TotalEnergies Increases Interest in Moho Field and Sells Two Mature Assets in Congo

TotalEnergies reveals that TotalEnergies EP Congo, its 85%-owned affiliate, has concluded an agreement with Trident Energy. This agreement involves acquiring an extra 10% stake in the Moho license from Trident Energy and simultaneously selling its 53.5% interest in the Nkossa and Nsoko II licenses to Trident Energy.

The Moho field, situated 80 kilometers from Pointe Noire's coast, is a deep-offshore field operated by TotalEnergies EP Congo. Notably, production saw a significant uptick in 2017 following the launch of the Moho Nord project. This production surge is facilitated by two Floating Production Units (FPU), namely Alima and Likouf, which collectively yield a current output of approximately 100 kboe/d (100%).

Nkossa and Nsoko II represent two offshore fields positioned 70 kilometers away from the coastline. These mature oil fields commenced operations in 1996 and 2006, respectively. At present, they collectively yield a production output of 15 kboe/d (100%).

Upon the fulfillment of these transactions, contingent upon customary conditions precedent such as regulatory approvals, and the completion of Trident Energy's acquisition of Chevron Congo, TotalEnergies EP Congo will possess a 63.5% operated interest in the Moho license, partnered with Trident Energy (21.5%) and the Société Nationale des Pétroles du Congo (SNPC, 15%). Trident Energy will maintain an 85% operated interest in the Nkossa and Nsoko II licenses, in conjunction with SNPC (15%).

"In executing these transactions, TotalEnergies maintains an active approach to portfolio management. Aligned with our strategic objectives, we prioritize investments in cost-effective, environmentally friendly assets, leveraging our extensive expertise in deep offshore operations," commented Mike Sangster, Senior Vice President Africa, Exploration and Production at TotalEnergies. "As a steadfast partner to the Republic of Congo, TotalEnergies reaffirms its unwavering commitment to the country through our heightened stake and operational responsibilities in the Moho field. Furthermore, we are poised to commence drilling operations for an exploration well on the Marine XX license ahead of summer 2024."

TotalEnergies is a multinational energy corporation engaged in the production and distribution of various energy sources including oil, biofuels, natural gas, green gases, renewables, and electricity. With a workforce exceeding 100,000 individuals, the company is dedicated to providing increasingly affordable, sustainable, reliable, and accessible energy solutions to a global audience. Operating in nearly 120 countries, TotalEnergies prioritizes sustainable development across all aspects of its projects and operations, striving to enhance the well-being of communities worldwide. Founded in 1987 following the deregulation of the gas market, TotalEnergies Gas & Power currently serves more than 200,000 sites spanning various market segments including small and medium enterprises, large industrial and commercial entities, as well as public service and non-profit organizations.