|Official: Total will finalize South Pars deal within weeks
Official: Total will finalize South Pars deal within weeks
Iran says it expects France's Total to finalize an agreement on the development of a key natural gas project in the south of the country in less than a month.
Iran's Deputy Oil Minister for International Affairs Amirhossein Zamani-Nia said that Total had been waiting to see whether there would be any 'positive developments' in Washington toward the renewal of sanctions against Iran before proceeding with the development of South Pars Phase 11.
"Those developments took place and Total will continue negotiating with Iran on a final agreement over the project," Zamani-Nia told ISNA.
"This will depend on how prepared Iran would be and how long it would take to write the text of the deal. I don't think it would take longer than a month."
Last November, Total signed a preliminary agreement, worth $4.8 billion to develop South Pars Phase 11 in cooperation with China's CNPC and Iran's Petropars.
Phase 11 aims to produce 1.8 billion cubic feet of gas per day for the national grid.
Total CEO and Chairman Patrick Pouyanné said in February that a final investment decision over the project hinges on whether the US would renew sanctions waivers against Iran or not.
Managing Director of National Iranian Oil Company (NIOC) Ali Kardor said in March that Total would finalize South Pars Phase 11 agreement within weeks.
"The [French] company has already allocated $15 million to this project in accordance with the first phase of the contract," Kardor was quoted as saying.
Iran has signed a flurry of deals with Western companies over the past year since the easing of international sanctions on Tehran after an accord was reached over its nuclear program.
Iran needs foreign investment for repairs and upgrading of its oil and gas fields. It also seeks the transfer of technology to its oil industry after a decade of sanctions.
Shell signed a provisional deal in December to develop Iranian oil and gas fields South Azadegan, Yadavaran and Kish in December 2016.
Iran has named 29 companies from more than a dozen countries as being allowed to bid for oil and gas projects using the new, less restrictive contract model.
The firms include Shell, France's Total, Italy's Eni, Malaysia's Petronas and Russia's Gazprom and Lukoil, as well as companies from China, Austria, Japan and other countries.
Russia's Zarubezhneft signed an MoU for a feasibility study on two joint fields in the west of the country.
Norway's International Aker Solutions Company signed an MoU to modernize Iran's oil industry.
Last May, Austria's OMV signed an MoU for projects located in the Zagros area in western Iran and the Fars field in the south.
South Korean Daewoo Engineering and Construction (Daewoo E&C) signed an MoU to construct an oil refinery in Bandar Jask, on the southern coast of Iran.
Italy's Saipem signed MoUs to cooperate on pipeline projects, upgrading of refineries and development of Tous gas field in the northeastern province of Khorasan Razavi.
Norwegian oil and gas company DNO said it was the second Western energy company after Total to sign a deal with Iran under which it agreed to study the development of the Changuleh oilfield in western Iran.
Lukoil, Russia's second biggest oil producer, hopes to reach a decision on developing two new oilfields in Iran.
Germany's Siemens AG signed an MoU in May to overhaul equipment and facilities at Iran's oil operations and refineries.
BASF's Wintershall oil and gas exploration subsidiary signed an MoU with the National Iranian Oil Company in April 2016.|
13/04/2017 | 06:22
Paris (awp / afp) - "Some shadows persist" in the first public declarations of payments from French mining companies to producer countries, say Oxfam, ONE and Sherpa non-governmental organizations in a report published on Thursday, Total and Areva.
In total, the three NGOs combed statements by six French groups - Total, Areva, EDF, Engie, Eramet and Maurel and Prom - on their raw materials extraction activities (fossil fuels or minerals) in 2015 .
An unprecedented exercise, since these companies are obliged to publish their payments to the countries where they exploit natural resources only since last year, by virtue of the transposition by France of two European directives.
While their declarations represent "a notable advance" in transparency, their understanding "remains complicated", note the NGOs.
The data are particularly difficult to access and lack context. Overall, the exchange rates used remain unclear, as do the different categories of "projects" and "beneficiaries", they criticize.
