Ghana's oil production increases for the first time in five years
Ghana's crude output increased 10.7% on an annual basis in the first half of 2024. This reversed a five-year-old decline in production. Ghana, Africa's largest gold producer, started producing crude oil in 2010. However, output dropped to a 5-year low by 2023, due to declines in production from existing fields. This effectively erased gains made by new wells. PIAC, a government body tasked to monitor the oil sector, reported that the production of crude oil had risen to 24,86 million barrels in June 2024. This is compared with a decline of 13.2% over the same time period in 2023.
Congo cancels the licensing round for 27 oil block
According to a Monday statement on the hydrocarbons minister's X Twitter account, the Democratic Republic of Congo has canceled a licensing round originally launched in 2020 to tap the nation's potential for oil and gas. The statement of October 11 listed multiple reasons for cancellation. These included late submissions, inappropriate and irregular offers, as well as a lack competition. Aime Sakombi Molindo, hydrocarbons minister, said: "Given what I have just stated, I feel compelled to announce the cancellation of this process." He said that the process will be restarted shortly, but did not give a timeline.
Audit shows Senegal debt and deficit is higher than reported
The Senegal's Economy Minister said that the IMF is currently in discussions with Senegal to discuss corrective measures. An audit showed that the debt and deficit of the country were far greater than what the previous administration reported. Abdourahmane Sarr stated that the audit of Senegal’s finances, ordered by the newly elected President Bassirou Diomaye Faye showed a deficit of over 10% at the end 2023 compared to the 5% reported by the previous government. Faye was elected in April with a massive victory amid public outrage against the former administration of Macky Sall.
Senegal president announces election of parliament on November 17
Senegal's President Bassirou Diomaye Faye dissolved Thursday the national assembly led by the opposition, paving the way for legislative elections to be held early on November 17. Faye, the new leader of the country, stated in an evening speech that it was difficult to work with the Assembly after the members refused to begin discussions on the Budget Law and rejected attempts to dissolve wasteful institutions. Faye announced the voting date in his short speech. The two-year anniversary was marked on Thursday, which is the minimum amount of time before a new election.
Total Books $8 Bln Asset Impairments
French energy group Total will book an exceptional impairment charge of $8 billion mainly on its Canadian oil sands and liquefied natural gas projects, it said on Wednesday."Overall, the exceptional asset impairments that will therefore be taken into account in the second quarter of 2020 amount to $8.1 billion, including $7 billon on Canadian oil sands assets alone," Total said in a statement, adding that this will increase its gearing ratio by 1.3%.(Reporting by Bate Felix; Editing by David Goodman )
IEA: Global Energy Investment to Plunge 20%
Global energy investment is expected to plunge by around 20% or $400 billion in 2020, its biggest fall on record, because of the new coronavirus outbreak, the International Energy Agency (IEA) said on Wednesday.The Paris-based IEA said this could have serious repercussions for energy security and the transition to clean energy as the global economy recovers from the pandemic.Governments are easing restrictions put in place to curb the spread of the virus after the confinement of around 3 billion people brought the global economy to a near standstill.At the start of the year…
Total Secures $14.4 Bln Funding for Mozambique LNG
French energy major Total has secured $14.4 billion funding for its Mozambique liquefied natural gas project in Mozambique, two sources said on Wednesday.A source with knowledge of the matter said Total has reached a financing agreement with a group that includes around 20 lenders for the first phase of senior debt funding of $14.4 billion. The source did not specify the name of the banks involved in the financial arrangement.Total declined to comment. Bloomberg reported earlier on Wednesday that Total was set to sign $15 billion financing for the project in June.The company expects the financing to be closed in the third quarter…
TechnipFMC Cutting Jobs in Norway
Franco-American oil services company TechnipFMC plans to cut up to 700 jobs across its sites in Norway due to the turbulent oil market situation, a spokesman for the company said on Tuesday.TechnipFMC, whose customers include major oil companies, said it employs 3,100 staff in Norway, and both permanent and temporary staff will be affected."TechnipFMC confirms that, due to the unprecedented market situation, the Board of Directors for TechnipFMC in Norway have approved a reduction in the workforce," the spokesman said in a statement…
Total Keeps Dividend Steady in 'Exceptional Circumstances'
French energy major Total promised to pay a steady cash dividend and said it can break even with low oil prices after the impact of the coronavirus outbreak and a collapse in fuel demand led to a 35% first-quarter profit fall.It also raised its climate ambitions, saying it aims to reach net-zero emissions from its operations and its energy products sold to customers by 2050 at the latest, but only in Europe.For oil majors, the crisis caused by the novel coronavirus compounds a climate crisis that has deterred some…
Total Cuts Capex, Mostly in E&P Business
French energy group Total announced plans on Monday to step up cost cuts and suspend its share buyback programme in order to deal with a slump in oil prices and the economic fallout from the coronavirus outbreak.Total CEO Patrick Pouyanne said that with prices of $30 per barrel, Total would now target organic capital expenditure cuts of more than $3 billion.In a video message to the company's staff last Thursday, Pouyanne said the group was facing three crisis - the corornavirus outbreak, the crash in oil prices due to a sharp fall in global oil demand just as supply is expected to rise…
