Post Tagged with: "Total"

Source: Reuters

Total considers stopping fuel oil sales for power: CEO

Reuters ABERDEEN, Scotland – France’s Total (TOTF.PA) is considering stopping sales of fuel oil to power markets as the energy giant seeks to reduce its carbon footprint and grow its renewable power business, its chief executive told Reuters. Fuel oil is one of the most carbon intensive refined oil products, used mainly for power generation and as a marine fuel. “We want to stop selling fuel oil for making power,” Total Chief Executive Patrick Pouyanne told Reuters in an interview on Feb. 6. Total, Europe’s largest refiner, produced and traded over 4% of all oil products consumed globally last year. Many refiners, including Total, have in recent years upgraded plants in order to cut their fuel oil output as the shipping sector shifted to cleaner fuel. Total has a global processing capacity of around 2 million barrels per day, and one of the world’s largest oil and gas trading businesses.[Read More…]

Total beats quarterly forecasts despite low oil price, raises payout

Total beats quarterly forecasts despite low oil price, raises payout

Reuters ABERDEEN, Scotland – Total (TOTF.PA) beat forecasts on Thursday by keeping net adjusted fourth-quarter profit steady at $3.2 billion despite low oil prices and fulfilled a pledge to boost dividends, lifting the French energy firm’s shares. The stock rose about 3% before easing off its highs as the company bucked a trend in the industry which has seen profits tumble in the last three months of 2019. Analysts had expected Total’s net profit to slip to $2.7 billion. “This performance is better than that of our rivals in terms of resisting low oil prices,” CEO Patrick Pouyanne told journalists, adding Total was rewarding investors with a 6% increase in the final dividend for 2019 to 0.68 euros per share. “Taking into account the strong visibility on cash flow, the group will continue to increase the dividend with the guidance of 5% to 6% per year,” the company said in[Read More…]

Source: Reuters

Apache shares jump 26% on major discovery in Suriname with Total

Reuters Apache Corp and Total SA said on Tuesday they had made a major oil discovery in the hotly-tipped Maka-Central 1 well off the coast of Suriname, sending Apache’s shares surging nearly 26%. The well, dubbed “among the most anticipated in the world” by one brokerage, is seen as central to Apache’s efforts to reduce its reliance on the “Alpine High” venture in Texas’ Permian basin, which has suffered from a dive in natural gas prices. Analysts said it was impossible to ascertain as yet how much oil the find would generate but it is just over the border from Exxon Mobil-led discoveries off Guyana that are estimated to hold more than 6 billion barrels of oil. Apache said the well in the South American nation confirmed a geologic model with 73 metres (240 feet) of oil pay and 50 metres (164 feet) of light oil and gas condensate pay,[Read More…]

Source: Houston Chronicle

Apache, Total announce first oil discovery offshore of Suriname

Houston Chronicle Apache Corp. and the French energy major Total said Tuesday they’ve made a significant oil discovery offshore of the small South American nation of Suriname. The announcement comes after Apache first offered vague results in early December that disappointed investors, and Houston-based Apache then made a 50-50 partnership with Total to eventually hand over the operations to the French firm. In just more than a month, Wall Street sentiments have made an about face on Apache’s Suriname plans with the new joint venture and, now, the first promising results. Apache has pinned high hopes on Suriname after Exxon Mobil started developing huge oil projects offshore of neighboring Guyana. Apache is quick to point out that it is drilling just seven miles from the Guyana maritime border. Although Brazil and Venezuela both have many decades of oil experience, energy companies have begun focusing of late on their much smaller neighbors[Read More…]

