Share Name Share Symbol Market Type Share ISIN Share Description
Total SA LSE:TTA London Ordinary Share FR0000120271 TOTAL ORD SHS
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.17 € +0.39% 43.75 € 43.09 € 44.41 € - - - 497,736 16:35:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers - - - - 3,931.85

Total SA Share Discussion Threads

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BREST (FRANCE) (AFP) - A tanker carrying liquefied natural gas has made the passage from Europe to Asia via the Arctic unaided, a maritime course that has become possible due to global warming, energy firm Total said Thursday. It is "the first commercial vessel to travel alone the Northern Sea Route which permits reaching Asia in 15 days via the Bering Strait," said the French firm. That is half the time it takes to travel to Asia via the Suez Canal, according to Total. The 300-metre (984-foot) vessel, the Christophe de Margerie, was launched in June and is the first ice-class LNG tanker that can travel the northern route without escorting icebreakers from July to November. It left Snovhit in Norway on July 27 after taking on LNG and is travelling to the port of Boryeong in South Korea. The vessel is the first of 15 that Total and its partners have ordered to transport gas from the Yamal peninsula along Russia's arctic coast. Global warming has made the northern passage along Europe and Asia navigable for longer periods in recent years, although merchant vessels have until now needed icebreakers to accompany them.
08:30 In a context of high oil price volatility, Total performed relatively well in the second quarter and even exceeded market expectations. While expectations averaged around $ 2.3 billion, net income rose 14% to $ 2.47 billion, driven by a 9% year-on-year To a further decrease in the cost of production of the company. It should be able to be brought back to the year at $ 5.5 per barrel oil equivalent (against $ 5.9 per barrel last year and $ 5 per barrel forecast in 2018). In the end, the company will have achieved savings of $ 3.5 billion since 2014. The priority remains clearly focused on increasing production over the next few years and all the work to optimize the cost structure Upstream will make it easier to make new projects more profitable. The strong generation of $ 1.49 billion in net cash flows enabled the group to accelerate its deleveraging and to finance the continuation of its investments estimated over the whole year between 14 and 15 billion of dollars. Net debt now amounts to only 20.3% of the shareholders' equity at the end of June (compared with 22.7% at the end of the first quarter and 30% a year earlier). Proof of the group's confidence in its prospects even in the context of still low oil prices, an advance of € 0.62 per share will be paid on January 11, 2018. At 12.2 and 11.5 times, the stock remains good Market and yield (of the order of 5.5%). This is why we notice our opinion from "rather negative" to "somewhat positive". The more and the less of the file + Recovery of oil prices + High return and attractive valuation -The unstable oil environment
Https:// Photographer: Trevor Snapp/Bloomberg OPEC Finally Catches a Break By Grant Smith and Alex Longley 10 August 2017, 15:57 CEST Price spreads increasingly signal demand outpacing supplies Brent in longest stretch of backwardation since April 2016 The key sign of OPEC’s success may finally be here. Since the Organization of Petroleum Exporting Countries embarked on its strategy to clear a global glut, analysts from Goldman Sachs Group Inc. to Bank of America Corp. have said that one critical indicator would show the plan is working: the discount on immediate crude would turn into a premium. That condition known as backwardation signals demand is outpacing supply. This pattern is becoming increasingly visible in the market for Brent futures, the international crude benchmark. On Wednesday, the front-month Brent contract was more expensive than the second-month contract for a second day, a situation last seen in April 2016, and the trend is spreading to subsequent months along what’s known as the oil futures curve. Oil prices have lost about 6 percent in London this year as production cuts by OPEC and Russia fail to clear the global surplus, stirring speculation the curbs haven’t been deep enough and that rebounding U.S. supplies are canceling their impact. Prices have stabilized above $50 a barrel this month as diminishing U.S. inventories signal OPEC’s actions are finally having an effect. “The objective of