Total Share Discussion Threads

[waldron] 17/7/2020 18:54

Total Secures $16 Billion In Funding For Key LNG Project
By Irina Slav - Jul 17, 2020, 9:30 AM CDT

French supermajor Total has secured as much as $16 billion in funding for its LNG project in Mozambique despite the supply glut and demand decline in the LNG market.

Among the participants in the financing are the Japan Bank for International Cooperation, which will provide as much as $3 billion for the project, and the African Development Bank, which will provide $400 million, Bloomberg reported, citing company statements.

Total’s Mozambique LNG project is the first one in the country to get a final investment decision. It will cost a total of between $20 billion and $23 billion, and will produce some 13 million tons of liquefied natural gas annually.

Finding sources of funding for new energy projects, both in oil and gas, has become quite challenging amid the pandemic, but the Total news suggests the long-term, if not the short-term, prospects for LNG remain bright, despite the current oversupply that has pushed LNG and gas prices so low some planned projects no longer make economic sense.

Some have been delayed, such as Exxon’s Rovuma project, which is a neighbor to Total’s Mozambique LNG. The supermajor postponed the FID on the Rovuma project in March as part of wider measures to combat the effects of the oil price crash, which spread to gas markets as well. Now, the company expects to make the final decision on the project in 2021.

Mozambique is turning into the latest hotspot for liquefied natural gas thanks to its abundant reserves: the Rovuma deposit alone has some 85 trillion cu ft of natural gas in place. The pandemic and the price rout has made the exploitation of these resources more difficult, at least for the time being, but as the world’s demand for the bridge fuel continue to rise over the long term, Mozambique may establish itself as one of the large LNG suppliers globally.

By Irina Slav for Oilprice.com

[waldron] 17/7/2020 17:19

Brent Crude Oil NYMEX 43.24 -0.16%
Gasoline NYMEX 1.20 -1.23%
Natural Gas NYMEX 1.78 -0.17%
WTI 40.52 USD -0.63%


FTSE 100
6,290.3 +0.63%
Dow Jones
26,668.75 -0.25%
CAC 40
5,069.42 -0.31%
SBF 120
3,989.92 -0.39%
Euro STOXX 50
3,365.6 -0.03%
DAX
12,919.61 +0.35%
Ftse Mib
20,396.77 +0.20%



Eni
8.813 -0.92%

Total
33.825 -1.74%



Engie
11.145 -1.15%

Orange
11.005 +0.18%



Bp
309.3 -1.01%

Vodafone
129.8 +1.84%

Royal Dutch Shell A
1,303.2 -1.47%



Royal Dutch Shell B
1,240.6 -1.12%




Tullow Oil (TLW)
: 30.68 +0.56 (+1.86%)

[waldron] 16/7/2020 17:28

Brent Crude Oil NYMEX 43.61 -0.05%
Gasoline NYMEX 1.22 -1.82%
Natural Gas NYMEX 1.80 -1.43%
(WTI) 41.015 USD +0.12%


FTSE 100
6,250.69 -0.67%
Dow Jones
26,728.52 -0.53%
CAC 40
5,085.28 -0.46%
SBF 120
4,005.41 -0.34%
Euro STOXX 50
3,365.35 -0.57%
DAX
12,874.97 -0.43%
Ftse Mib
20,368.7 +0.43%



Eni
8.895 +0.67%



Total
34.425 +0.28%

Engie
11.275 +0.89%

Orange
10.985 +0.55%



Bp
312.45 +0.71%

Vodafone
127.46 -0.03%

Royal Dutch Shell A
1,322.6 -0.14%



Royal Dutch Shell B
1,254.6 -0.38%


Tullow Oil (TLW)
30.12 -1.11 (-3.55%)

[waldron] 16/7/2020 16:37

Total announces the first 2020 interim dividend of €0.66/share, stable year on year



Period to opt in for the payment in new shares July 1 to July 10 (inclusive)

Payment in cash or in new shares July 16

[waldron] 16/7/2020 16:28

07/16/2020 | 11:09am BST

Jefferies's analyst Jason Gammel increases his rating from Neutral to Buy.


