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    TTE   FR0000120271

TOTALENERGIES SE

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TotalEnergies, Inpex to sell their interests in Block 14 in Angola

01/17/2022 | 06:25am EDT
A general view of logo at the TotalEnergies electric vehicle fuelling station in the La Defense business district in Paris

PARIS, Jan 17 (Reuters) - France's TotalEnergies and Japan's Inpex Corp said that they had agreed to sell their interests in Angola's Block 14 B.V. to Angolan Company Somoil for an undisclosed sum.

Angola Block 14 B.V, which is owned by TotalEnergies Holdings International B.V with a 50.01% stake and Inpex Angola Block 14 Ltd with a 49.99% stake, holds a 20% interest in block 14 in Angola and a 10% interest in block 14K.

Net production from Block 14 B.V. was 9,000 barrels of oil equivalent per day in 2021, TotalEnergies said.

"By divesting this interest in mature fields, TotalEnergies is implementing its strategy to highgrade its oil portfolio, focusing on assets with low costs and low emissions" said Henri-Max Ndong-Nzue, Senior Vice President Africa of TotalEnergies Exploration & Production.

For Inpex, Japan's biggest oil and gas explorer, the move is part of an ongoing review of its asset portfolio amid the global trend toward decarbonisation, a company spokesperson said.

Inpex said in October that it had sold all its interests in the offshore D.R. Congo Block where it had been engaged in the development and production of crude oil, following an exit from Venezuela's oil and gas assets earlier that month.

"Our core geographic areas for exploration and production (E&P) are Japan, Australia, Indonesia and Abu Dhabi, with an additional exploration focus on Barents Sea in Norway," the Inpex spokesperson said.

"We will not sell all E&P assets in other geographic areas, but we will continue to review to optimize our asset portfolio," they added.

In an effort to boost cleaner energy assets, Inpex said in December it will buy an offshore wind power generation company in the Netherlands from Mitsubishi Corp, and that it will purchase a stake in the Muara Laboh geothermal power project in Indonesia. (Reporting by Dominique Vidalon in Paris and Yuka Obayashi in Tokyo; Editing by Sudip Kar-Gupta and Emelia Sithole-Matarise)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
DOW JONES AFRICA TITANS 50 INDEX 0.46% 514.99 Real-time Quote.-4.00%
INPEX CORPORATION 3.02% 1567 Delayed Quote.56.39%
MITSUBISHI CORPORATION -0.20% 4467 Delayed Quote.22.32%
S&P AFRICA 40 INDEX -0.01% 166.02 Real-time Quote.-5.16%
S&P GSCI PETROLEUM INDEX 1.21% 427.5229 Real-time Quote.56.14%
TOTALENERGIES SE -0.44% 54.88 Real-time Quote.22.97%
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Sales 2022 263 B - -
Net income 2022 28 002 M - -
Net Debt 2022 20 327 M - -
P/E ratio 2022 5,60x
Yield 2022 5,13%
Capitalization 151 B 151 B -
EV / Sales 2022 0,65x
EV / Sales 2023 0,73x
Nbr of Employees 101 309
Free-Float 93,5%
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