13/07/2023 Press release
United States: TotalEnergies and its Partners Make the Final Investment Decision of the RGLNG Project in Texas
<p style="text-align:justify; margin-top:13px; margin-bottom:13px"><span style="font-size:11pt"><span style="line-height:13.5pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Arial",sans-serif"><span style="color:black">Paris, July 13, 2023 </span></span></span></strong><span style="font-size:12.0pt"><span style="font-family:"Arial",sans-serif"><span style="color:black">– TotalEnergies, Global Infrastructure Partners (GIP) NextDecade Corporation, and their partners, GIC and Mubadala, made the final investment decision (FID) to develop phase 1 of Rio Grande LNG (RGLNG), a natural gas liquefaction (LNG) project in South Texas.</span></span></span></span></span></span></p>
<p style="text-align:justify; margin-top:13px; margin-bottom:13px"><span style="font-size:11pt"><span style="line-height:13.5pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Arial",sans-serif"><span style="color:black">This first phase comprises 3 liquefaction trains with a total capacity of 17.5 million tons per annum (Mtpa) and CAPEX of $14.8 billion. The Engineering, procurement, and construction (EPC) contract has been awarded to Bechtel, and commissioning of the plant is scheduled for 2027. The project will be financed by equity contributions from the partners and by a debt contribution concluded today with an international banks’ consortium.</span></span></span></span></span></span></p>
<p style="text-align:justify; margin-top:13px; margin-bottom:13px"><span style="font-size:11pt"><span style="line-height:13.5pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Arial",sans-serif"><span style="color:black">As a result of this decision, and according to the terms of the agreement signed in June, TotalEnergies:</span></span></span></span></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="color:black"><span style="line-height:13.5pt"><span style="tab-stops:list 36.0pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Arial",sans-serif">acquires a 16.67% stake in the joint-venture in charge of this first phase, and will participate in its equity contributions, for a total amount of $1.1 billion.</span></span></span></span></span></span></span></li>
</ul>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="color:black"><span style="line-height:13.5pt"><span style="tab-stops:list 36.0pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Arial",sans-serif">will hold a total 17.5% stake in NextDecade for a total amount of $219 million. A first tranche of 5.06% was acquired last June, and a second tranche will be acquired in the next few days to increase this stake to 12.47% and a third tranche of 5.03 % shall be acquired before the end of the year.</span></span></span></span></span></span></span></li>
</ul>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="color:black"><span style="line-height:13.5pt"><span style="tab-stops:list 36.0pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Arial",sans-serif">TotalEnergies will also offtake 5.4 Mtpa of LNG from the production of this phase for 20 years.</span></span></span></span></span></span></span></li>
</ul>
<p style="text-align:justify; margin-top:13px; margin-bottom:13px"><span style="font-size:11pt"><span style="line-height:13.5pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Arial",sans-serif"><span style="color:black">“We are delighted with this final investment decision that enable us to launch the construction of this new LNG liquefaction plant in the Unites States, to which TotalEnergies will contribute its expertise in the development of major LNG projects,” said <strong><span style="font-family:"Arial",sans-serif">Patrick Pouyanné, Chairman and CEO of TotalEnergies.</span></strong> “This project gives TotalEnergies access to competitive LNG thanks to its low production costs. LNG from this first phase will boost TotalEnergies U.S. LNG export capacity to over 15 Mtpa by 2030, and thus our ability to contribute to European gas security, and to provide customers in Asia with an alternative form of energy that is half as emissive as coal.”</span></span></span></span></span></span></p>
<p><span style="font-size:12.0pt"><span style="font-family:"Arial",sans-serif"><span style="color:black">“Having TotalEnergies as a key partner in the Rio Grande LNG project is an honor. Their long-standing reputation as a leader in the LNG and energy industry makes this a great partnership,” said <strong><span style="font-family:"Arial",sans-serif">Matt Schatzman, Chairman and Chief Executive Officer of NextDecade.</span></strong> “Working together with TotalEnergies, we will be able to fulfill our mission to deliver lower carbon-intensive LNG to customers around the globe and we look forward to working together as construction on Phase 1 of Rio Grande LNG begins.”</span></span></span></p>
<p> </p>
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<p><span><span><span> </span></span></span></p>
<p><span><span><span> </span></span></span><strong><span><span><span>About TotalEnergies </span></span></span></strong></p>
<p><span><span><span> </span></span></span></p>
<p><span><span><span>TotalEnergies is a global multi-energy company that produces and markets energies on a global scale: oil and biofuels, natural gas and green gases, renewables and electricity. Our 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people. </span></span></span></p>
<p><span><span><span> </span></span></span></p>
<p><strong><span><span><span>TotalEnergies Contacts </span></span></span></strong></p>
<p> </p>
<p><span><span><span> </span></span></span></p>
<ul>
<li><span><span><span><span>Norway Corporate Affairs & Communications Director: Henning Eide l +47 918 66 728 l [email protected] </span></span></span></span></li>
<li><span><span><span><span>Media Relations: +33 1 47 44 46 99 l [email protected] l @TotalEnergiesPR </span></span></span></span></li>
<li><span><span><span><span>Investor Relations: +44 (0)207 719 7962 l [email protected] </span></span></span></span><span><span><span> </span></span></span></li>
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<p><span><span><span> </span></span></span></p>
<p><strong><span><span><span>Cautionary Note </span></span></span></strong></p>
<p><span><span><span> </span></span></span></p>
<p><span><span><span>This press release, from which no legal consequences may be drawn, is for information purposes only. The entities in which TotalEnergies SE directly or indirectly owns investments are separate legal entities. TotalEnergies SE has no liability for their acts or omissions. The terms “Company” or “TotalEnergies company” refer collectively to the company TotalEnergies SE and the companies it controls directly or indirectly. Such terms are used solely for the sake of convenience for purposes of the present communication. Likewise, the words “we”, “us” and “our” may also be used to refer to subsidiaries in general or to those who work for them. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. </span></span></span></p>
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