The target price remains set at EUR 44.

[waldron] 16/7/2020 16:11

Oil giants set first carbon intensity target
Jul. 16, 2020 3:34 AM ET|About: BP PLC (BP)|By: Yoel Minkoff, SA News Editor

The Oil and Gas Climate Initiative, a group of the world's top oil companies that aims to accelerate the industry response to climate change, have for the first time set targets to cut their combined greenhouse gas emissions as a proportion of production.

The average carbon intensity of their aggregated upstream oil and gas operations will be reduced to between 20 kg and 21 kg CO2e/boe by 2025, from a collective baseline of 23 kg CO2e/boe in 2017, while the goals could be extended to other sectors like LNG and refining in the future.

The OGCI includes BP (NYSE:BP), Chevron (NYSE:CVX), CNPC (NYSE:PTR), Eni (NYSE:E), Equinor (NYSE:EQNR), Exxon (NYSE:XOM), Occidental Petroleum (NYSE:OXY), Petrobras (NYSE:PBR), Repsol (OTCQX:REPYY), Saudi Aramco (ARMCO), Shell (RDS.A, RDS.B) and Total (NYSE:TOT), which together account for over 30% of the world's oil and gas production.

Note: The plan is eclipsed by more ambitious targets set individually by the OGCI's European members like Shell, BP and Total.

[waldron] 15/7/2020 21:14

Shell’s Big Bet On Floating LNG May Be A Flop
By Irina Slav - Jul 15, 2020, 3:00 PM CDT
Join Our Community

It was the last of the large LNG projects that put Australia in the lead for global LNG exports. It was the biggest jewel in Shell's LNG crown. But this jewel hasn't produced any LNG since February, and its future is unclear.

The Prelude floating liquefied natural gas project, with an annual capacity of 3.6 million tons, began shipping LNG last June. The first cargo shipped more than eight years after the final investment decision was made, and two years after the FLNG vessel arrived at the site, one Wood Mac analyst pointed out at the time. In February this year, production was stopped following a technical problem.

Production at the world's largest FLNG installation still hasn't been restored, and it remains unclear when this will happen. Building it and putting it into operation cost between $12 and $17 billion, according to external estimates. Now, there are concerns that it may flop.

The gas market situation is difficult enough. Just like in oil, there is a substantial glut in natural gas, and demand is lagging far behind. According to Rystad Energy, global natural gas output is set for a 2.6-percent decline this year because of the coronavirus pandemic. Next year, demand should begin to improve, driven by the low prices currently plaguing the sector. But that's only if the pandemic goes away for good and without a fight, which at the moment is not happening.

In this situation, it may not be that bad that Prelude is not operating at the moment. There is an oversupply of LNG, prices are low, and Shell said in a recent update that it will take a hit because its 2019 term sales contracts for LNG were tied to oil prices.

Related: The Race To Complete The World’s Most Controversial Pipeline

That hit may be nothing compared to what Prelude may need to break even, at least according to analysts from Goldman Sachs quoted by Tim Treadgold in an article for Forbes. According to them, the commercial breakeven price for gas produced at Prelude is as much as $20 per thousand cubic feet. This compares with prices between $2 and $3 per thousand cubic feet in April in the United States.

The difference is impressive, and it certainly would explain why, as Treadgold notes, Shell is in no hurry to restart operations at Prelude.

The question is whether it would become profitable at all, it seems. The current glut will clear in the not too distant future. This is what most LNG market watchers agree on. Gas—and LNG—has enjoyed growing demand as a replacement for coal in power generation, and after the current crisis passes, demand will likely once again start to increase. But supply is increasing, too.

Last year, according to Shell's LNG Outlook 2020, saw a record number of new LNG capacity additions as the industry raced to secure a spot in the long-term LNG market. And more capacity is coming, too, despite the current challenges. Just last month, French Total secured $15 billion in financing for a new LNG project in Mozambique. Exxon delayed its final investment decision on the $30-billion Rovuma LNG project, also in Mozambique, until next year, but it has not canceled it. Shell itself recently said it was interested in more LNG projects, this time in Russia.

