TotalEnergies Plans Sell Stakes in Three Norwegian Fields to Reduce Debt

TotalEnergies is progressing with a strategic divestment plan to reduce debt and focus on more profitable assets, highlighted by its agreements to sell non-operated stakes in three mature oil fields in Norway's Greater Ekofisk Area to Vår Energi and Orlen Upstream Norway. These fields, which ceased production in 1998, are set for redevelopment under the Previously Produced Fields Project, pending a final investment decision expected in late 2025 and regulatory approvals. The sale to Vår Energi will increase its stake in the Ekofisk redevelopment project, adding significant low-cost reserves and extending the project's operational life. Concurrently, TotalEnergies is also selling a 50% interest in a 270 MW portfolio of wind and solar projects in France to Eiffel Investment Group, retaining operational control and part ownership to align with its integrated power strategy. Additionally, after a recent failed $860 million sale of Nigerian oil assets due to buyer financing issues, TotalEnergies is in talks with a new buyer, aiming to fulfill its target of raising $3.5 billion from divestitures to reduce leverage amid challenging market conditions. These moves reflect the company's broader efforts to optimize its asset portfolio and capital expenditure while maintaining commitment to key regions like Norway.