OPEC was to draw down crude-oil stocks and bring the structure into backwardation,” said Olivier Jakob, managing director at consultants Petromatrix GmbH. “We currently observe crude-oil stock draws and a prompt backwardation in Brent. We might not be back to the five-year average in stocks but some rebalancing is occurring.” October Brent contracts, the front month on the ICE Futures Europe exchange, were at $53.49 a barrel at 2:06 p.m. in London. That’s 18 cents a barrel above the second month, November, which in turn has moved to a premium to the third month for the first time since 2014, when Brent traded for more than $100 a barrel. Spreads further out in time are also narrowing, with December 2018 versus December 2017 -- known to traders as the “red spread” -- having shrunk from $2.52 on July 10 to as little as 21 cents on Thursday. Market Rebalancing “The rebalancing of the oil market is happening, with demand catching up with supply,” said Jan Edelmann, an analyst at HSH Nordbank AG in Hamburg. Saudi Arabian Energy Minister Khalid Al-Falih pledged last month to constrain the kingdom’s exports this summer as OPEC’s biggest member seeks to lead the group by example. “People are betting that the Saudi promise to cut exports will have a significant impact on the supply side,” said Tamas Varga, an analyst at PVM Oil Associates. Not that OPEC and its partners can take all the credit, according to consultants Energy Aspects Ltd. Oil demand has strengthened, making up for patchy delivery of cutbacks by some other OPEC members, said Amrita Sen, the company’s chief oil analyst. Iraq has lagged behind other nations in implementing its curbs. “This does not mean OPEC can rest on its laurels,” said Sen. “It is demand that is leading the way.” Elusive Goal The shift in the curve may also have some unwelcome consequences for the group. A premium on immediate supplies encourages traders to pull barrels out of storage, potentially compounding the short-term surplus. Although price spreads show OPEC is making progress, its ultimate objective of reducing inventories to their five-year average remains some way off. Inventories in developed nations were 252 million barrels above this level in June, the organization said in a report on Thursday. “We are moving in the right direction, but we don’t expect them to reach the five-year average by the end of the year,” said Spencer Welch, director of oil markets and downstream at consultants IHS Markit in London. “There are certainly indications” the supply curbs are working, “although I wouldn’t say conclusive proof yet.” Before it's here, it's on the Bloomberg Terminal.
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Ex-dividend date for the remainder of the 2016 dividend September 25, 2017
Iran preparing to award $15bn in new oil deals Sun Aug 6, 2017 9:1AM HomeIranEnergy An aerial view of oil production platforms in Soroush oil field in the Persian Gulf. An aerial view of oil production platforms in Soroush oil field in the Persian Gulf. Iran says it expects to attract as much as $15 billion in foreign investments into its oil and gas projects before next April. The announcement was made by Gholam-Reza Manouchehri, the deputy director for development and engineering affairs of the National Iranian Oil Company (NIOC). Manouchehri was quoted by domestic media as saying that the next Iranian oil and gas awards would be based on the framework of the agreement signed with the French energy giant Total last month over the development of South Pars Phase 11. The deal for phase 11 of the field marked the first by a major global energy company signed with Iran since the easing of sanctions against Tehran in January 2016. Under the deal, Total, Iran’s Petropars and France’s CNPC are about to produce 2 billion cubic feet (56 million cubic meters) of natural gas per day for 20 years through an investment of about $5 billion. Elsewhere in his remarks, Manouchehri added that the NIOC was close to awarding the development of South Azadegan oil field. The project, he told Iran’s IRNA news agency, was the closest to finalization among NIOC’s top priority projects together with the development of South Pars Oil Layer. Last month, Iran’s Petroleum Minister Bijan Zanganeh emphasized that Asian and European companies are negotiating participation in Iran’s oil and gas development projects which would potentially need $200 billion worth of investment. Zanganeh added that Iran was already planning to absorb 65% to 70% of this sum from abroad, the minister told Iran’s Parliament.