In other words, the long-term outlook for LNG remains positive. The outlook for Prelude, perhaps, not so much. With so much supply already on stream and more coming, competition in the space will only continue to intensify, meaning prices will remain low for longer. And if they do, Prelude may never reach its commercial breakeven level.

"With Prelude now producing LNG for more than a week and the first shipment of LNG being imminent, we are further de-risking the delivery of our $8-10 billion organic free cash flow target in 2020," Shell's Integrated Gas & New Energies Director, Maarten Wetselaar, told analysts in June 2019. Hopes were justifiably high and plans were ambitious. But nobody could have foreseen the coronavirus pandemic then.

Now, with 2020 demand forecasts in the trash and new ones pointing towards declines in everything energy-related, things are different. New plans will need to be made, although perhaps not as ambitious as previous ones. LNG will certainly have a lead part to play in the energy mix of the future. But what part costly floating LNG projects will play in LNG remains an open question.

Prelude is an impressive achievement, regardless of its problems. As the largest floating LNG facility in the world, it has a total capacity of 5.3 million tons of hydrocarbon liquids annually, including, besides the LNG, 1.3 million tons of gas condensate and 400,000 tons of liquefied petroleum gas. Floating LNG was to be a game-changer: boosting the efficiency of gas production by adding the processing to the place of extraction. But now it has to prove it is cost-competitive with other, more traditional approaches to LNG production.

By Irina Slav for Oilprice.com

[waldron] 15/7/2020 17:32

Brent Crude Oil NYMEX 43.28 +0.09%
Gasoline NYMEX 1.23 -2.09%
Natural Gas NYMEX 1.77 -0.84%
WTI 40.61 USD +0.28%



FTSE 100
6,292.65 +1.83%
Dow Jones
26,697.2 +0.20%
CAC 40
5,108.98 +2.03%
SBF 120
4,018.99 +1.96%
Euro STOXX 50
3,378.21 +2.00%
DAX
12,930.98 +1.84%
Ftse Mib
20,308.22 +2.16%



Eni
8.836 +0.60%


Total
34.33 +0.84%



Engie
11.175 +1.50%

Orange
10.925 +0.46%



Bp
310.25 +1.89%

Vodafone
127.5 +0.47%

Royal Dutch Shell A
1,324.4 +1.13%


Royal Dutch Shell B
1,259.4 +0.95%


Tullow Oil (TLW)
31.23 +1.04 (+3.44%)

[waldron] 15/7/2020 11:39

LNG | Natural Gas 15 Jul 2020 | 09:37 UTC London

France's Total sees Q2 equity LNG sales price slide to $4.40/MMBtu

Author Stuart Elliott Editor Aastha Agnihotri Commodity LNG, Natural Gas

Highlights

Price up on average spot JKM price of $2.14/MMBtu

Long-term LNG supplies traditionally oil-linked

Total's Q2 global gas price averaged $2.61/MMBtu

London — France's Total said July 15 its average realized sales price for equity LNG in the second quarter of 2020 was $4.40/MMBtu, down by almost $2/MMBtu from the previous quarter.
Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.
Register Now

It is the second time Total has published an average sales price for its LNG, with the major saying it introduced the price to allow for a "better understanding" of the company's integrated gas business unit performance.

The Q2 average sales price of $4.40/MMBtu was down 30% on the quarter and 23% on the year.

Total said the indicator reflected the combined effect of sales volumes and prices of long-term contracts and spot sales.

"The share of spot sales volumes increased in the second quarter of 2020 compared to the first quarter 2020 due to deferments of some LNG uplifts by some long-term contract buyers," Total said in a note.

It said the average long-term contract price was only reduced by 16% because of the deferred impact of the fall in oil prices.

The Q2 average of $4.40/MMBtu was well up on the average JKM spot LNG price in the period, as assessed by S&P Global Platts, of $2.14/MMBtu.