Source: Houston Chronicle

Big Oil shows new commitments to offshore African projects

Houston Chronicle A bevy of Big Oil majors are making new commitments to developing oil and gas projects in West Africa, specifically in Senegal, Mauritania and Angola. The British energy major BP said its three-well exploration campaign offshore of Senegal and Mauritania has proven successful, confirming the world-class scale of natural gas resources. Likewise, a consortium led by the French energy giant Total, as well as Exxon Mobil and others, said they will extend their production license offshore of Angola through 2045 as they continue to see more future promise in the already-successful venture. Total also is acquiring interest in additional blocks offshore of Angola, including making plans to develop a new production hub in the region known as the Kwanza Basin. “We are pleased to demonstrate once again our pioneer spirit and our commitment to continue developing Angola’s energy sector by becoming the first company to undertake a development in[Read More…]

Source: Reuters/Christopher Pike

Oil is our gold and we aim to use all of it, ADNOC official says

Reuters: Abu Dhabi National Oil Co aims to exhaust its vast oil and gas reserves even as many consumers switch to cleaner sources of energy, a senior executive in the Gulf oil company said. The world’s transition away from fossil fuel in an effort to slash greenhouse gas emissions is expected to accelerate in coming decades, leaving many oil companies and producing nations pondering their long-term future. But for state-run ADNOC, the main oil-producing company in the United Arab Emirates, which supplies nearly 3% of global oil demand, crude is set to remain the revenue backbone, ADNOC’s upstream executive director Abdulmunim al-Kindy told Reuters. “Our oil is our gold,” al-Kindy said in an interview during the ADIPEC oil and gas conference in Abu Dhabi, capital of the UAE. “With the reserves we have, the challenge we have is monetizing it at the right time.” To achieve that, ADNOC has undergone[Read More…]

FILE PHOTO: The logo of Total oil company is pictured in Abuja, Nigeria October 18, 2017. REUTERS/Afolabi Sotunde/File Photo

Total says to avoid fuel shortage as strike escalates at Feyzin refinery

Reuters French energy major Total said on Friday it was taking measures to avoid fuel and other products shortages after striking workers blocked distribution from its 110,000 barrels-per-day Feyzin refinery. CGT union workers at the refinery near the city of Lyon have been on strike since early October over potential job cuts, prompting a halt in production. On Friday, the workers decided to block distribution from the refinery. “Total is making every effort to ensure that the strike affecting the Feyzin platform does not have any impact on the supply of its customers in the Lyon region,” the company said in a statement. It added that there were no planned job cuts but it intends to halt a heavy fuels production unit by 2021 due to falling demand for the product. It said the ongoing strike had led to the shutdown of nearly all refining units and only the steam[Read More…]

REUTERS/Arnd Wiegmann

Big Oil, investors face returns reckoning amid darkening economy

Source: Reuters LONDON (Reuters) – Darkening clouds over the global economy have led two of the world’s top oil firms to warn investors that promised growth in returns could be at risk for the first time since the 2014 oil downturn. Both BP and Royal Dutch Shell, which account for nearly 15% of the FTSE’s total dividends, signaled this week that billions of dollars in shareholder returns could be delayed as oil prices failed to make their expected recovery. The stark warnings led to sharp drops in the shares of both companies, weakening investors’ appetite for the oil and gas sector which has underperformed most other industries in recent years. Both BP and Royal Dutch Shell, which account for nearly 15% of the FTSE’s total dividends, signaled this week that billions of dollars in shareholder returns could be delayed as oil prices failed to make their expected recovery. The stark[Read More…]

Source: Reuters/Charles Platiau

Green groups ask French court to order Total to disclose environmental steps in Uganda

Source: Reuters PARIS (Reuters) – Six French and Ugandan campaign groups have asked a French court to order energy major Total (TOTF.PA) to disclose how it is addressing the human and environmental impact of a Ugandan oil field, green group Friends of the Earth said on Wednesday. Total said on Wednesday it had no immediate comment on the groups’ legal application, but cited a previous statement saying it was working in Uganda in compliance with national and international standards. Under French law, large French companies are required to publish annual plans that address any adverse impact of their activities, and those of subsidiaries and suppliers, on people and the environment. In their legal application, the six campaign groups, which included Friends of the Earth, said that Total had not met that obligation. In a June 24 notification to Total, the campaign groups alleged Total intimidated and failed to properly compensate[Read More…]

