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    TTE   FR0000120271

TOTALENERGIES SE

(TTE)
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TotalEnergies Together with Angolan National Oil, Gas and Biofuels Agency Announce Start of Production of CLOV Phase 2

12/03/2021 | 02:37am EST

TotalEnergies together with the Angolan National Oil, Gas and Biofuels Agency (ANPG) announced the start of production of CLOV Phase 2, a project connected to the existing CLOV FPSO (Floating Production, Storage and Offloading unit). This tie-back project will reach a production of 40,000 barrels of oil equivalent per day in mid-2022. Located about 140 kilometers from the Angolan coast, in water depths from 1,100 to 1,400 meters, the CLOV Phase 2 resources are estimated at around 55 million barrels of oil equivalent. Launched in 2018, this project was carried out within budget and planned execution duration, despite the challenges associated with the Covid-19 pandemic. Block 17 is operated by TotalEnergies with a 38% stake, alongside Equinor (22.16%), ExxonMobil (19%), BP Exploration Angola Ltd. (15.84%) and Sonangol P&P (5%). The Contractor Group operates four FPSOs in the main production areas of the block, namely Girassol, Dalia, Pazflor and CLOV. TotalEnergies in Angola TotalEnergies has been present in Angola since 1953, where it present employs around 1,500 people in the business segments of Exploration & Production, Marketing & Services, Trading & Shipping and iGRP. TotalEnergies's equity production in Angola averaged 212,000 barrels of oil equivalent per day in 2020 from operated blocks 17 and 32, and from non-operated assets 0, 14, 14K, and Angola LNG. TotalEnergies is the country's leading oil operator with close to 45% of Angola's operated oil production. TotalEnergies also operates Block 17/06 in the Lower Congo Basin, Block 16, location of the Chissonga discovery -- both in development phase -- and Block 48 in the emerging ultra-deep offshore play and still in exploration phase. In the gas sector, TotalEnergies holds a 13.6% stake in the 5.2-million-ton-per-year Angola LNG liquefaction plant, which is supplied with associated gas from the country's producing offshore oil fields. TotalEnergies also recently entered the New Gas Consortium, a key player in developing Angola's natural gas resource.


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Financials (USD)
Sales 2021 180 B - -
Net income 2021 15 826 M - -
Net Debt 2021 34 657 M - -
P/E ratio 2021 9,63x
Yield 2021 5,56%
Capitalization 145 B 144 B -
EV / Sales 2021 1,00x
EV / Sales 2022 0,83x
Nbr of Employees 105 476
Free-Float 93,6%
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Number of Analysts 25
Last Close Price 55,50 $
Average target price 60,81 $
Spread / Average Target 9,56%
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Managers and Directors
Patrick PouyannÚ Chairman & Chief Executive Officer
Jean-Pierre Gerard Claude Sbraire Vice President-Crude Acquisitions
Marie-Noelle Semeria Chief Technology Officer
Patrick Artus Independent Director
Marie-Christine Coisne-Roquette Lead Independent Director
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