Egypt's Petroleum Ministry ties arrears payment to production boost amid decreasing gas output
According to a statement from the petroleum ministry on Monday, Egypt plans to link arrears payment to increased production as part of its plan to settle outstanding debts with international oil companies. The statement said that the ministry recently introduced an incentive package to encourage partners to increase output above current levels.
TotalEnergies CEO: Up to $2 billion in Russia still stuck
Patrick Pouyanne, CEO of TotalEnergies, told analysts that the French oil giant's stakes in Russian gas company Novatek and its Yamal LNG project in Russia generate between $1.5 and $2 billion annually in dividends. Pouyanne stated that although the company was able to move some money…
The front-runner for Mozambique president is likely to continue keeping Rwandans on the job of protecting gas sites
Analysts say that the ruling party candidate for this month's election, who is almost guaranteed to win, will continue to rely on Rwanda's army and European money in order to secure the region's vast gas fields, which are plagued by islamist violence. Daniel Chapo (47), an ex-highschool teacher…
TotalEnergies CEO to meet Mozambique President to advance project in the country
TotalEnergies' CEO Patrick Pouyanne announced that he would be traveling to Mozambique in the latter part of this month to discuss the planned Mozambique Liquefied Natural Gas project with the new president. Pouyanne stated that there has been recent "progress in security". On Oct.
What are the main issues in Mozambique's elections?
Next week, Mozambicans are voting in legislative and presidential elections. It is almost certain that the Frelimo Party will extend its half-century in power. The party has been fighting a longstanding Islamist insurgency within one of Africa's biggest gas fields. Daniel Chapo is the candidate of the ruling party and a former law professor.
Suriname oil and gas project worth $10 billion to be approved by TotalEnergies and APA
TotalEnergies, a French company, and APA Corp, based in the United States, announced on Tuesday a positive decision to invest in Block 58 of Suriname, the most promising offshore oil and gas project. This is expected launch Suriname’s first offshore production. The small South American nation wants to follow the example of its neighboring Guyana.
Sources: TotalEnergies will sign a $10 billion deal for Suriname's offshore project
Four sources familiar with the project said that TotalEnergies, a French oil company, will sign the final investment decision on Tuesday, for the first offshore oil and natural gas development of Suriname. The development is expected to cost more than $10 billion. Gran Morgu, located in Block 58 140 km off of the coast of South America…
TotalEnergies denies knowing about alleged torture and killings at Mozambique Liquefied Natural Gas site
PARIS, September 26 - French oil giant TotalEnergies responded to a report in the media by saying that it was unaware of the torture and killings allegedly committed on site of the future Mozambique Liquefied Natural Gas plant. Politico reported earlier Thursday that Mozambican soldiers working out of this site…
Oil May Hit $100 but Volatility Will Grow, Say Energy CEOs
Benchmark oil prices could hit $100 a barrel and price volatility could also grow due to lower investments and the energy transition, the heads of top energy companies said on Tuesday."There is quite a chance to reach $100 but we could see again in the coming years some lows as we have been accustomed to volatility," TotalEnergies Chief Executive P
Total CEO Not Betting on Prices Staying at $70 a Barrel
Total's chief executive said on Monday it could take two years for the world economy to recover from the coronavirus pandemic and that oil prices were unlikely to remain at the current high of $70 a barrel."I am not betting on prices staying at $70 a barrel, for me the right price is around $50-$60 a barrel…
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…
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…
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…
Total Closes Mozambique LNG Purchase
Total has completed the acquisition of Anadarko's 26.5% stake in Mozambique's liquefied natural gas (LNG) project for $3.9 billion, the French oil major said on Monday."Mozambique LNG is a one of a kind asset that perfectly fits with our strategy and expands our position in liquefied natural gas…
Total CEO: Britain Must Stick by Brexit Mistake
The chief executive of French oil major Total believes that Britain should stick by its decision to leave the European Union even though he thinks it is a fundamental mistake that could be a real issue for the UK economy"It's a choice. It's democracy, we have to respect it. (But) I think it's a fundamental mistake…
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…
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.
Occidental Agrees to Sell Anadarko Assets to Total
Texas-headquartered Occidental Petroleum has reached an agreement to sell Anadarko Petroleum's oil and gas assets in Africa to French oil major Total for $8.8 billion.The binding agreement with Occidental to acquire Anadarko’s assets in Africa (Algeria, Ghana, Mozambique, South Africa)…
Total Profits Take a Hit
French energy major Total said its net profit for the first three months of the year fell 4 percent to $2.8 billion compared with a year ago due to volatile oil prices and debt costs, despite record oil and gas output.The firm kept its investments, and cost savings target for the year unchanged…
Total to Invest in Novateks LNG Projects
The French oil giant Total intends to buy 10% shares of the transshipment points of liquefied natural gas in Murmansk and Kamchatka, which Novatek plans to build.Russian news agency TASS quoted the CEO of the French company Patrick Pouyanne as saying: "We have just announced that we are investing in Arctic LNG 2…