Source: Qatar Petroleum

Qatar Petroleum Partners with Total in Africa, South America

By Tyler Losier, Energy Reporter, Oil & Gas 360 Qatar Petroleum signs agreement to farm Total-held exploration acreage in Namibia, Guyana and Kenya Qatar Petroleum (QP), Qatar’s state-owned energy company, has signed an agreement with French supermajor Total SA (stock ticker: TOT), under which the company will farm into Total-held exploration acreage in Namibia, Guyana and Kenya. With regards to Namibia, a coastal nation bordering South Africa to the northwest, QP will gain access to two deep-water blocks located in the Orange Basin. For Block 2913B, Total will transfer QP a 30% interest, while retaining 40%. Other partners in the block are Impact Oil (20%), and Namcor (10%). For Block 2912, Total will transfer QP 28.33… Login or click here to subscribe Username or E-mail Password Remember Me     Forgot Password

Source: Cameron LNG

Cameron LNG Commences Commercial Operations

By Tyler Losier, Energy Reporter, Oil & Gas 360 Train 1 of Sempra’s Cameron LNG project commences commercial operations Sempra LNG, a subsidiary of San Diego-based Sempra Energy (stock ticker: SRE), has begun commercial operations under tolling agreements at Train 1 of its Cameron LNG liquefaction-export project in Hackberry, Louisiana. Previously, Sempra’s Cameron LNG facility had shipped its first commissioning cargo at the end of May of this year. The Cameron LNG facility (source: Cameron LNG) “This is an exciting moment for Cameron LNG and for Sempra Energy,” said Carlos Ruiz Sacristan, chairman and CEO of Sempra North American Infrastructure. “Cameron LNG is exporting liquefied natural gas (LNG) to customers in the… Login or click here to subscribe

Source: Oryx Midstream Services

Oryx Midstream Lands $550 Million from Qatar Investment Authority

By Tyler Losier, Energy Reporter, Oil & Gas 360 Qatar Investment Authority acquires significant stake in Oryx Midstream Services from an affiliate of Stonepeak Infrastructure Partners Qatar Investment Authority (QIA), the country’s sovereign wealth fund, will be acquiring a significant interest in Permian crude operator Oryx Midstream Services from an affiliate of Stonepeak Infrastructure Partners, in addition to chipping in a total investment of approximately $550 to help with Oryx’s development. The partnership between the two companies comes as a part of QIA’s ongoing initiative to increase its investments in the U.S. to $45 billion in the coming years. The Oryx system, which transports crude to market hubs on the Gulf … Login or click here to subscribe

Saudi Aramco Valuation Gap Persists as IPO Talks Resume – Sources

Saudi Aramco Valuation Gap Persists as IPO Talks Resume – Sources

From Reuters Saudi Crown Prince Mohammed Bin Salman is insisting on a $2 trillion valuation of oil firm Aramco, even though some bankers and company insiders say the kingdom should trim its target to around $1.5 trillion, industry and banking sources said. With Aramco talking again to banks about an initial public offering (IPO), its board is meeting later this week and will probably hold a discussion about the company’s value, a source close to the company said. Saudi Aramco declined to comment. CIC, the Saudi government media office, did not respond to a Reuters request for comment. Prince Mohammed put a $2 trillion valuation on the state company in early 2016 when he first proposed a share sale to diversify Saudi Arabia’s economy beyond oil. He has stuck with that valuation, according to the source close to Aramco and another source familiar with the IPO plans, even though some[Read More…]