With regard to Total, the three NGOs are particularly concerned about a gap of more than 100 million dollars between the revenues declared in 2015 by the Angolan authorities coming from the main oil field of the country and the payments declared by the French group to exploit This site.
This can be explained either by a difference in the declared number of barrels of oil or by a divergence of valuation of the average price of a barrel of oil, according to them.
"It is crucial that the company disclose all the information required to understand these irregularities," said Laetitia Liebert, Director Sherpa, quoted in a joint statement by NGOs.
Regarding Areva, the NGOs believe that the group "seems far from contributing its fair share" to exploit the Nigerian uranium, despite a renegotiation of its royalty in Niger in 2014.
It is one of the poorest countries in the world, accounting for nearly 30% of Areva's uranium production, but it receives only 7% of payments from the French group to producer countries.
Areva would have paid Niger a lower royalty in 2015 compared to 2014, depriving this state of 15 million euros of revenue. Moreover, the price of exported Niger uranium would be "largely undervalued" by the local subsidiary of Areva, which would allow the group not to pay taxes on its profits in Niger, NGOs accuse.
The report makes recommendations to each of the undertakings whose declarations it has examined, as well as to the European Union and France to revise upwards the degree of transparency required.
Afp / lk|
|According to Total Uganda’s communication manager, Marvin Kagoro, the company now owns 100% stake and will begin rebranding in Uganda, Kenya and Tanzania with immediate effect.
“The deal was closed on March 28th, with the principal assets being acquired being two logistics terminals in Mombasa, Kenya and Dar es Salaam, Tanzania, as well as a retail network of more than 100 service stations in the region,” he said during a phone interview with New Vision.
He said the acquisition will give Total a 28% market share in Uganda and about 36% market dominance in East Africa, placing them far above their closest rivals.
Reliance Industries, a subsidiary of French based Reliance Exploration & Production, owned 76% of GAPCO, while Mauritius based Fortune Oil Corporation held the remaining shares.
Kagoro said when combined with its existing operations in Kenya, Uganda and Tanzania, the new assets will strengthen Total’s logistics in the region and significantly accelerate the growth of its retail network.
“As elsewhere in Africa, where Total is the leading marketer, each station will become a community hub known for its closeness to all customers and meeting mobility and transportation needs,” he said.
Although Kagoro declined to reveal Total’s investment in the new purchase, sources within Total told New Vision the cost is estimated at slightly above $400m (sh1.44trillion).
Currently, Total operates approximately 125 fuel station across the country, and these are expected to shoot to 162 after the rebranding.
According to logistics experts, Total and Shell control nearly 50% of Ugandan’s retail fuel market distribution share, with GAPCO’s acquisition set to elevate Total into the controlling seat.
- See more at: Http://www.newvision.co.ug/new_vision/news/1449940/total-completes-sh144-trillion-gapco#sthash.38TB9pZM.dpuf|
Any ideas as to when gas prices will substantially uncouple from oil prices|
|French Total Committed to Work in Russia Despite Sanctions
© Sputnik/ Alexey Filippov
17:40 30.03.2017(updated 17:42 30.03.2017) Get short URL
French Total oil and gas company is committed to work in Russia irrespective of sanctions introduced against the country, the company's CEO Patrick Pouyanne said on Thursday.
SABETTA (Sputnik) – Earlier in the day, Pouyanne visited the northern Russian port of Sabetta to see the arrival of liquefied gas tanker Christophe de Margerie named after the former head of Total, who died in 2014.
“Christophe was the founder of our activities in Russia. That is why the company is committed to work in Russia despite the sanctions. That is a question of faith,” Pouyanne said.
Main office of French energy company Total
© Sputnik/ Alexey Filippov
Total’s Operations in Russia Unaffected by Low Oil Price
He also said that it was important for the company to see the first arrival of a liquefied gas tanker to Sabetta.
De Margerie died on the night from October 20 to October 21, 2014, when his business jet crashed in Moscow’s Vnukovo after a collision with a snow removal car. De Margerie was the only passenger on board the aircraft in addition to three French crew members, who also died in the crash.
