TotalEnergies Records a 4.1 B$ Impairment in its Q1 2022 Accounts

Source: www.gulfoilandgas.com 4/27/2022, Location: Asia

On March 22, 2022, TotalEnergies announced that, given the uncertainty created by the technological and financial sanctions on the ability to carry out the Arctic LNG 2 project currently under construction and their probable tightening with the worsening conflict, TotalEnergies SE had decided to no longer book proved reserves for the Arctic LNG 2 project.

Since then, on April 8th, new sanctions have effectively been adopted by the European authorities, notably prohibiting export from European Union countries of goods and technology for use in the liquefaction of natural gas benefitting a Russian company. It appears that these new prohibitions constitute additional risks on the execution of the Arctic LNG 2 project.

As a result, TotalEnergies has decided to record in its accounts, as of March 31, 2022, an impairment of 4.1 B$, concerning notably Arctic LNG 2.


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