BP to Enter India’s Fuel Retail Market with Reliance Tie-Up

BP to Enter India’s Fuel Retail Market with Reliance Tie-Up

From Reuters Global oil major BP is deepening its ties with Indian conglomerate Reliance Industries by forging a fuel retailing joint venture to capitalize on rising demand in Asia’s third-biggest economy. The move comes days after BP said it would build a network of charging hubs for electric vehicles with China’s Didi Chuxing, betting on the world’s largest market for such cars. BP will own a 49% stake in its new Indian joint venture, with the rest held by Reliance, operator of the world’s biggest refining complex. The companies did not disclose financial details of the deal. In 2011 BP acquired a 30% stake from Reliance in some of its exploration blocks and formed a gas sourcing and marketing tie-up. In 2017 the two companies signed agreements to explore options to work together to develop alternative fuels and mobility businesses. The new venture will take over Reliance’s 1,400-plus retail fuel[Read More…]

BP Profit Again Outstrips Forecasts, Lifted by Higher Oil Output

BP Profit Again Outstrips Forecasts, Lifted by Higher Oil Output

From Reuters A strong rise in oil and gas production helped BP (BP.L) offset weaker crude prices and refining profit to again beat profit expectations on Tuesday, boosting its shares. BP’s second quarter contrasts with Total (TOTF.PA) and Norway’s Equinor (EQNR.OL), which posted sharp earnings drops, and builds on a steady recovery after deep cost cuts since the 2014 downturn, project start-ups and last year’s $10.5 billion purchase of BHP’s U.S. shale assets. “At the midpoint of our five-year plan, BP is right on target,” Chief Executive Bob Dudley said in a statement. By 0953 GMT, BP shares were up 3.1% to 543.5 pence, the top gainers in the FTSE 100 .FTSE index. Although BP’s dividend remained unchanged at 10.25 cents per share, its Chief Financial Officer Brian Gilvary said the company would consider raising it towards the end of the year as proceeds from asset sales come through and[Read More…]

Qatar Petroleum Buys Stake in Total’s Guyana Assets

Qatar Petroleum Buys Stake in Total’s Guyana Assets

From Reuters Qatar Petroleum said on Monday it had agreed a deal with Total (TOTF.PA) to acquire a stake in the French energy giant’s two oil and gas blocks offshore Guyana. Qatar Petroleum said it will hold 40% of Total’s 25% participating interest in the Orinduik block, and 40 percent of Total’s 25% participating interest in the neighboring Kanuku. The block’s other partners are Tullow Oil (TLW.L), with a 60% participating interest and EcoAtlantic with a 15% interest.  

How Big is Saudi Aramco?

How Big is Saudi Aramco?

By Tyler Losier, Energy Reporter, Oil & Gas 360 The staggering size of Aramco: Saudi Arabia’s state-owned oil company In 1933, the government of Saudi Arabia signed a concession agreement with the Standard Oil Company of California, creating an entity known as the California Arabian Standard Oil Company. Two years later, drilling began, and in 1938, famed geologist Max Steineke discovered commercial volumes of oil from Dammam No. 7 – appropriately nicknamed “the prosperity well.” By 1980, the Saudi government owned a 100% interest in the California Arabian Standard Oil Company, which had since been renamed as the Arabia American Oil Company, or Aramco for short. In the years that followed, Aramco grew to become one of the single largest producers of oil in the world, helping to establish Saudi Arabia as a major player in the global geopolitical landscape as a result. Recently, Aramco released its 2017-2018 summary financial[Read More…]

Source: SBM Offshore

Petrobras Gets New Offshore Partner

FPSO Mero 2 expected to produce 180,000 BOPD SBM Offshore N.V., a holding company headquartered in Amsterdam, signed a letter of intent this week with Petróleo Brasileiro S.A. (Petrobras) for a 22.5-year lease to operate its floating production storage and offloading (FPSO) vessel Mero 2. FPSO Mero 2 will be deployed at the Mero field in the Santos Basin, located 180 kilometers off the shore of Rio de Janeiro, Brazil within the Libra block. SMB Offshore will design and construct the FPSO Mero 2 utilizing a program it calls “Fast4Ward,” which takes a new, multi-purpose hull and combines it with several standardized topside modules. Source: SBM Offshore According to the company, the application of this new model can result in a six … Login or click here to subscribe