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EIA Reports Crude Oil Inventories Fell 1.5 Million Barrels, WTI Oil Price Retreats By Tim Clayton - August 2, 2017 - 14:44 UTC Tweet Share1 +1 Stocktwits StockTwits Share The latest Energy Information Administration (EIA) data recorded an inventory draw of 1.53 million barrels for the week ending July 28th following a draw of 7.2 million barrels the previous week. Consensus forecasts were for a decline of 2.8 million barrels, although another unexpected build in the API data triggered a fresh round of uncertainty ahead of the EIA release. Crude inventories declined to 481.9 million barrels and were down 2.0% on the year, although still in the upper half of seasonal inventory levels. Refinery use rose 1.1% on the week following a 0.3% increase the previous week which will help underpin expectations of firm demand for crude. Cushing inventories recorded a marginal draw on the week. Domestic crude production recorded a gain of 0.2% on the week at 9.41mn bpd following last week’s decline and there was an increase of 11.5% over the year. Gasoline inventories recorded a draw of 2.5 million barrels on the week with a 4.4% annual decline while distillate recorded a draw of 0.2 million barrels with a year-on-year decline of 2.4%. The fuel data should help underpin underlying confidence, especially given the decline in stocks from year-ago levels, although much of the improvement is likely to have been priced in. The API data had recorded a build of 1.78mn for the latest week, although this followed a much larger than expected draw of 10.2 million barrels for the previous week. There was choppy trading in oil prices following the data with net losses to the $48.70 p/b area from $49.05 with disappointment over the headline figure and increase in production.
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Total: An Oil Major That Gushes High Dividends Aug. 1, 2017 1:47 PM ET| About: TOTAL S.A. (TOT) Cash-Centered Creep Cash-Centered Creep Dividend growth investing, dividend investing, long-term horizon (834 followers) Summary Total recently released its Q2 results. The firm is one of the world's oil Supermajors. It offers a very sustainable 5%+ dividend. On July 27, Total S.A. (TOT) released its Q2 results, showing revenues of $34.5 billion, which missed estimates by $1.22 billion, and EPS of $0.97, which beat estimates by $0.05. On the same date, Total also declared a €0.62 second interim dividend to be paid out on December 19. On July 13, Goldman Sachs analysts declared Total to be the top choice among the oil majors, citing its combination of cash flow generation (6.5% 2017-2019 free cash flow yield), high growth (estimated 5% compound annual growth rate on production up to 2020), and high return on new investment opportunities. Goldman sees Total as possessing better cost discipline and execution than peers such as Exxon Mobil (XOM) and Eni (E) - though they also rated Eni a buy as a "higher return business." In light of all this, it would be wise to take a look at Total S.A. as a prospective investment. Company Overview Founded in 1924 by Ernest Mercier under the direction of French premier Raymond Poincaré, Total S.A. is a French multinational integrated oil and gas firm. Classed as one of the global oil Supermajors, Total divides its operations into three segments: Upstream; Refining and Chemicals; and Marketing and Services. The latter two segments essentially comprise the company's downstreaming activities. Upstream covers activities such as exploring and producing hydrocarbons, as well as gas and power. Refining and Chemicals covers oil trading and shipping, and includes an industrial hub where refining, petrochemicals and specialty chemicals related activities are carried out. Marketing and Services covers the supply and marketing of petroleum products, and also covers new energies. Total S.A. is headquartered in Courbevoie, France, has a workforce of over 102,000 employees, and has a market capitalization of $126.30 billion. Competitive Advantage Total's chief competitive advantage is its integrated business model. Upstreaming - the search for and drilling of crude oil and natural gas underground and underwater - is profitable when energy prices are high, which they are not right now. However, downstreaming - the refining of crude oil and purification of natural gas, and the marketing and distribution of their products - is profitable when energy prices are low. Total benefits from having both bases covered. In a low-priced energy environment such as the one that has been experienced in recent years, a company like Total that has upstreaming and downstreaming operations can remain profitable, as its revenue and net income figures testify. Year Revenue ($) Net Income ($) 2012 234.22 billion 13.65 billion 2013 227.97 billion 11.23 billion 2014 212.02 billion 4.24 billion 2015 143.42 billion 5.09 billion 2016 127.93 billion 6.20 billion The decline in revenue has to be looked at in the context of the volatility caused by the low energy price environment. What should be noted is the rise in net income from 2014 onwards, which confirms Goldman Sachs' judgement