TechnipFMC Shelves Spin-off Due to Market Turmoil
Franco-American oil services firm TechnipFMC Plc is putting on hold plans to split itself into two due to turbulence in financial markets linked to the coronavirus outbreak, it said on Sunday.The group, created three years ago via the merger of Technip and FMC, had been planning to separate its engineering and construction activities from its upstream oil services business in the first half of this year."Market conditions have changed materially due to the COVID-19 pandemic, the sharp decline in commodity prices, and the heightened volatility in global equity markets," TechnipFMC said in a statement."The impacts of these events have crea
Total CEO: Governments Not Oil Firms Must Drive Carbon Curbs
It is up to governments to drive decarbonisation and consumers will have to pay more to achieve carbon neutrality, Total's chief executive said, adding the French firm has no intention of moving away from oil and gas production.Oil firms should not be seen as "villains" amid growing pressure from investors and climate activists, chief executive and chairman Patrick Pouyanne told Reuters at Total's headquarters in the Scottish oil hub of Aberdeen.Giving up on oil and gas would be "a huge mistake", partly because it pays for investment in green technology…
Total Rejects Force Majeure Notice From Chinese LNG Buyer
French oil major Total has rejected a force majeure notice from a buyer of liquefied natural gas (LNG) in China, a Total executive said during the company's full-year results presentation on Thursday."Some Chinese customers, at least one, are trying to use the coronavirus to say I have force majeure," said Philippe Sauquet, head of Total's gas, renewables and power segment."We have received one force majeure that we have rejected."A Chinese international trade promotion agency said last week it would offer force…
Total Criticizes EIB's Decision Not to Finance Gas
Total criticized on Thursday the European Investment Bank's decision to stop financing all fossil fuel projects including gas, saying companies that might switch to gas-fired power plants from heavy-polluting coal could now reconsider."I think it is a poor decision by the European Investment Bank (EIB) not to finance any new gas project.
France Plans 1 GW Offshore Wind Farm
France wants to construct a wind farm off the coast of Normandy as the nuclear-dependent nation moves to expand power generation from renewable sources, the energy ministry said on Monday.The planned 1-gigawatt (GW) wind farm could have up to 80 wind turbines of around 12 megawatts each, in an area where wind conditions and the seabed are very favorable for offshore wind power at a competitive price, the ministry said in statement.France is racing to boost the share of renewable generation capacity in its energy mix and reduce its dependence on nuclear energy.
TechnipFMC: Record Orders, Backlog in Q2
Franco-American oil services company TechnipFMC received a record volume of orders in the second quarter, pushing its backlog of projects to a peak thanks to new liquefied natural gas projects, it said on Wednesday.The records could signal a rebound for the company created by a 2016 merger of France's Technip and U.S. rival FMC Technologies to weather the oil price crash that had forced their oil major clients to slash budgets and shelve projects."We achieved record inbound orders in the quarter, with total company orders reaching $11.2 billion…
Total Plans $5 Bln in Asset Sales
French energy giant Total will sell around $5 billion worth of assets, mostly from its upstream exploration and production business, as it seeks to focus on low breakeven projects that can weather weak oil prices, it said on Thursday.The company reported a 19% year-on-year drop in adjusted net profit to $2.9 billion in the second quarter, which it attributed to a combination of unfavorable market factors.These include a 7% drop in oil prices since the second quarter of 2018, a sharp fall in gas prices, and a slide…
TechnipFMC Wins $7.6 Bln Contract
Oil services company TechnipFMC won a $7.6 billion contract with Russia's Novatek and its partners for the Arctic 2 liquefied natural gas project in western Siberia, pushing TechnipFMC's shares higher.TechnipFMC's Paris-listed shares rose 3.2% in early session trading, as analysts welcomed the new contract.TechnipFMC said the consolidated value of the contract to it for Arctic LNG-2 was $7.6 billion and consisted of three LNG trains, each with a capacity of 6.6 million tons per annum (Mtpa)."TechnipFMC's announcement of the award of the $7.6 billion award for the 3-train Arctic LNG 2 project will…
Total Launches New Supercomputer
Energy major Total said its new supercomputer - which has propelled it to a world ranking as the most powerful computer in the sector - will enable its geologists to find oil faster, cheaper and with a better success rate.The Pangea III computer build by IBM will help process complex seismic data in the search for hydrocarbons 10 times faster that before, Total said on Tuesday.The computing power of the company has been increased to 31.7 so-called 'petaflops' from 6.7 petaflops in 2016, and from 2.3 petaflops in 2013…
Total to Discuss Anadarko Assets with Algeria
Total will meet Algerian authorities for talks over its plans to buy Anadarko's assets in the country and is not worried by media reports that Algiers would block the deal, Chief Executive Patrick Pouyanne said on Wednesday."We will meet Algerian authorities very soon," Pouyanne told shareholders at the company's annual meeting in Paris. "We are not worried. It is normal that authorities seek to have dialogue with their principal partners and Total is one of the partners of Algeria."Algeria's energy minister said…