Total declares force majeure on jet fuel at Germany’s Leuna refinery

Total declares force majeure on jet fuel at Germany’s Leuna refinery

From Reuters PARIS (Reuters) – France’s Total on Tuesday declared force majeure on the production of jet fuel at its Leuna refinery in Germany following the supply of contaminated crude from Russia. “We have declared Force Majeure on the jet fuel from the Leuna refinery,” a Total spokeswoman said. The spokeswoman said that due to ongoing problems with crude supply through the Druzhba pipeline, the Leuna refinery was still operating at a reduced rate using crude oil from stocks and alternative supply routes via Gdansk port.” “Total is making its best efforts to limit the effect on the supply of petroleum products to customers and service stations thanks to additional supply channels.”

How Total’s CEO Pounced on Anadarko’s African Energy Assets

How Total’s CEO Pounced on Anadarko’s African Energy Assets

From Reuters It took Total’s chief executive and a small group of advisers just days to line up the French energy major’s biggest acquisition in almost two decades when it agreed to buy the African assets of U.S. firm Anadarko. Patrick Pouyanne pounced after Occidental Corp trumped Chevron’s $33 billion bid for Anadarko in April with an offer that includes raising financing by selling some of Anadarko’s operations worth up to $15 billion. By keeping those in the know to a minimum, the French CEO was able to stay flexible in negotiations, take a swift decision and ensure there were no leaks until the binding deal worth $8.8 billion was announced on Sunday, a Total source said. “Pouyanne proceeded in the same way he did with previous deals: a restricted task force, no bankers and no external counsel,” another source, close to the deal, told Reuters. Throwing out the rulebook[Read More…]

Total Wants to Drill for Oil in the World’s Fastest Ocean Current

Total Wants to Drill for Oil in the World’s Fastest Ocean Current

From Bloomberg Total SA’s discovery of South Africa’s first oil in deep water could prove to be a bonanza for a country lacking crude reserves of its own and prompt a rush from other majors. That’s if they’re able to solve the engineering challenges of operating in one of the fastest ocean currents in the world. The Brulpadda find, with reserves estimated at about 1 billion barrels of oil, is located in deep waters around 175 kilometers (109 miles) from South Africa’s coastline. It could be enough to supply South Africa’s refineries for almost four years and be a major boost for the country’s struggling economy. But the prospect is surrounded by the Agulhas current, a fast-moving flow of warm water where the Atlantic and Indian oceans converge, which travels the country’s east coast and can cause waves the height of a multistory building. Total says it’s found solutions to the problems, but[Read More…]

March 26, 2019 - 4:16 pm Closing Bell Story, Energy News, International, Offshore
Source: Novatek

Total Buys 10 Percent Stake in Arctic LNG 2 Project from Novatek

From Reuters Total has agreed to buy a 10 percent stake in the Arctic LNG 2 project from Russia’s Novatek, as the French energy group looks to build up its presence in the area to service a fast-growing Asian market. The companies said on Tuesday Total would also have the opportunity to buy a 10-15 percent direct interest in all Novatek’s future LNG projects on the Yamal and Gydan peninsulas. Novatek said that, as well as paying for the 10 percent stake, Total would provide some financing through capital investment for Arctic LNG 2, adding it expected preliminary capex for the project to be $20-21 billion. “Arctic LNG 2 fits into our strategy of growing our LNG portfolio through competitive developments based on giant low cost resources primarily destined for the fast growing Asian markets,” said Total chairman and chief executive Patrick Pouyanne. Total said its overall economic interest in[Read More…]

March 5, 2019 - 4:01 pm Closing Bell Story, Energy News, LNG, Natural Gas News
Up to 1 Billion BOE Discovery