on Total's superior cost discipline. Going forward, Total has a number of recent and future projects that promise future growth and sustainable returns: In addition to these, Total also recently secured a 30% stake in Qatar's offshore Al-Shaheen oil field, and also has a 20-year deal to help develop Iran's South Pars gas field from 2021 onwards. In short, Total is not short on opportunities for continuing to provide its shareholders with value for money going forward. Valuation And Taxation Currently, Total is trading in the $50 range with a price-to-earnings ratio of 16.93 and a forward P/E ratio of 11.00, and it offers a dividend yield of 5.45% with a payout ratio of 92.10%. That payout ratio looks unsustainable until you consider the fact that Total operates in over 130 countries, and consequently a great deal of its business revenue comes from overseas. The exchange rate moves thus make the payout ratio seem so inflated. The stock is trading with a lower P/E ratio than its five-year average of 23.6, and also with a somewhat lower dividend yield than its five-year average yield of 6.79%. Given this, and the fact that the stock is trading 7.38% below its 52-week high of $54.71, and the company seems to offer an attractive entry point. However, one major issue that many prospective investors would have with Total is the high withholding tax rate of 30% that France levies. Though this still leaves shareholders with a significant amount of income after tax, it is understandable why many investors would be bearish about Total on these grounds alone. Final Thoughts If the withholding tax rate and current low energy price environment are not enough to deter you, then Total S.A. can be seen as a reliable income provider due to its integrated business model, its international reach, and its ongoing and future projects. All of these aspects ensure that Total will keep rewarding shareholders with sizable dividends going forward - even after the French tax has been applied!
Mark Kofler, an analyst at Jefferies, does not see any catalysts for a revaluation of Total. For this expert, who has just reduced its target value price from 48 to 46.50 euros while remaining "to keep", the French oil giant has accomplished the bulk of his roadmap to optimize his free cash -flow in the current environment. Mark Kofler's title is likely to run out of fuel in the face of comparables that remain behind on the pitch. "We do not expect a major shift in production and investment objectives over the medium term, even if, in our view, a positive message on the goal of cost savings of $ 4 billion for 2018 is Probable, "says Mark Kofler. The broker acknowledges Total's defensive qualities but does not consider the valuation multiples of Patrick Pouyanné's group discounted, which justifies maintaining its neutral opinion on the matter
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Oddo continues to be seduced by the Total title which he recommends to "buy" by targeting 53 euros. Total offers the industry's best production growth of 4%, the best ROACE at 8.1% (expected to rise to 10% in 2019-2020), a resilient downstream and a low cash breakeven at $ 50 per barrel , Says the broker. Moreover, the valuation is attractive ...
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Investors to Big Oil: Restrain Yourselves 26/07/2017 12:29pm Dow Jones News Total (EU:FP) Intraday Stock Chart Today : Wednesday 26 July 2017 Click Here for more Total Charts. By Sarah Kent Three years into an oil price slump, investors want the world's biggest oil companies to do something they have historically struggled with: Maintain some financial discipline. The companies are under pressure to show they are continuing to move on from budget-busting projects once common in the industry, as they head into second-quarter financial disclosures that begin on Thursday with Royal Dutch Shell PLC and Total SA. Shell, Total and peers like Exxon Mobil Corp. and Chevron Corp., which both report earnings Friday, have reined in spending through an oil-market downturn during which crude prices fell from $114 a barrel to $27 a barrel and remain around $50 a barrel. Those efforts paid off in the first quarter, when the companies returned to billion-dollar profits after years of losses or anemic earnings. Now, said Jags Walia, senior portfolio manager at Dutch pension fund manager APG Asset Management, "there's no room to take your foot off on capital discipline." "I think that would be quite unforgivable." said Mr. Walia, whose fund invests in several large oil companies, including Exxon, Shell and BP. It's a call for big oil companies to keep the ship steady, reflecting the fine line they are walking this year. International oil prices were up nearly 10% in the second quarter compared with the same time last year. But prices are still likely too low for many companies to cover spending and dividends with cash, or break even. At the same time, the companies have to keep finding new oil to replace the barrels they are pumping. That means spending money on exploration, development and acquisitions. BP, which reports earnings next Tuesday, faced criticism from investors and