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
Total S.A. (ticker: TOT) closed the acquisition signed on August 21, 2017, adding around one billion BOE 2P reserves, mainly in OECD countries. The acquisition also increases Total’s production by 160 MBOEPD in 2018, and the company expects to ramp up production to 200 MBOEPD by early 2020. According to Total, this deal makes the company the second-largest operator in
Marathon Oil Corporation (ticker: MRO) will have a $2.3 billion capital budget for 2018. The company said the budget is self-funding at $50 average WTI and will generate free cash flow at $60 average WTI. More than 90% will be directed to four U.S. resource plays. Almost 60% of the development budget will be allocated to the Eagle Ford and
Norske Shell (ticker: RDSA), Statoil (ticker: ASA), and Total E&P Norge (ticker: TOT) have signed a partnership agreement to mature the development of carbon storage on the Norwegian continental shelf. The CO2 project has a capacity of approximately 1.5 million tons per year for the first phase. The project is designed to accommodate additional CO2 volumes to stimulate new commercial
Total + Tellurian to develop integrated gas project together Total (ticker: TOT) is acquiring approximately 23% of Tellurian Investments, an early stage U.S. LNG export project that was founded by former Cheniere Energy (ticker: LNG) CEO Charif Souki and former BG COO Martin Houston. The transaction is at $5.85 per share for an amount of $207 million. Driftwood LNG is Tellurian’s planned LNG
French oil major Total expected to sign a deal with Iran and CNPC, priming the pump for $200 billion in post-sanctions IPCs Iran quickly ramped its oil production up following the end of international sanctions on the country, but now that the Islamic Republic’s output is up above 3.5 MMBOPD, it will likely need the help of international companies to
Petrobras and Total partnership to focus on upstream, gas and power The heads of Brazil’s state-owned Petrobras (ticker: PBR) and French oil major Total (ticker: TOT) announced today that the two companies signed a memorandum of understanding (MOU) to cooperate with one another on upstream and downstream projects. The first phase of implementation will focus on upstream and on gas
Total exercises its preemption rights for 100% ownership of Barnett Shale assets French oil-major Total (ticker: TOT) announced that it will exercise its preemption right to acquire the remaining 75% interest in its jointly held Barnett Shale operations in North Texas from Chesapeake Energy (ticker: CHK). Total E&P USA, the company’s U.S. branch, has held 25% interest in the assets
Chinese Fund Buys 9.9% Stake in $27 Billion Russian LNG Project Since the implementation of U.S. sanctions against Russia for its actions in Crimea, one of the major challenges facing the Russian oil and gas industry is gaining access to long-term project financing. Under the current sanctions regime, loans to Russia can be no longer than 30 days if they
Total sells North Sea midstream assets On August 27, Total (ticker: TOT) announced that it sold its FUKA and SIRGE gas pipelines, along with the St. Fergus Gas Terminal, to North Sea Midstream Partners for £585 million (approximately $905 million). The Frigg UK Pipeline (FUKA) is a 362-kilometer, 32-inch pipeline with a nominally capacity of 1,271 MMcf/d, while the Shetland
“Political differences do not strongly affect serious business”: European majors eye slate of upcoming opportunities Attendance at Russia’s St. Petersburg International Economic Forum is up from last year after many Western companies decided to back out of last year’s conference following Russia’s annexation of Crimea. “A week before the beginning of the forum we have 5,072 confirmed applications, which is
Total Energy Services Inc. (“Total Energy” or the “Company”) (TSX:TOT) announces its consolidated financial results for the three months ending March 31, 2015. Financial Highlights ($000’s except per share data) Three Months March 31 (unaudited) 2015 2014 % Change Revenue $ 92,490 $ 115,113 (20 %) Operating Earnings (1) 14,575 25,660 (43 %) EBITDA (1) 21,875 35,679 (39 %) Cashflow