A large amount of long-term LNG supply globally is contracted on an oil-indexed basis with time lag, meaning term LNG has been able to secure a better price than spot LNG, which has been under significant pressure due to the oversupplied global market.

In 2019, Total's equity LNG sales amounted to 16.3 million mt, up 47% from the previous year.

Overall, LNG sales were up 57% on the year at 34.3 million mt in 2019.

The increase was due to the ramp-up of the Yamal LNG facility in Russia and Australia's Ichthys plant, as well as the startup of the first Cameron LNG train in the US.

Total also published July 15 its average global gas price of $2.61/MMBtu, which was down by 22% quarter on quarter and by 32% year on year.

[waldron] 14/7/2020 17:26

Brent Crude Oil NYMEX 43.10 +2.06%
Gasoline NYMEX 1.25 -2.63%
Natural Gas NYMEX 1.80 +0.78%
WTI 40.425 USD +2.21%


FTSE 100
6,179.75 +0.06%
Dow Jones
26,367.9 +1.08%
CAC 40
5,007.46 -0.96%
SBF 120
3,941.57 -0.96%
Euro STOXX 50
3,312.06 -1.22%
DAX
12,697.36 -0.80%
Ftse Mib
19,865.77 -0.69%



Eni
8.783 +1.42%



Total
34.045 +0.99%



Engie
11.01 -0.94%

Orange
10.875 +1.97%




Bp
304.5 +2.65%

Vodafone
126.9 +1.75%

Royal Dutch Shell A
1,309.6 +2.38%



Royal Dutch Shell B
1,247.6 +2.45%


Tullow Oil (TLW)
Share Price: 30.19 : -0.10 (-0.33%)

[florenceorbis] 14/7/2020 15:32

7/14/2020 | 03:21pm BST

Analyst Thomas Adolff from Credit Suisse research considers the stock attractive and recommends it with a Buy rating.


The target price continues to be set at EUR 43.

[waldron] 13/7/2020 17:31

Brent Crude Oil NYMEX 43.28 +0.09%
Gasoline NYMEX 1.28 +0.01%
Natural Gas NYMEX 1.81 -2.11%
WTI 40.545 USD +1.07%


FTSE 100
6,176.19 +1.33%
Dow Jones
26,475.77 +1.54%
CAC 40
5,056.23 +1.73%
SBF 120
3,979.78 +1.66%
Euro STOXX 50
3,350 +1.70%
DAX
12,799.97 +1.32%
Ftse Mib
20,014.74 +1.25%



Eni
8.66 +1.98%




Total
33.71 +1.17%


Engie
11.115 +1.69%

Orange
10.665 +1.62%



Bp
296.65 +2.01%

Vodafone
124.72 +1.05%

Royal Dutch Shell A
1,279.2 +2.63%


Royal Dutch Shell B
1,217.8 +2.44%

TULLOW OIL
Price (GBX)30.29 +1.10%
TLW

[waldron] 13/7/2020 15:30

Total announces the first 2020 interim dividend of €0.66/share, stable year on year

05/05/2020

News

Paris - The Board of Directors met on May 4, 2020, and declared the distribution of the 2020 first interim dividend at €0.66/share, stable compared to the 2019 first interim dividend. This interim dividend will be paid in cash exclusively according to the following timetable:

In 2020 Shareholders

Ex-dividend date September 25

Payment date October 2

Furthermore, the Board of Directors decided on February 5, 2020, to propose to the Shareholders’ Meeting on May 29, 2020, the distribution of a 2019 final dividend of €0.68/share. The Board of Directors of May 4, 2020, decided to offer the shareholders, subject to approval at the Shareholders’ Meeting on May 29, 2020, the option to receive the 2019 final dividend in cash or in new shares of the Company with a discount, each choice being exclusive of the other.

Hence, shareholders will be given the option to receive the dividend either in cash or in new shares, by instructing their financial advisors, according to the following timetable:

In 2020 Shareholders

Ex-dividend date June 29

Period to opt in for the payment in new shares July 1 to July 10 (inclusive)

Payment in cash or in new shares July 16



About Total

Total is a major energy player, which produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.