analysts after a flurry of acquisitions inflated its investment plans for 2017 and pushed up the oil price at which the company could break even to $60 a barrel. The company's shares fell 4% following the February announcement. It has since said it is working to drive down its break-even oil price to between $35 to $40 a barrel by 2021. It isn't just BP. The number of new projects approved this year across the industry is expected to creep up to between 20 and 25 from just 12 in 2016, according to Edinburgh-based consultancy Wood Mackenzie. The oil companies declined to comment ahead of their earnings reports. But they have moved to tackle the challenges. BP's costs are down 40% since 2013 and it has vowed to maintain a budget cap of $17 billion a year out to 2021. At BP's first-quarter results in May, Chief Financial Officer Brian Gilvary said the company intended to deliver on promises to increase cash flow and dividends in the coming years by "maintaining strict discipline within our financial frame and staying focused on delivering returns." Exxon's capital spending last year was $12 billion lower than in 2015, though it has crept higher this year. The company says it is focusing a chunk of its firepower on shale developments that start to generate cash quickly. Chevron has said it will be able to cover its spending and dividends with cash at $50 a barrel this year with the help of asset sales. In April, Chevron said it had lowered capital spending 22% compared with its average quarter in 2016 and 56% versus the average quarter in 2014. The company plans to spend $17 billion to $22 billion a year out to the end of the decade. "If oil prices remain near the $50 per barrel mark, you can expect to see our future spend near the bottom of this range," CFO Patricia Yarrington told analysts in April. The companies have said that they still have room to cut further and that they can start to invest in new projects without returning to the spendthrift era that eroded returns before the oil price crash in 2014. Capital spending on new projects sanctioned so far this year is on average just $11 per barrel of oil equivalent, down from $15 in 2015, according to Wood Mackenzie. "I think a lot of these companies have found religion," said Brian Youngberg, senior energy analyst at brokerage firm Edward Jones. "They realize now they can't just spend, spend, spend. They have to be more disciplined with their capital." Exxon, Shell, BP and Chevron have all indicated they will be able to generate enough cash this year to cover spending and shareholder payouts at $60 a barrel, but at $50 the picture is more mixed. Even next year, many of them will still need higher oil prices to cover their costs, according to analysis by Macquarie. Investors remain cautious. Big oil companies' share prices are little changed or lower than at the same time last year, even though oil prices are higher. For instance, Exxon's share price is down more than 10% from a year ago. The companies still have high debt levels, and some -- like Shell and Total -- offer dividends as company shares, known as scrip, helping them to preserve cash but also diluting investors' earnings per share. "We need to see discipline and people being more realistic about where oil prices could remain for quite a long time," said Jason Kenney, an oil-company analyst at Spanish lender, Banco Santander. It's a tall order for an industry that struggled to break even when oil was at $100 a barrel. And the challenge facing the companies could be more difficult after banks revised their oil-price forecasts downward in recent months. "The goal posts have moved," Deutsche Bank said earlier this month. "It's time to go away and remodel for a $45 to $50 a barrel world." Write to Sarah Kent at (END) Dow Jones Newswires July 26, 2017 07:14 ET (11:14 GMT)
Total continues fight over FERC authority in gas manipulation case Houston (Platts)--25 Jul 2017 356 pm EDT/1956 GMT Total Gas & Power North America has told a US appeals court that its legal costs to defend itself against Federal Energy Regulatory Commission accusations of price manipulation gives the court jurisdiction to hear the company's challenge of FERC's authority, leaving no need for the court to wait until after the commission makes a final decision. The heart of the dispute centers on FERC's power to determine Natural Gas Act violations and impose penalties through an administrative proceeding, a case the industry has watched because of how it could impact other market participants. Their fear is that the court's role as an impartial finder of fact is being circumvented and companies' procedural rights are being denied. Total Gas & Power North America, the French energy giant's North American gas trading unit, has asked the full 5th US Circuit Court of Appeals to reconsider a three-judge panel's rejection of the company's challenge. The panel found the challenge should not now be reviewed because FERC has not made a final decision of wrongdoing nor formally assessed the almost $226 million in penalties and disgorgement of profits that the agency has proposed. Total argues the money it is paying lawyers constitutes ongoing