Monday, September 26, 2022

TotalEnergies makes final investment decision on Argentina gas project

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TotalEnergies announced Monday that it approved the final investment decision (FID) for the Fenix gas development.

The Fenix field is located 60 kilometers (km) off the coast of Tierra del Fuego, Southern Argentina. It will be developed through three horizontal wells, drilled from a new unmanned platform in 70 meters water depth.

The gas will be transported through a 35km pipeline to the TotalEnergies-operated Véga Pleyade platform and treated onshore at the Rio Cullen and Cañadon Alfa plants, also operated byTotalEnergies. At production start-up, expected early 2025, Fenix will produce 10 million cubic meters per day of natural gas (70,000 barrels of oil-equivalent per day). The expected investment is approximately US$706 million.

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“This latest development demonstrates TotalEnergies’ ability to leverage its hydrocarbon portfolio with projects that have low technical costs and low emissions, that can be brought onstream fast by harnessing synergies with existing facilities,” David Mendelson, Senior Vice President, Americas at TotalEnergies Exploration & Production said. “With first gas less than two and a half years from FID, the Fenix project will contribute to maintaining our production levels in Tierra del Fuego and securing supply to the Argentinean gas market. With a carbon intensity of 9 kgCO2/boe, the project will benefit from the Company’s technologies in lowering the carbon intensity, such as the installation of wind farms and heat recovery systems.”

On April 18, 2022, TotalEnergies said, Argentina authorities granted the CMA-1 concession, including Fenix, an extension for 10 years until April 30, 2041. Fenix will also operate under benefits provided for under special tax regime in Law 19640, which was established for industrial companies in a delineated special customs area of Argentina.

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Through its Total Austral affiliate, TotalEnergies operates the Fenix project with a 37.5% interest, in partnership with WintershallDea (37.5%) and Pan American Sur (25%).

TotalEnergies is a global energy company, involved in oil and biofuels, natural gas and green gases renewables and electricity.

In Guyana, TotalEnergies currently has a 35% working interest in Guyana’s offshore Canje block alongside JHI Associates, Inc. (17.5%), Mid-Atlantic Oil & Gas, Inc. (12.5%), and operator ExxonMobil (35%). It is also in a joint venture with Qatar Petroleum called TOQAP, which has a 25% stake in the Kanuku Block and a 25% stake in the Orinduik Block.

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