.

* * * * *

Total contacts

Media Relations: [phone] l [e-mail] l @TotalPress
Investor Relations: [phone] l [e-mail]

[waldron] 13/7/2020 15:20

Conclusion

In conclusion, Total looks positioned to proceed with the construction of a massive LNG plant in Mozambique. The company has been one of the more aggressive ones about increasing its capabilities to produce this compound, and when we look at the fundamentals, this appears to be the correct decision. While the near-term story for Total's LNG business is not as strong, it is an area that the company is right to be in, and this business should provide it with long-term growth prospects.

[adrian j boris] 11/7/2020 15:27

Uganda: Tullow Shareholders Set to Approve Sale of Assets to Total

10 July 2020
Oil in Uganda (Kampala)
By Edward Ssekika

Tullow Oil Plc shareholders are set to approve the company's sale of all its assets in the Lake Albert Development project to Total E&P Uganda BV.

In a statement, Tullow Oil Plc said it has called a general meeting to allow shareholders approve the sale and consequently the company's exit from Uganda's oil and gas sector. According to the statement, the meeting is scheduled for July 15, 2020 in Landon, United Kingdom.

"The transaction is of critical importance to Tullow and the Tullow board unanimously recommends that all shareholders vote or procure votes in favour of the resolution being proposed at the general meeting," the circular calling for a general meeting reads in part.

Under the British law, Tullow's proposed sale of assets to Total constitutes a class 1 transaction conditional on, among other things approval by the company shareholders by a simple majority of the votes cast.

Tullow Uganda Operations Pty Ltd - a subsidiary of Tullow Oil plc owns 33.3 percent interests in oil blocks 1, 1A, 2 and 3A and the proposed East African Crude Oil Pipeline Project (EACOP). Other partners in the Lake Albert Development Project are; Total E&P Uganda BV and CNOOC Uganda Ltd each with 33.3 percent.

Tullow is currently the operator of Block 2; Total Uganda is currently operator of Blocks 1 and 1A; and CNOOC Uganda Limited (CNOOC) is operator of Block 3A. Should shareholders and Government of Uganda approve the sale, Tullow will consequently exit Uganda's oil and gas sector.

The company has been one of the major players in Uganda's oil and industry since 2004.
Sign up for free AllAfrica Newsletters



On April 23, 2020 the company announced that it had agreed to sale all its assets in Uganda Total E&P Uganda B.V for $ 575 million (approximately Shs 2. 1 trillion).

However, the transaction remains subject to several conditions and approvals. Even if the shareholders give the transaction a greenlight, it shall still be subject to other conditions including government of Uganda's approval, execution of a binding tax agreement between Tullow, government of Uganda and Uganda Revenue Authority that reflects the agreed tax principles.

A similar proposed sale of part of Tulllow's assets in Uganda that was announced in 2017, it collapsed last year following misunderstandings with Uganda Revenue Authority (URA) among other reasons.

However, the current transaction seems to be already gaining a greenlight from Government of Uganda.

Robert Kasande, Permanent Secretary, Ministry of Energy and Mineral Development in April soon after Tullow announcing the proposal sale said that Government and the oil companies have in principle agreed on the tax treatment of the transaction.

"Government has received the Sale and Purchase Agreement (SPA) from the oil companies which is being reviewed to facilitate the grant of the necessary approvals and conclusion of the transaction," Kasande noted.

Tullow remains optimistic that the sale will be concluded this year. "Subject to the satisfaction of the conditions, the transaction is expected to be complete in the second half of 2020," Tullow notes in a statement.

Read the original article on Oil in Uganda.