Total is one of the partners of Russia's Novatek on the Yamal LNG Project, which involves construction of facilities to supply 16.5 million metric tonnes of LNG per year from the resource base of South Tambey in Russia's Arctic Yamal Peninsula.|
|As oil prices falter, fears return on BP and Shell dividends
Written by Bloomberg - 30/03/2017 10:58 am
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As they guided Europe’s largest oil companies through the industry’s worst slump in two decades, the bosses of Royal Dutch Shell Plc and BP Plc had a simple message for investors: we’ll protect the dividend at all costs.
Not everyone is convinced they’ll be able to keep their word. Even after they raised billions of dollars by cutting costs, selling assets and adding debt, cash is pouring out of both companies in the form of hefty shareholder dividends. Yields on those payments — which fell through 2016 as crude started to recover — have risen this year, typically a signal that investors fear a cut in payouts.
“BP and Royal Dutch Shell have unsustainable dividends,” Neil Woodford, head of investment at Woodford Investment Management Ltd. who manages about $20 billion, wrote in a blog. “These companies are liquidating themselves rather than facing up to the need for a dividend cut. The only thing that can save them from that eventuality is a return to sustainably higher oil prices -– something that I think is very unlikely to happen.”
BP shelled out $4.6 billion in cash dividends last year, on top of $16 billion in capital spending, according to a presentation last month. It failed to generate enough cash from operations to match that outlay. Shell’s cash also fell short as project spending reached $22 billion and cash dividends $9.7 billion.
Big Oil debt tops out as cost cuts combine with price rally
BP falling behind rivals on breakeven oil price
Shell’s record BG deal starts to pay off as production surges
While crude rebounded more than 50 percent in 2016, prices have since slid this year as U.S. production and inventories climb. Global benchmark Brent traded at $52.48 a barrel at 2:03 p.m. Singapore time. The price decline has weighed on the shares of Europe’s majors, with London-based BP down 9.5 percent this year and The Hague-based Shell losing 5.4 percent.
This week BP’s dividend yield — the annual return divided by the share price — rose to the highest this year. It’s now at 7.1 percent, compared with 6.2 percent at the end of 2016. Shell’s yield has risen to 6.5 percent from 5.9 percent.
Dividends from Big Oil have been in the spotlight since crude’s 2014-2015 slump decimated cash and profits. Shell and BP have long deemed the payouts sacrosanct — Shell hasn’t cut its dividend since at least the Second World War — and have increased debt and sold assets to show investors that payments will be maintained. Yet some competitors have caved in.
Italian peer Eni SpA capitulated when its dividend yield was 7.2 percent, becoming the first major oil company to reduce its payout in 2015. Spain’s Repsol SA followed, cutting its final 2015 dividend when it was yielding 8.8 percent. The average yield for the U.K. benchmark FTSE 100 index is currently 3.83 percent.
Shell Chief Executive Officer Ben van Beurden said earlier this year that free cash flow “more than covered our cash dividend” in the last quarter and “there is no change in the dividend intention.” The company declined to comment beyond that statement this week.
BP also declined to comment. In February, CEO Bob Dudley said the dividend remains a top priority and BP is “sustaining and strengthening” the payout.
“The companies have spent a lot of time trying to convince shareholders about the dividend but not everyone believes them,” said Iain Armstrong, an analyst at Brewin Dolphin Ltd., which owns BP and Shell shares. “If and when oil goes to $60, people will really start to believe the dividend is safe.”
BP’s Dudley has spent most of his six-year tenure divesting assets, but BP went on a spending spree at the end of 2016 — taking in assets around Africa and the Middle East — which will result in a cash shortfall this year if oil stays below $60 a barrel.
Both BP and Shell have grappled with debts as they stick doggedly to their dividends. BP’s ratio of net debt to capital rose to 26.8 percent at the end of 2016 from 21.6 percent a year earlier. At Shell, additional borrowing for its $54 billion acquisition of BG Group Plc pushed the ratio to 28 percent at the end of 2016 — more than double the year-earlier level.
