(Oil Price) – Higher oil and gas prices and volatile energy commodity markets are set to more than offset production losses from the Middle East at French supermajor TotalEnergies, which expects significantly higher upstream and LNG trading profits. In the early days of the war, TotalEnergies warned that the conflict had effectively shut in 15% of its global oil and gas output, while
(Oil Price)– China has formalized a barter-style framework with Iran in which crude oil is exchanged for infrastructure projects (from rail lines and ports to industrial works) rather than cash. The volumes involved are substantial: Beijing already imports an estimated 1.4 to 1.6 million barrels per day of Iranian crude, much of it under disguised labels. The new structure secures
(World Oil)– Eni SpA gave financial approval to build a $7.2 billion floating liquefied natural gas project in Mozambique that will double the nation’s production of the fuel, adding to global supply just as a wave of new production hits later this decade. The Coral Norte project off Mozambique’s northern coastline will be able to produce 3.6 million tons of
(World Oil) – Namibia will offer financial incentives to help kick-start the development of oil fields managed by a group led by TotalEnergies, according to a special adviser in the presidency. TotalEnergies and Shell Plc in 2022 made the first in a series of finds off the coast of the southwest African nation. But the explorers have also hit dry wells,
Oil Price TotalEnergies (NYSE: TTE) posted a record profit for the third quarter, driven by high energy prices and soaring prices of LNG as Europe scrambles to procure gas ahead of the winter. TotalEnergies reported on Thursday an adjusted net income of $9.9 billion for the third quarter—more than double the adjusted earnings for Q3 2021 and a record for the
CNBC French oil major TotalEnergies on Thursday reported a sharp upswing in full-year profit, boosted by a huge rebound in commodity prices. The oil and gas giant said full-year 2021 adjusted net income came in at $18.1 billion, while net income came in at $16 billion. That compared with adjusted net income of $4.1 billion and a net loss of $7.2 billion the
World Oil PARIS (Bloomberg) –TotalEnergies SE Chief Executive Officer Patrick Pouyanne said it’s “too early” for the French oil major to consider spinning off its renewable-energy business because that segment may triple in value by 2025. That segment should surge in value because the company plans to almost quadruple its gross installed capacity to 35 gigawatts by then, he said.
