultanate of Oman (51%), the other shareholders being Shell (30%), TotalEnergies (5.54%), Korea LNG (5%), PTTEP (2%), Mitsubishi (2.77%), Mitsui (2.77%) and Itochu (0.9%). Qalhat LNG is also majority-owned by the Government of Oman (46.84%), Oman LNG (36.8%), Naturgy (7.36%), Itochu (3%), Mitsubishi (3%) and Osaka Gas (3%). TotalEnergies therefore holds an indirect interest in Qalhat LNG (2.04%) through its stake in Oman LNG.

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TotalEnergies, the world’s third largest LNG player and Europe's leading regasification operator
TotalEnergies is the world’s third largest LNG player with a market share of around 12% and a global portfolio of about 50 Mt/y thanks to its interests in liquefaction plants in all geographies. The Company benefits from an integrated position across the LNG value chain, including production, transportation, access to more than 20 Mt/y of regasification capacity in Europe, trading, and LNG bunkering. TotalEnergies’ ambition is to increase its LNG production and long-term purchases by 50% by 2030, while continuing to reduce carbon emissions and eliminating the methane emissions associated with the gas value chain. The Company also works with local partners to promote the transition from coal to natural gas.

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, more sustainable, 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.

@TotalEnergies l TotalEnergies l TotalEnergies l TotalEnergies

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).

View source version on businesswire.com: https://www.businesswire.com/news/home/20231102100097/en/

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

FAQ

What is the partnership between TotalEnergies and Oman LNG?

TotalEnergies has a 5.54% stake in Oman LNG, a joint venture involved in liquefied natural gas (LNG) production.

Where is the Oman LNG liquefaction complex located?

The Oman LNG liquefaction complex is located on the northeast coast of Oman.

What is the capacity of each liquefaction train at the Oman LNG complex?

Each liquefaction train at the Oman LNG complex has a capacity of 3.8 million metric tons of LNG per year (Mtpa).

What is the total production capacity of the Oman LNG site?

The site's total production capacity is 11.4 Mtpa.

What is the duration of the partnership extension?

TotalEnergies has extended its interest in Oman LNG by ten years and in Qalhat LNG by five years.

What is TotalEnergies' agreement with Oman LNG for LNG offtake?

TotalEnergies has an agreement to offtake 0.8 Mtpa of LNG from Oman LNG for ten years starting from 2025.

What is the goal of TotalEnergies in increasing LNG production and purchases?

TotalEnergies aims to increase its LNG production and long-term purchases by 50% by 2030.