Oil Price U.S. supermajor Chevron has quit operations in Myanmar by transferring its stake in a natural gas field and an associated pipeline to its former partners in the ventures, after pledging to leave the Southeast Asian country following a military coup in 2021. “The withdrawal gives effect to our intention to exit Myanmar in a controlled and orderly manner,
Oil Price Investments in new oil production have been stalling since about 2014. This has led many to suggest that higher prices for longer are on the cards, supported by anti-oil industry energy policies in key jurisdictions that are home to the largest private producers. Yet a case might be made that although lower, the oil industry’s investments over the
Oil Price TotalEnergies and QatarEnergy are expanding their efforts to explore for oil and gas in the Orange Basin offshore Namibia by acquiring a nearby license in the basin in South African waters. TotalEnergies and its partner QatarEnergy have signed an agreement to buy participating interests in Block 3B/4B offshore South Africa from the companies Africa Oil South Africa, Azinam,
Oil Price Governments need to admit that the transition to low-carbon solutions would raise the price of energy globally, TotalEnergies chief executive Patrick Pouyanné told the Financial Times in an interview published on Monday. “We think that fundamentally this energy transition will mean a higher price of energy,” Pouyanné told FT, noting that policy makers would be essentially mis-selling the transition if
Oil Price One of the world’s exploration hotspots, Namibia, expects first oil from the recent major offshore discoveries by 2030, the country’s Petroleum commissioner Maggy Shino told Reuters on Wednesday. “For the oil project, deep water we are thinking of having an FPSO and then exporting the crude to the market,” the commissioner told Reuters on the sidelines of a petroleum
Oil Price As oil prices soar and investors wait for signs that oil company stocks will start to catch up, French TotalEnergies has announced plans to boost production and shareholder distributions, lifting its stock price by almost a percentage point in morning trading. TotalEnergies said it planned to return some 44% of its operations cash flow to shareholders in 2023,
Nasdaq PARIS, Sept 22 (Reuters) – TotalEnergies TTEF.PA is expected to lay out the potential for its oil discoveries in Namibia at an investor day next week as the French energy firm continues to bet on oil and gas to boost profits while also growing its low-carbon business. The group said this month it is considering a $9 billion oil and gas project in Suriname. Analysts
Nasdaq LONDON/PARIS – Shell SHEL.L and TotalEnergies TTEF.PA reported sharp falls in second-quarter profit from bumper 2022 earnings as oil and gas prices, refining margins and trading results all weakened. Oil and gas prices soared last year in the wake of Russia’s invasion of Ukraine but energy prices have dropped sharply this year as fears of shortages eased amid global economic challenges.
Oil Price TotalEnergies is buying out all remaining shares in renewable energy developer Total Eren for $1.66 billion, thus raising its stake in the firm to 100% from 30%, the French supermajor said on Tuesday. The acquisition of the 70.8% stake in Total Eren that TotalEnergies did not already own is part of the energy giant’s strategy to pursue profitable growth in
World Oil (WO) – TotalEnergies has signed a framework agreement with U.S. company NextDecade to participate in the development of the Rio Grande LNG (RGLNG) project, a liquefied natural gas (LNG) plant located in South Texas. Under the terms of the agreement, TotalEnergies shall hold a 16.7% interest in the first phase of the project, which consists of three liquefaction
Nasdaq Pressure mounted on oil majors on Friday as Norway’s giant sovereign wealth fund said it would vote against CEOs at Chevron CVX.N and Exxon XOM.N and support for a climate activist resolution at TotalEnergies’ AGM surged to over 30%. Together with peers BP BP.L and Shell RDSa.L, the companies face a vocal minority of investors demanding faster emissions cuts as a majority of shareholders supports management in reaping the
Oil Price TotalEnergies (NYSE: TTE) saw its net profit double in 2022 to a record $36.2 billion and announced an increase in dividends and share repurchases after the best annual results for the company and for Big Oil ever. The French supermajor reported on Wednesday $36.2 billion in adjusted net income for 2022, double from a year earlier, thanks to higher oil
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