The Shareholders' Newsletter SN #72

In September, TotalEnergies announced the launching of development studies for a large oil project in Block 58, offshore Suriname. TotalEnergies is the operator of Block 58, with a 50% interest, alongside APA Corporation (50%). Appraisal of the two main oil discoveries, Sapakara South and Krabdagu, was successfully completed in August 2023, and confirmed combined recoverable resources close to 700 million barrels for the two fields. The detailed engineering studies (FEED) will start by end 2023 and the Final Investment Decision is expected by end 2024 with a first production target in 2028. TotalEnergies is committed to develop this project in a responsible manner, both by ensuring benefits in terms of job creation and economic activities for Suriname and by using the best available technologies to minimize greenhouse gas emissions. In particular, the facilities will be designed for zero flaring, with the associated gas entirely reinjected into the reservoirs.

In July this year, TotalEnergies and Sonatrach signed several agreements to strengthen the cooperation between the two companies in the production of natural gas in Algeria, the delivery of liquefied natural gas (LNG) in Europe, as well as the development of renewables in Algeria. The two companies will pursue the investment program already launched to increase gas production of the Tin Fouyé Tabankort fields, where combined production is expected to exceed 100,000 boe per day by 2026, thus increasing the potential export of Algerian gas to the European market. Sonatrach and TotalEnergies have extended for the year 2024 deliveries by Sonatrach of 2 million tons per year of LNG to TotalEnergies at the port of Fos-Cavaou, near Marseilles, France. TotalEnergies and Sonatrach will also cooperate to develop renewable energy projects in Algeria.

In September, TotalEnergies and its partner SOCAR (State Oil Company of the Republic of Azerbaijan) inaugurated the Absheron gas field. The first phase started in July this year and the field is currently producing 1.5 billion cubic meters per year. Absheron is located in the Caspian Sea, around 100 km south-east of Baku, and production is set to increase to 5.5 billion cubic meters per day. TotalEnergies also plans to participate in the development of the country’s renewable energy potential under the Memorandum of Understanding signed in June 2023 to assess and develop 500 MW of renewable wind and solar energies and energy storage systems for the national grid.

TotalEnergies, Petrobras and Casa dos Ventos Holding signed a Memorandum of Understanding in September to evaluate perspectives and joint opportunities in onshore wind, offshore wind, solar and low-carbon hydrogen in Brazil. Casa dos Ventos Holding, the joint venture formed by TotalEnergies and Casa dos Ventos is the leader of wind and solar energy in Brazil with a 12 GW portfolio to be developed in the coming years. Petrobras is the largest Brazilian Energy company with recognized technical expertise in the energy domain. As for TotalEnergies, it brings its global multi-energy know-how and industrial approach to strengthen the partnership.

TotalEnergies has been awarded a contract for the installation and operation of 1,100 high-power charge points (HPC) as part of the German government's tender for the Deutschlandnetz (“Germany network”). These new charge points (up to 200 kW) will be deployed in EV hubs at 134 locations across Germany, in both rural and urban areas, and will be supplied entirely with renewable electricity. This announcement will contribute to the Company’s ambition of operating more than 1,000 high-power EV hubs in Europe by 2028.