Not all Europe’s oil majors are feeling the same pressure. French peer Total SA said Feb. 9 it should be able to fund operations and cash dividends at $50 a barrel this year — $5 lower than its previous estimate. It also plans to increase its dividend by 1.6 percent after reporting a 45 percent jump in fourth-quarter cash from operations. Total’s dividend yield is 5.3 percent.
While indicating increased risk, a high dividend yield can be an opportunity to lock in returns for investors confident that the companies will maintain payouts, Brewin Dolphin’s Armstrong said. For comparison, the return on U.K. benchmark 10-year bonds is 1.16 percent and on Germany’s, 0.35 percent.
During the market downturn, Shell, BP and Total have all made use of scrip dividends — offering investors payouts in shares — helping them to preserve cash as they battle to reduce debts. Yet scrip payouts dilute earnings per share and don’t necessarily rule out a dividend reduction if crude remains depressed.
“The oil majors are an unattractive investment proposition while the threat of a dividend cut hangs over them,” Woodford said.|
|After years shunning Iran, Western businesses are bursting through the country's doors.
France's Peugeot and Renault SA are building cars. The U.K.'s Vodafone Group PLC is teaming up with an Iranian firm to build up network infrastructure. Major oil companies including Royal Dutch Shell PLC have signed provisional agreements to develop energy resources. And infrastructure giants, including Germany's Siemens AG, have entered into agreements for large projects.
After Iran's nuclear accord with world powers lifted a range of sanctions, many foreign investors began to push into the promising market of 80 million people, setting off skirmishes among European and Asian companies eager to gain a step on more cautious American rivals.
Peugeot Middle East chief Jean-Christophe Quemard says his company's early entry has left American competitors in the dust. "This is our opportunity to accelerate," he said in February.
U.S. companies are at risk of losing lucrative deals to early movers into the Iranian market, analysts say. But as latecomers, the companies likely won't face a learning curve in dealing with the political risks and the bureaucratic difficulties in Iran.
Apple Inc. explored entering Iran after the Obama administration allowed the export of personal communications devices in 2013, according to people familiar with the matter. But the company decided against it because of banking and legal problems, these people said. Apple declined to comment.
U.S. companies usually need special permission from the Treasury Department to do business with the country. So though the Chicago-based Boeing Co. got the go-ahead to sell 80 craft worth $16.6 billion to Iran last year, the list of American firms with significant Iranian deals is a short one.
Further complicating matters for U.S. firms: President Donald Trump threatened to rip up Iran's nuclear deal during his campaign and he hit the country with new sanctions shortly after taking office. On Sunday, Iran imposed its own sanctions on 15 American companies, mainly defense firms.
The nuclear deal removed a range of U.S., European Union and United Nations sanctions in 2016 that had held back Iranian energy exports and put the brakes on foreign investment. In exchange, Tehran agreed to curbs on its nuclear program. But while food, medicine and agricultural products are exempted from U.S. restrictions, American products are available in Iran often only through foreign subsidiaries or third-party importers.
Two of the world's biggest auto makers, Ford Motor Co. and General Motors Co., have steered clear of Iran since the nuclear deal. A spokeswoman for Ford said the company was complying with U.S. law and didn't have any business with Iran. GM is focusing "on other markets, and other opportunities," said spokesman Tony Cervone.
Meanwhile, Peugeot, officially known as Groupe PSA SA, is aiming to hit annual production of 200,000 cars in Iran by next year in conjunction with its partner Iran Khodro, after the two signed a 400 million-euro (about $430 million) joint-venture agreement in June. Already, the pace of both Peugeot's and Renault's car sales in Iran has more than doubled. In February, Renualt sold 15,230 vehicles in Iran, up 175% from a year earlier.
On a recent visit in Tehran's biggest hotels, lobbies were full of foreigners huddling with prospective Iranian partners. A packed automotive conference in February drew top executives from Peugeot, Renault and Citroën. The same day, the Swedish prime minister was visiting a Scania truck factory west of the capital following its deal to supply Iran with 1,350 buses.