Up to 1 Billion BOE Discovery

New find could contain three times more resources than all South Africa’s previous gas finds to date: Wood Mac By Richard Rostad, analyst, Oil & Gas 360 Total announced a major gas condensate discovery today in an unexpected location: South Africa. The company’s Brulpadda well, targeting prospects located roughly 110 miles off the coast of South Africa, has discovered significant reserves of gas condensate and light oil. Total reports the well encountered 185 feet of net pay in Lower Cretaceous reservoirs, the main objective of the well. The well reached a final depth of 12,000 feet and encountered additional pay in the Brulpadda-deep prospect. Just the start: four more major prospects in the area Total reports it has four other major nearby prospects that it plans to drill, testing the overall resource available in the area. While it is too early to say for certain, Total’s CEO estimates there may[Read More…]

Total Starts Production at Nigeria’s Deepwater Egina Oilfield

Total Starts Production at Nigeria’s Deepwater Egina Oilfield

From Reuters Total SA said on Wednesday it had started production from the Egina oilfield off Nigeria’s coast, part of a shift by the French energy firm toward deepwater oil and gas projects to its drive cashflow. Output from Egina, which is located in waters about 1,600 meters (5,250 ft) deep, is expected to plateau at 200,000 barrels per day of oil, Total said. That rate is equivalent to about 10 percent of Nigeria’s current production. “Egina will significantly boost the group’s production and cashflow from 2019 onwards, and benefit from our strong cost reduction efforts in Nigeria where we have reduced our operating costs by 40 percent over the last four years,” Total’s head of exploration and production, Arnaud Breuillac, said. Total is betting on profitable deepwater oil and gas fields in Sub-Saharan Africa, Brazil and the U.S. Gulf area. In Africa, the company is ramping up deepwater projects[Read More…]

January 2, 2019 - 12:32 pm Closing Bell Story, Crude Oil News, Energy News
Pacific Bora drilling rig arrives at Oyo-9 field in
deepwater offshore Nigeria

Total in Talks to Sell North Sea Oil, Gas Assets to Private Firms

From Reuters French energy giant (TOTF.PA) is in advanced talks with Albion Energy and First Alpha Energy Capital, two privately owned firms, on the sale of some of its British North Sea assets, according to two industry sources. In July, four banking sources told Reuters Total is set to sell a third of its stake in the Laggan Tormore gas field along with other oil and gas assets North Sea that could fetch a total of $1.5 billion. Total and First Alpha had no immediate comment. Albion was not reachable for comment. The process included stakes in a number of smaller fields Total acquired as part of the 2017 $4.95 billion deal to buy the oil and gas division of A.P. Moller-Maersk (MAERSKb.CO), the sources said in July. Albion, linked to Heritage Oil founder Executive Tony Buckingham, is fully financed through a hedge fund, one of the sources said. First[Read More…]

December 21, 2018 - 12:29 pm Closing Bell Story, Crude Oil News, Energy News
Oil & Gas 360 - France’s Total and Sempra Energy Sign North America LNG Deal

France’s Total and Sempra Energy Sign North America LNG Deal

From Reuters French energy group Total and Sempra Energy have signed a memorandum of understanding on the north American liquefied natural gas (LNG) market, which could see Total acquire a further stake in the sector. The deal could see Total take a contract for approximately up to 9 million tonnes per annum (Mtpa) of LNG offtake across Sempra Energy’s LNG export development projects on the U.S. Gulf Coast and West Coast of North America, specifically the Cameron LNG Phase 2 and Energia Costa Azul (ECA) LNG projects. Total, the second-largest player in the global LNG market, said the relationship with Sempra Energy, will boost its goal to build a diverse portfolio of LNG supply options. Total, which is already a partner of Cameron LNG joint venture with a 16.6 percent stake, also may acquire an equity interest in the Energia Costa Azul LNG project. “We are pleased to collaborate with[Read More…]

November 5, 2018 - 1:10 pm Closing Bell Story, LNG, Natural Gas News
Oil Giant Total Sees $100 Oil Coming

