USA: TotalEnergies Announces the Sanction of the Ballymore Development in the U.S. Gulf of Mexico

Rhea-AI Summary

TotalEnergies (TTE) has sanctioned the Ballymore development, located 120 kilometers off Louisiana in the Gulf of Mexico. Holding a 40% working interest, TotalEnergies aims to develop three production wells linked to the Chevron-operated Blind Faith Floating Production Unit. The project is set to produce 75,000 barrels of oil per day starting in 2025, utilizing existing infrastructure to minimize development costs and emissions. This swift development, just four years post-discovery, aligns with TotalEnergies' strategy focused on low breakeven and emissions oil projects.

Positive

• Sanctioning of the Ballymore development strengthens TotalEnergies' portfolio in the Gulf of Mexico.
• Expected production capacity of 75,000 barrels of oil per day enhances revenue potential.
• Utilization of existing infrastructure will minimize development costs and emissions.

Negative

• None.

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

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE), through its affiliate TotalEnergies E&P USA, Inc., announces the sanction of the Ballymore development, located 120 kilometers off the coast of Louisiana in the U.S. Gulf of Mexico.

TotalEnergies holds a working interest of 40% in Ballymore. Co-owner Chevron U.S.A. Inc., a subsidiary of Chevron Corporation, holds a 60% working interest as operator.

The Ballymore field will be developed through 3 production wells, tied back to the Chevron-operated Blind Faith Floating Production Unit. First Oil is expected in 2025 with a capacity of 75,000 barrels of oil per day. By utilizing existing infrastructure, the project ensures the lowest development costs and lower emission intensity.

“Sanctioning the Ballymore field development, only four years after the discovery, is the result of our exploration efforts in the Gulf of Mexico, said David Mendelson, Senior Vice President Americas of TotalEnergies Exploration & Production. Thanks to its tie-back development concept, this decision fits TotalEnergies’ strategy of focusing on oil projects with low breakeven and low emissions.”

***

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 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.

@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/20220517005820/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 Ballymore development announced by TotalEnergies (TTE)?

TotalEnergies has sanctioned the Ballymore development in the Gulf of Mexico, with plans for three production wells and an expected output of 75,000 barrels of oil per day.

When is the first oil expected from the Ballymore development by TotalEnergies (TTE)?

First oil from the Ballymore development is expected in 2025.

What percentage of working interest does TotalEnergies (TTE) hold in the Ballymore field?

TotalEnergies holds a 40% working interest in the Ballymore field.

Who is the operator of the Ballymore development alongside TotalEnergies (TTE)?

Chevron U.S.A. Inc. is the operator and holds a 60% working interest in the Ballymore development.