[waldron] 10/7/2020 17:22

Brent Crude Oil NYMEX 42.99 +1.51%
Gasoline NYMEX 1.25 +1.79%
Natural Gas NYMEX 1.86 +2.37%
WTI 40.18 USD +1.45%




FTSE 100
6,095.41 +0.76%
Dow Jones
25,909.21 +0.79%
CAC 40
4,970.48 +1.01%
SBF 120
3,914.62 +1.03%
Euro STOXX 50
3,296.22 +1.00%
DAX
12,633.71 +1.15%
Ftse Mib
19,754.71 +1.28%




Eni
8.492 +0.69%


Total
33.32 +0.48%


Engie
10.93 +1.20%

Orange
10.495 +0.86%



Bp
290.8 +0.28%

Vodafone
123.42 +0.64%

Royal Dutch Shell A
1,246.4 +1.23%



Royal Dutch Shell B
1,188.8 +0.64%

TULLOW OIL
Price (GBX) 29.96 -4.01%

[waldron] 10/7/2020 07:08

Marathon's Galveston Bay, other Texas refineries hit by virus spike
Jul. 9, 2020 5:56 PM ET|About: Marathon Petroleum Corporation (MPC)|By: Carl Surran, SA News Editor

Texas oil refineries are feeling the effects of COVID-19's resurgence in the state, led by Marathon Petroleum's (NYSE:MPC) Galveston Bay refinery, which Bloomberg reports has amassed well over 100 confirmed cases of the virus.

The 585K bbl/day refinery, the second biggest in the U.S., is close to completing a major turnaround that brought in more than 500 contract workers onsite as the outbreaks occurred; work reportedly remains on schedule to be competed within about two weeks.

LyondellBasell's (NYSE:LYB) 263K bbl/day Houston refinery had ~50 employees and contractors test positive as of two weeks ago.

Royal Dutch Shell's (NYSE:RDS.A) Deer Park refinery on the Houston Ship Channel had nine workers test positive so far this week, with a total of 50 since the start of the outbreak.

Phillips 66 (NYSE:PSX) and Total (NYSE:TOT) confirmed virus cases at their respective Sweeny and Port Arthur refineries but have not shared details.

Marathon began its Galveston Bay overhaul in late May after work was delayed to reduce the risk that large numbers of people at the refinery would spread the virus.

[waldron] 09/7/2020 17:21

Brent Crude Oil NYMEX 42.57 -1.64%
Gasoline NYMEX 1.24 -2.20%
Natural Gas NYMEX 1.86 -0.32%
WTI 39.825 USD -2.52%


FTSE 100
6,049.62 -1.73%
Dow Jones
25,635.4 -1.66%
CAC 40
4,921.01 -1.21%
SBF 120
3,874.77 -1.27%
Euro STOXX 50
3,261.17 -0.76%
DAX
12,489.46 -0.04%
Ftse Mib
19,536.93 -1.82%


Eni
8.434 -3.04%

Total
33.16 -3.27%



Engie
10.8 -4.26%

OrangeBp
290 -4.43%

Vodafone
122.64 -2.11%

Royal Dutch Shell A
1,231.2 -3.72%



Royal Dutch Shell B
1,181.2 -3.58%

TULLOW OIL
Price (GBX) 31.21 -2.92%

[waldron] 08/7/2020 18:09

Brent Crude Oil NYMEX 43.04 +0.37%
Gasoline NYMEX 1.28 +0.42%
Natural Gas NYMEX 1.89 -2.83%
WTI 40.895 USD +1.35%

FTSE 100
6,156.16 -0.55%
Dow Jones
25,894.48 +0.02%
CAC 40
4,981.13 -1.24%
SBF 120
3,924.69 -1.20%
Euro STOXX 50
3,286.09 -1.18%
DAX
12,494.81 -0.97%
Ftse Mib
19,890.25 -0.61%


Eni
8.698 -1.38%



Total
34.28 -1.17%

Engie
11.28 -0.22%

Orange
10.565 -1.49%


Bp
303.45 -1.59%

Vodafone
125.28 -1.37%

Royal Dutch Shell A
1,278.8 -1.36%


Royal Dutch Shell B
1,225 -1.02%

TULLOW OIL
Price (GBX)32.15 +1.26%