Iran has caught the attention of a broad spectrum of investors beyond autos, with foreign companies selling everything from gas-powered turbines to mining technologies in the country.
Government-approved foreign direct investment shot up to more than $11 billion last year, official figures show, from $1.26 billion in 2015. Pedram Soltani, the vice president of Iran's Chamber of Commerce, said more than 200 foreign business delegations have visited Iran since the nuclear deal took effect.
"We see what's happening in the U.S. and Mr. Trump's comments," says Ghadir Ghiafe, an Iranian steel-industry executive who is exploring partnerships with South American and European companies. "Our businessmen don't pay much attention to it."
Foreign firms still face daunting obstacles to do business in Iran. Iran placed 131st out of 176 countries for corruption in a ranking by Transparency International last year. It also has major economic problems, including high unemployment and a banking system saddled with bad loans. Large international banks remain reluctant to re-establish links with Iran despite the nuclear deal. That reluctance has made transfers of money into and out of Iran a challenge.
Some large multinationals -- including major oil companies and infrastructure giants -- are keeping a close eye on the U.S. and its new president, in case sanctions snap back into place. Shell, Total SA of France and OMV of Austria have signed memorandums of understanding for deals in Iran but have yet to finalize terms.
Last month, Total Chief Executive Patrick Pouyanne said the company would wait for clarity from the Trump administration before completing a $4.8 billion investment in the country's huge South Pars offshore gas field.
But many foreign firms are finding the country's growth hard to ignore.
The International Monetary Fund recently estimated the economy grew by 7.4% in the first half of the Iranian fiscal year that ended this month, rebounding from a decline in the previous year . Meanwhile, a surge in demand has pushed consumer spending in Tehran to $5,240 per capita in 2017, up by around 11% compared with 2016, according to the London-based Planet Retail.
The upshot is even if there is demand to buy American, much of Iran's market is left to European and Asian firms.
"The market is now more diverse with Chinese cars and we realize how important it is to have satisfied customers," says Mohsen Karimi, a sales manager at Iran Khodro, a domestic auto manufacturer that has a partnership with Peugeot. Khodro had sold out its stock of cars this past year, and was now behind delivery targets for advance sales, added Mr. Karimi.
Like many Tehran residents, Alireza Aniseh wanted his first car to stand out in a streetscape filled with boxy Iranian models. The 24-year-old says he is leaning toward buying a Toyota Corolla or Camry, but his dream is owning a Ford Focus.
"Who doesn't love American cars?" he says.
--Aresu Eqbali contributed to this article.
(END) Dow Jones Newswires
March 27, 2017 05:44 ET (09:44 GMT)|
|Publié le 23/03/2017 à 16h23
(Boursier.com) — Sous réserve des décisions du Conseil d'administration et de l'Assemblée générale, le calendrier de détachement des acomptes et du solde du dividende relatifs à l'exercice 2018 de Total serait le suivant...
- 25 septembre 2018
- 18 décembre 2018
- 19 mars 2019
- 11 juin 2019.
Ce calendrier indicatif concerne les dates de détachements relatifs aux actions cotées sur Euronext Paris.
Le calendrier de détachement des acomptes et du solde du dividende pour l'exercice 2017 serait le suivant...
- 25 septembre 2017
- 19 décembre 2017
- 19 mars 2018
- 11 juin 2018.|
Crude Oil Resumes Collapse As US Inventories Loom
Tue, 21st Mar 2017 18:40
WASHINGTON (Alliance News) - Crude oil futures continued to fall Tuesday, reversing early gains amid expectations US oil stockpiles are brimming. Prices tumbled to their lowest level since November.
The American Petroleum Institute (API) report is due this afternoon at 4:30 pm ET, followed by the Energy Information Administration figures tomorrow morning.
Data revealed a surprise drop in stockpiles last week, a small decrease after record highs the week before.
A drop in production from Saudi Arabia failed to sustain oil prices.
