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TotalEnergies (Paris: TTE) (LSE: TTE) (NYSE: TTE) has approved the final investment decision for the Fenix gas development, located 60 km off the coast of Tierra del Fuego in southern Argentina.
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Through its Total Australia affiliate, TotalEnergies, in partnership with WinterSaldia (37.5%) and Pan American Sur (25%), operates the project with a 37.5% interest.
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The Fenix Field will be developed through three horizontal wells, which will be drilled from a new unmanned platform to a depth of 70 meters of water. The gas will be delivered via a 35km pipeline to the Vega Played platform operated by TotalEnergies and treated onshore at the company-operated Rio Cullen and Canada Alpha plants. When production begins, in early 2025, Fenix will produce 10 million cubic meters of natural gas per day (the equivalent of 70,000 barrels of oil per day). This development represents an investment of approximately $706 million.
David Mendelson, Senior Vice President of Americas at Total Energy’s Exploration, said, “This latest development demonstrates Total Energy’s ability to leverage its hydrocarbon portfolio with projects with lower technical costs and lower emissions, which can be integrated with existing facilities. Using synergy can be brought onstream faster.” & Production. “With the first gas from FID less than two and a half years away, the Fenix project will contribute to maintaining our production levels in Tierra del Fuego and securing supply to the Argentine gas market. With a carbon intensity of 9 kg CO(2)/bo The project will benefit from the company’s technologies in reducing carbon intensity, such as the installation of wind farms and heat recovery systems.”
On April 18, 2022, national authorities granted the CMA-1 concession, including Fenix, which has been extended for 10 years until April 30,2041. As a new gas project in Tierra del Fuego, the national authorities also granted Fenix the benefits provided under the special tax regime of the 1964 Act.
TotalEnergies in Argentina
TotalEnergies has been operating in Argentina through its Total Australian affiliate since 1978, and is the country’s leading international gas producer with approximately 25% of its production. The company’s equity stake in production was equivalent to an average of 81,000 barrels of oil per day in 2021.
In Tierra del Fuego, along with Wintersholdia (37.5%) and Pan American Sur (25%), TotalEnergies (37.5%) operates the Cuenca Marina Austral 1 (CMA-1) concession, which includes the onshore Aura and Canada Alpha fields . Offshore Hidra, Kaus, Carina, Aries, Vega Pleiades and Fenix regions.
The company has equity interests in nine blocks of the onshore Newquan Basin spread over 300,000 net acres, five of which are operated. Since 2018 TotalEnergies has been developing the AguadaPichana Este unconventional field, located in the VacaMuerta wet gas window.
TotalEnergies also has marketing and services and renewables activities in Argentina through its Total Erenaffiliate, which has 180 MW of powered capacity coming from a solar plant and two wind farms.
about total energy
TotalEnergies is a global multi-energy company that produces and markets energy: oil and biofuels, natural gas and green gas, renewables and electricity. Our more than 100,000 employees are committed to energy that is more affordable, cleaner, more reliable and accessible to as many people as possible. Operating in over 130 countries, TotalEnergies places sustainable development in all its dimensions at the center of its projects and operations to contribute to the well-being of the people.
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