Oilexco Share Discussion Threads

[ariane] 26/10/2018 08:28

French oil major Total SA (FP.FR) said Friday that its third-quarter net profit rose 48% on year, supported by higher oil prices.

Net profit rose to $3.96 billion from $2.72 billion a year earlier, as sales increased 27% to $54.72 billion.

Adjusted net profit rose 48% to $3.96 billion, slightly over analyst expectations of $3.89 billion, according to FactSet.

The company said its adjusted net operating income rose 49% to $4.55 billion, thanks to strong performance from the exploration-and-production division.

"These results confirm the group's ability to take full advantage of the favorable environment and to deliver on its objectives for production growth and cost discipline thanks to very good operational efficiency," said Chief Executive Patrick Pouyanne.

Total confirmed its projected net investments level for 2018 at about $16 billion, and in a range of between $15 billion and $17 billion over 2019-2020.



Write to Alberto Delclaux at [e-mail]



(END) Dow Jones Newswires

October 26, 2018 02:33 ET (06:33 GMT)

[the grumpy old men] 25/10/2018 11:39

US trade war risks 'seriously unbalancing' oil market: Rosneft CEO Sechin

Author Nadia Rodova Editor Alisdair Bowles Commodity Oil

Verona, Italy — US trade and sanctions policies pose a threat to oil markets and OPEC may not be able to compensate for shortfalls from Iran, Libya and Venezuela, Rosneft CEO Igor Sechin said Thursday.
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In a speech in Verona, Italy, Sechin railed against US sanctions, particularly their reinstatement against Iran, arguing such measures were aimed at seizing market share for the US industry. He said US trade wars risked "seriously unbalancing" the oil market.

He said that while oil prices were "comfortable" for now, there were imminent risks and OPEC might not have sufficient spare capacity to compensate for shortfalls.

He estimated shortfalls from Iran, Libya and Venezuela could amount to 2 million b/d in total in the fourth quarter 2018.

Longer term, Sechin said underinvestment by oil companies during the price downturn posed a "colossal" risk to oil markets.

--Nadia Rodova, [e-mail]

--Edited by Alisdair Bowles, [e-mail]

[grupo guitarlumber] 25/10/2018 10:10

North Sea oil and gas drive could be worth £330bn
Mark Williamson Group Business Correspondent
Picture Andy Buchanan/PA Wire

Picture Andy Buchanan/PA Wire
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A further 17 billion barrels oil and gas could be recovered from the UK’s offshore fields by 2050 with firms investing up to £330 billion in the effort experts have predicted.

The figures come from a study by economists at Aberdeen university who concluded: “In current circumstances the remaining potential of the United Kingdom Continental Shelf is very substantial.

In the study professor Alex Kemp and Linda Stephen set out to assess whether the Oil and Gas Authority’s hopes that a further 14.9 billion barrels could be recovered from the UKCS by 2025 were realistic.

They found the ambitious targets set in the regulator’s Vision 2035 plan are achievable.

The assessment took account of increases in oil and gas prices in the past year and the cost reductions and efficiency gains achieved in response to the plunge in the crude price between summer 2014 and early 2016.

Assuming crude trades at $70 per barrel or above and gas sells for 60 pence per therm, the authors reckon companies could develop 529 fields on the UKCS over the next 30 years. These could support the production of more than 17 billion barrels oil equivalent reserves.

Firms would spend £158 billion developing fields, at 2018 prices, and £172bn running them.

Decommissioning costs would total £55.2bn.

But the authors noted significant downside risks.

Activity levels could be impacted by changes in oil and gas prices and in companies’ return targets.

“Important caveats are that the benefits of the painfully achieved cost reductions and the productivity gains from enhanced production efficiency have to be maintained,” wrote the authors.

Brent crude sold for $76.48/bbl yesterday.