Saudi Arabia's crude oil exports fell to 7.713 million barrels a day in January, while crude oil production dropped by 717,000 barrels a day to 9.748 million barrels a day, official data showed on Monday.
May WTI oil settled at USD48.24/bbl, down 67 cents, or 1.4%.
April WTI oil was down 88 cents, or 1.8%, to end at USD47.34/bbl, on the final day of the contract.|
|Oil prices rise on talk that OPEC could extend supply cut
Updated / Tuesday, 21 Mar 2017 07:29
Strong demand for oil is working to slowly erode a global fuel supply overhang
Strong demand for oil is working to slowly erode a global fuel supply overhang
Oil prices rose today on expectations that an OPEC-led production cut to prop up the market could be extended.
Strong demand is also working to slowly erode a global fuel supply overhang.
Prices for front-month Brent crude futures, the international benchmark for oil, were at $51.86 per barrel early this morning up 24 cents, or 0.5%, from their last close.
US West Texas Intermediate (WTI) crude futures were up 13 cents, or 0.3%, at $48.35 a barrel.
The Organisation of the Petroleum Exporting Countries, together with other producers including Russia, has pledged to cut its output by almost 1.8 million barrels per day (bpd) between January and June in an effort to prop up prices and rein in a global supply glut that has dogged markets for almost three years.
Yet so far the cutback has not had the desired effect as compliance by involved exporters is patchy and as other producers, including the US, have stepped up to fill the gap, resulting in crude prices falling more than 10% since the beginning of the year.
To halt the decline, OPEC members increasingly favour extending the pact beyond June to balance the market, sources within the group said, although they added that this would require non-OPEC members like Russia to also step up their efforts.
Traders also said that healthy oil demand would help rebalance markets and support prices.|
|March 20, 2017
Ex-dividend date for the 3rd 2016 interim dividend|
|The annual report (Document de référence) of TOTAL S.A. (Paris:FP) (LSE:TTA) (NYSE:TOT) for the year ended December 31, 2016, was filed with the French Financial Markets Authority (Autorité des marchés financiers) on Friday, March 17, 2017. Pursuant to applicable law, copies of the Document de référence are available free of charge and can be downloaded from the Company's website (total.com, under the heading Investors / Regulated information). A translation into English of the Document de référence (Registration Document) is also available on the Company's website.
The following documents are included in the Document de référence: the 2016 annual financial report, the report by the Chairman of the Board of Directors required under Article L. 225-37 of the French Commercial Code (corporate governance, internal control and risk management procedures), the reports from the statutory auditors, in particular the report specified by Article L. 225-235 of the French Commercial Code, the fees received by the statutory auditors, the description of the share buy-back program as well as the report on the payments made to governments required under Article L. 225-102-3 of the French Commercial Code.
The annual report on Form 20-F of TOTAL S.A. for the year ended December 31, 2016, was filed with the United States Securities and Exchange Commission (SEC) on Friday, March 17, 2017. The Form 20-F can be downloaded from the Company's website (total.com, under the heading Investors / Regulated information) or from the SEC's website (sec.gov).
Printed copies of the Document de référence, Registration Document and Form 20-F are available free of charge at the Company's registered office at 2, place Jean Millier, La Défense 6, 92400 Courbevoie, France.
* * * * *
Total is a global integrated energy producer and provider, a leading international oil and gas company, and a major player in solar energy with SunPower and Total Solar. Our 98,000 employees are committed to better energy that is safer, cleaner, more efficient, more innovative and accessible to as many people as possible. As a responsible corporate citizen, we focus on ensuring that our operations in more than 130 countries worldwide consistently deliver economic, social and environmental benefits. total.com
TotalMike SANGSTERNicolas FUMEXKim HOUSEGORomain RICHEMONTTel. : + 44 (0)207 719 7962Fax : + 44 (0)207 719 7959orRobert HAMMOND (U.S.)Tel. : +1 713-483-5070Fax : +1 713-483-5629
View source version on businesswire.com: Http://www.businesswire.com/news/home/20170317005373/en/|