TotalEnergies Sells Interest In Two Blocks IN | Global Market News
(RTTNews) – TotalEnergies (TTE.L, TTE) Wednesday introduced that its affiliate Total Austral has signed an settlement with YPF SA for the sale of its 45% operated curiosity in two unconventional oil and gasoline blocks in Argentina, Rincon La Ceniza and La Escalonada, for an quantity of $500 million at a valuation of round 10,000 USD/acre.
Located within the Vaca Muerta space within the Neuquén Basin, these concessions (51,000 web acres) are at present in a pilot development part.
Total Austral’s companions in these concessions are Gas y Petroleo de Neuquen (10%) and O&G Developments LTD S.A (45%), owned by Shell.
“The sale of Rincon La Ceniza and La Escalonada blocks is part of our active portfolio management strategy. TotalEnergies remains fully committed to Argentina, where it operates a large unconventional area of 183,000 nets acres in the Vaca Muerta play, after the divestment of these two blocks which represented around 20% of our net acreage in that play. The Company is currently producing gas and condensates from the operated blocks Aguada Pichana Este and San Roque, with a combined production of around 50,000 boe/d in TotalEnergies share in 2024. This transaction allows us to unlock value from part of our portfolio, while focusing on the development of our core assets in the Neuquén Basin and in the offshore of Tierra del Fuego” mentioned Javier Rielo, Senior Vice President Americas, Exploration & Production at TotalEnergies.
Completion of the transaction is subject to customary circumstances.
The views and opinions expressed herein are the views and opinions of the writer and don’t essentially mirror these of Nasdaq, Inc.
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