World Bank to End Upstream Oil & Gas Financing
The World Bank said on Tuesday it will no longer finance upstream oil and gas projects after 2019, apart from certain gas projects in the poorest countries in exceptional circumstances. "As a global multilateral development institution, the World Bank Group is continuing to transform its own operations in recognition of a rapidly changing world," the bank said in a statement.
Total: Congo Crude Exports Unaffected by Port Strike
French oil and gas company Total said on Monday that crude exports from its Djeno terminal in Congo Republic was ongoing and unaffected following a strike last week and the sinking of a loading buoy in an unrelated accident. Traders said on Friday that the company had declared a force majeure on exports of Djeno crude following the incident.
Total CEO Hopes Britain Will Remain in the EU
Total's chief executive Patrick Pouyanne said on Friday he had not given up on the idea of keeping Britain in the European Union. The French oil major, Europe's second-largest, is a major oil producer in the British North Sea. "I still hope that Britain remains in the European Union," Pouyanne said on the sidelines of a business conference in the southern French city of Aix-en-Provence.
EDF to Shut Down Production at Five Nuclear Reactors
French state utility EDF will have to shut down power production at five more of its nuclear reactors at the request of safety authorities, according to a report by Challenges magazine. The five reactor shutdowns, at the Fessenheim, Gravelines, Civaux and Tricastin plants, come on top of several other closures forced on EDF by safety tests demanded by the regulator ASN…
Western Nations Urge Calm at Libyan Port
Western countries including the United States, France and Britain said in a joint statement on Wednesday they were concerned by mounting tension around the Zueitina oil terminal in Libya. Washington, Paris, London and the governments of Germany, Spain and Italy urged a return to government control of all oil and…
Russian Judge to Hear Suspects in Total CEO Death Case
A Russian court will hold a preliminary hearing on the death of the ex-boss of French oil major Total on Thursday, a judge said, paving the way for a possible trial of airport employees almost two years after the magnate's jet crashed at a Moscow airport. Christophe de Margerie, the chief executive of France's largest listed company…
Total Files Arbitration Against Contract Terms in Algeria
French oil major Total has filed a request for arbitration against its contract terms in Algeria, CEO Patrick Pouyanne said on Saturday. "We tried as always to find a mutual agreement first, it failed, so we decided that we would seek arbitration," Pouyanne told Reuters on the sidelines of a business conference in Aix-en-Provence.
Technip, FMC Target Oil Services 'Big League' with Merger Deal
France's Technip on Thursday announced an all-stock merger with U.S. rival FMC Technologies, as it seeks to offset weaker spending on exploration and production by cash-strapped oil companies. The new group, to be domiciled in London, would have combined revenue of $20 billion and the merger is expected to deliver annual pretax savings of at least $400 million by 2019…
French CGT Union Oil Sector Workers to Join Strike Next Week
Oil sector workers of French CGT union will join a national strike on May 17-20 against labour law reform, affecting operations at refineries across France and potentially disrupting supplies, a union official said on Friday. The national strike was called after President Francois Hollande's Socialist government…
Engie Inks Energy Agreements with Egypt
French energy company Engie said on Monday it has signed agreements on developing renewable energies and importing liquefied natural gas (LNG) with various Egyptian companies during a visit by French President Francois Hollande in Cairo. The company said in a statement that it signed a cooperation agreement for…
Vallourec Says Volumes Hit Record Low in Q1
French steel pipe maker Vallourec said on Tuesday results in the first quarter had suffered from a drop in volumes to record lows, mainly in the oil and gas business, but stuck to previously announced targets for the full year. The group said in a statement it expected earnings before interest, taxes, depreciation…
France to Tighten Anti-Corruption Laws
France is tightening its anti-corruption laws to clean up its image after several French companies were slapped with huge fines abroad, with planned reforms including greater protection for whistleblowers and a new anti-corruption agency. Two years ago, France's biggest bank, BNP Paribas, was fined $9 billion by U.S. authorities over violations of sanctions against Sudan, Cuba and Iran.
Sub $30 Oil Negative on Renewables -Total's Pouyanne
Crude oil at below $30 per barrel has a negative impact on the profitability and investments in renewable energies, Total's Chief Executive Officer Patrick Pouyanne, told a forum in Davos in Thursday. Oil prices have fallen to multi-years lows in due to a persistent global supply surplus. "Today at $30 a barrel, I'm sorry," Pouyanne said.
China's CGN to Invest in French Solar Project
Chinese power group CGN will invest more than 1 billion euros ($1.10 billion) to produce solar energy in France through a partnership with a small Bordeaux-based company that provides photovoltaic panels mounted on farm sheds. CGN, state utility EDF's partner in Britain's Hinkley Point nuclear plant project, has…
France's Fessenheim Nuclear Plant Won't Close by 2016
France's oldest nuclear plant at Fessenheim will not close by 2016, President Francois Hollande was quoted saying on Thursday, going back on a campaign promise, but he added the government will launch "irreversible" procedures for shutting the plant. France's energy transition law, voted through this summer, caps French nuclear capacity at its current level of 63.2 gigawatts (GW).
New IEA Boss Faces Fluid Energy Landscape
Career economist replaces politician; insiders complain of low morale. The new head of the International Energy Agency faces dilemmas that challenge the purpose of the body set up to protect the interests of the West against the power of OPEC in the 1970s. Fatih Birol of Turkey -- the IEA's respected chief economist -- takes over on Tuesday…
Total Sells North Sea Gas Pipelines
French oil major Total has agreed to sell some of its gas pipeline assets in the UK's North Sea to North Sea Midstream Partners, an affiliate of U.S.-based private equity firm ArcLight Capital, for 585 million pounds ($907 million). The sale includes the Frigg UK (FUKA) and SIRGE gas pipelines and the St. Fergus gas terminal, Total said in a statement on Thursday.
Total Withdraws from Coal Production and Marketing
French oil major Total confirmed on Monday that it had stopped all production of coal as of last week after the South African government approved the sale of its coal mining operations there. "We cannot claim to be providing solutions to climate change while continuing to produce or market coal, the fossil fuel that emits more greenhouse gas than any other…
EDF's Chinon 1 Nuclear Reactor in Unplanned Outage
EDF's 900-megawatt Chinon 1 nuclear reactor stopped at 1405 GMT on Monday in an unplanned outage, French grid RTE said on its website. The reactor is expected to restart on Tuesday, RTE said. It did not specify a reason for the outage. (Reporting by Michel Rose)
Vallourec Warns of Further Deterioration in Second Half
French steel pipe-maker Vallourec said its net loss deepened in the second quarter and warned of further deterioration in margins in the second half of the year in the face of falling demand from its oil and gas customers. Vallourec now expects earnings before interests, taxes, depreciation and amortisation (EBITDA) to be negative over the full year.
