TotalEnergies and INPEX Collaborate with PTTEP for Acquisition of AC-RL7 Permit in Australia

TotalEnergies and INPEX Collaborate with PTTEP for Acquisition of AC-RL7 Permit in Australia

(IN BRIEF) TotalEnergies and INPEX have partnered with PTTEP to acquire the AC-RL7 permit in Australia. TotalEnergies will own 26% while INPEX will have a 74% stake and assume operatorship, subject to regulatory approval. The permit includes Cash and Maple gas and condensate fields, set to supply the Ichthys LNG facility. The fields’ development will enhance energy security, with TotalEnergies holding 26% in the Ichthys LNG project, and INPEX along with Asian shareholders holding 74%.

(PRESS RELEASE) PARIS, 21-Aug-2023 — /EuropaWire/ — TotalEnergies (EPA:TTE), a global multi-energy company with over 100,000 employees and presence in more than 130 countries as well as the world’s 3rd-largest low-carbon LNG company, and INPEX have recently joined forces with PTTEP to solidify an agreement aimed at acquiring full ownership of the AC-RL7 permit located in Australia. The strategic deal, pending the necessary regulatory approvals, underscores the commitment of these industry leaders to enhance their energy portfolios.

As per the terms of the agreement, TotalEnergies is set to secure a 26% stake in the AC-RL7 permit, aligned with its existing equity in the Ichthys LNG project. Meanwhile, INPEX will take up the remaining 74% ownership and will take on the role of operator for the permit.

Spanning an expansive 418 square kilometers within the Timor Sea, approximately 250 kilometers northeast of the Ichthys offshore installations, the AC-RL7 permit encompasses the Cash and Maple gas and condensate fields. These fields, with their discovery dating back to 2002 and 1989 respectively, have undergone comprehensive appraisal through multiple wells.

The forthcoming development of the Cash and Maple fields is poised to play a pivotal role in ensuring a sustainable supply for the Ichthys LNG natural gas liquefaction facility. TotalEnergies, as a committed partner with a 26% stake, will collaborate alongside INPEX and other esteemed Asian minority shareholders, who collectively hold the remaining 74% interest in the Ichthys LNG project.

By pooling their expertise and resources, TotalEnergies, INPEX, and PTTEP are advancing towards a landmark acquisition that promises to reinforce energy security and bolster the long-term prospects of the Ichthys LNG facility. The dedication of these industry leaders to innovation and collaboration remains a cornerstone of their continued success in the global energy landscape.

“Thanks to this joint acquisition together with our partner INPEX, we are pleased to secure additional resources for the future supply of the Ichthys LNG plant. These resources will help us to meet the long-term demand of our customers in the Asia-Pacific region for LNG. This acquisition is also supported by the efforts undertaken with INPEX in the Bonaparte CCS Assessment joint venture to appraise the area’s potential for geological storage of CO2, in order to abate CO2 emissions from the Ichthys LNG project”, said Julien Pouget, Senior Vice President Asia-Pacific, Exploration & Production at TotalEnergies.

TotalEnergies, the world’s third largest LNG player

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 the share of natural gas in its sales mix to close to 50% by 2030, to reduce carbon emissions and eliminate methane emissions associated with the gas value chain, and to work 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, 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.

TotalEnergies Contacts

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. TotalEnergies SE has no liability for the acts or omissions of these 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 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).

SOURCE: TotalEnergies


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