(World Oil) – TotalEnergies has signed an agreement to acquire a 10% interest in the Bab Gas Cap concession in Abu Dhabi, joining ADNOC and a group of international partners in the development of one of the UAE’s major gas growth projects. The concession is operated by ADNOC Onshore, which holds a 60% interest. Other partners include bp, CNPC, JODCO/INPEX, ZhenHua and GS Energy. The
(BOE Report) – French oil major TotalEnergies made the decision to buy large amounts of Middle East crude in March after its traders noticed the U.S. Navy amassing ships near the Gulf in February, its CEO told French newspaper Le Figaro in an interview published on Thursday. “Our oil traders — and it’s their job — noticed that the U.S. Navy was
(Oil Price) – The government of Mozambique disagrees with TotalEnergies’ estimate that the years-long delay in the Mozambique LNG project has cost it and its partners $2 billion in overruns, a source familiar with the matter told Bloomberg on Wednesday. TotalEnergies and its partners in the $20-billion Mozambique LNG project had to suspend work and declare force majeure for several years
(Oil Price) – TotalEnergies is considering selling 50% of some of its solar and wind assets in Europe as part of its strategy to partner with other companies in operating and monetizing its clean energy portfolio, Bloomberg reported on Friday, quoting anonymous sources with knowledge of the plans. The France-based oil and gas supermajor, which has been developing a global renewable energy
(World Oil) – TotalEnergies and Egyptian Natural Gas Holding Company have signed a memorandum of understanding (MoU) covering offshore exploration cooperation in northwestern Egypt as the companies continue evaluating deep offshore resource potential in the region. The agreement establishes a framework for technical cooperation and preliminary exploration activities across a large offshore area located in the northwestern part of Egypt’s
(By Oil & Gas 360) – Two countries. Two frontier basins. Two very different stages of the same story. Guyana and Namibia are now central to the next wave of global oil supply. Both have delivered major discoveries, attracted the world’s largest oil companies, and reshaped the flow of capital into frontier exploration. But beyond the surface similarities, they represent very
(World Oil) – TotalEnergies reported damage at the SATORP refinery in Saudi Arabia following overnight incidents linked to the ongoing Middle East conflict, resulting in the shutdown of one of the site’s two processing trains. The SATORP facility, a joint venture majority-owned by Saudi Aramco (62.5%) with TotalEnergies holding 37.5%, was impacted during the night of April 7–8. No casualties were
(World Oil) – TotalEnergies has completed the merger of its UK North Sea upstream assets with NEO NEXT, forming a new entity—NEO NEXT+—that is set to become the largest independent oil and gas producer on the UK Continental Shelf (UKCS). Under the transaction, TotalEnergies will hold a 47.5% stake in the combined company. NEO NEXT+ is expected to deliver production exceeding 250,000
(World Oil) – TotalEnergies has agreed to relinquish its U.S. offshore wind leases under a settlement with the Department of the Interior, redirecting capital toward LNG, gas production and export infrastructure. The company will exit the Carolina Long Bay and New York Bight leases, both awarded in 2022, effectively ending its offshore wind development plans in the United States. Under the agreement,
(Oil Price) – Interest in the Alaska LNG export project has spiked since the war in the Middle East choked 20% of global LNG supply and sent Asian buyers scrambling for expensive spot cargoes. Glenfarne Group, the majority owner and developer of the Alaska LNG Project, aims to sign soon binding offtake agreements with buyers and advance final investment decisions to
(World Oil) – TotalEnergies has started production from the Lapa South-West project in Brazil’s Santos basin, about 300 km (186 miles) offshore, adding new output to the company’s existing Lapa field operations. The development consists of three wells tied back to the Lapa floating production, storage and offloading (FPSO) unit and is expected to increase production from the field by
(Oil Price) – The Namibian government will not recognize an asset acquisition deal involving TotalEnergies and Petrobras because they did not follow procedure. In a statement on Sunday, the country’s Ministry of Industries, Mines and Energy said, as quoted by Reuters, that TotalEnergies and Petrobras had not notified it of their intentions to acquire a 42.5% each in the PEL104 offshore license and