Oil Giant Total Sees $100 Oil Coming

But high oil prices may not be good for economy, oil companies: CEO From Bloomberg Total SA is among a growing chorus that sees $100 oil on the horizon. But the French energy giant isn’t thrilled about it. Chief Executive Officer Patrick Pouyanne sees supportive elements, such as looming sanctions on Iran and disruptions in Venezuela, that are stripping supply from the market and pushing prices back into triple digits for the first time seen since 2014, he said in a Bloomberg television interview. “I’m not sure it’s a good news” for the global economy, Pouyanne said. “Even for the oil industry, because you know, when price goes too high then you open the door to your competitors” and demand will fall, he said. While oil’s rally has stabilized an industry pulverized by the 2014 crash, there’s growing concern that it may become a drag on global growth. It could prove particularly[Read More…]

September 28, 2018 - 2:09 pm Closing Bell Story, Commodity Pricing, Energy News
Total Sees Cash Flow Output Boost From Deep Water Projects

Total Sees Cash Flow Output Boost From Deep Water Projects

From Reuters Oil and gas major Total, said on Tuesday it expected deepwater oil and gas operations to make a strong contribution to its output and cash flow thanks to major developments in the West Africa’s Gulf of Guinea region, Brazil and U.S. Gulf area. Production from deepwater projects is expected to reach 500,000 barrels of oil equivalent per day (Kboe/d) by 2020, contributing to its 6 to 7 percent output growth target per year from 2017 to 2020. “Deepwater is today for us a growing and very profitable part of the portfolio,” Total’s President for Exploration and Production Arnaud Breuillac, told investors in New York. Deepwater production will increase to more than half a million barrels of oil per day by 2020 with cash flow from operations at over $30 per barrel at an oil price of $60 per barrel, Breuillac said. “Deepwater is approximately 15 percent of the[Read More…]

Total and Aramco will Build a $9 Billion Petrochem Complex Next Door to SATORP Refinery

Total and Aramco will Build a $9 Billion Petrochem Complex Next Door to SATORP Refinery

Saudi Aramco and Total (ticker: TOT) have signed a memorandum of understanding to build a giant petrochemical complex in Jubail, Saudi Arabia. Located next to the SATORP refinery in the same industrial area, the complex will comprise a mixed-feed steam cracker (50% ethane and refinery off-gas) with a capacity of 1.5 million tons per year of ethylene and related high-added-value petrochemical units. The project will represent an investment of around $5 billion. The two partners are planning to start the front-end engineering and design (FEED) in the third quarter of 2018. The cracker will feed other petrochemical and specialty chemical plants, representing an overall amount of $4 billion investment by third-party investors. In total, $9 billion will be invested, creating 8,000 local direct and indirect jobs. The project will produce more than 2.7 million metric tons of high value chemicals. The complex will be integrated downstream of the SATORP refinery,[Read More…]

Abu Dhabi National Oil Company (ADNOC) and Total Get Together for Offshore Gas Development

Abu Dhabi National Oil Company (ADNOC) and Total Get Together for Offshore Gas Development

Companies sign 40-year concession agreements to develop Umm Shaif’s giant gas cap, Nasr and Lower Zakum; Total paid ADNOC $1.4 Billion in participation fees   Total has signed two new 40-year concession agreements with the Supreme Petroleum Council of the Emirate of Abu Dhabi (United Arab Emirates) and the Abu Dhabi National Oil Company (ADNOC). In the frame of these agreements, Total is granted a 20% participating interest in the new Umm Shaif & Nasr concession and 5% in the Lower Zakum concession, effective March 9th, 2018. Total paid a total participation fee of US$1.45 billion, which represents an access cost of around 1 dollar per barrel of reserves, Total said. These interests bring to Total a production of 80,000 barrels of oil per day in 2018. ADNOC said Total’s participation fees included AED 4.2 billion (US $1.15 billion) to enter the Umm Shaif and Nasr concession and a fee of[Read More…]