harm, and therefore the appeals court can review the merits of the case now. "There is no question that plaintiffs face more expense and burden defending against a potentially binding administrative adjudication of liability, with imposition of severe penalties, than in a proceeding where FERC can only propose penalties for alleged violations," Total wrote in its court filing Monday. In 2015, FERC initiated an anti-manipulation probe against the Houston-based Total subsidiary and disclosed that staff had made a preliminary finding that the company and two of its trading managers had executed a plan to manipulate gas prices in the Southwest between 2009 and 2012. FERC later issued an order to show cause why Total should not have to pay $216.6 million in civil penalties and turn over, or disgorge, $9.2 million in purportedly unjust profits, plus interest. Total says that while FERC has not made a final decision, the enforcement staff has urged it to make several conclusive factual findings and "historically, FERC has always taken the actions urged by its enforcement staff." The company argues that federal courts are the deciders of fact in a Natural Gas Act violation case and FERC is only allowed to assess proposed penalties. FERC argues it has authority in such cases to both determine wrongdoing and assess penalties. The appeals court relied on a prior court decision in a case involving pipeline operator Energy Transfer Partners, which found that such matters are not ripe for appeal until FERC makes a final determination of an NGA violation. But Total, in its latest filing, focuses heavily on a US Supreme Court case involving a dispute between a shipper and a group of shipping companies. In that case, which involved Stolt-Nielsen, a provider of transportation and storage of specialty chemicals and other bulk liquids, the high court held that "being forced to defend in an unauthorized adjudicative proceeding can constitute sufficient hardship" to make the dispute ripe for appeals review, Total said. "The 'hardship' that made the action in Stolt-Nielsen ripe was nothing other than litigation expenses -- the costs and burdens of 'submitting to class determination proceedings,'" Total says in its request for the full appeals court to reconsider its challenge. "Indeed, the injury here is even more concrete." --Harry Weber, --Edited by Richard Rubin,
LONDON (Agefi-Dow Jones) - European oil companies with refining operations are benefiting from higher margins in this sector, due to seasonal increases in gasoline demand and refinery maintenance operations. This margin growth should not last, warns Barclays. Refining margins averaged $ 5.5 per barrel last week, the highest level since September 2015 and an increase of $ 4 a barrel over one year. Barclays attributes this growth to an exceptionally tense fuel market, seasonal gasoline demand growth and a rise in diesel driven by supply disruptions. Barclays does not think the rise will last more than a few weeks, but continues to favor groups present in refining because of their cash flow, which supports dividends. The bank has an overweight recommendation for BP with a target price of 675 pence, Royal Dutch Shell (2,750 pence), Total (60 euros), OMV (54 euros) and Repsol (20 euros).
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4081/5000 Total, TechnipFMC, Vallourec, CGG: is it time to buy? The trend remains uncertain on oil, favoring the strongest companies. (© DR) By Johann Corric Published on 13/07/2017 at 11:55 AM - Updated on 13/07/2017 at 11:56 Oil is recovering somewhat, and industry groups will soon publish their first half results. The opportunity to place oneself? Rather to be selective ... Since a low of more than a year touched on June 21 last at 45 dollars, the price of black gold has recovered by 6.7%. However, it still loses 18% since the beginning of the year. On July 12, the US Energy Agency (EIA) said gold stocks had dropped by 7.6 million barrels over the week ended July 7. This is the second consecutive week of decline. Information likely to carry the course of Brent. Read also Total: a giant that does not lack resources However, at the same time, the country's crude oil production is recovering. After surprisingly dropping 100,000 barrels per day on the 23 June score, it has since recovered 147,000 barrels per day. A mixed assessment by the International Energy Agency, which has just indicated that the overall supply of black gold has risen by 720,000 barrels per day in June while raising its demand estimate for the whole of the world 'year. It is now expected to grow by 1.4 million barrels per day, to 98 million from 97.9 million previously. Between $ 45 and $ 50 The context remains very uncertain. If we persist in believing that the risk of seeing the price of black gold falling permanently under $ 45 is low, it could on the other hand find it difficult to exceed the 50 dollars in the short term. Such a prospect is not very pleasing for the players in the sector. We therefore recommend that you be selective. The three least solid groups, Bourbon, CGG and Vallourec are to be avoided at the moment. The first is shifted in the cycle and could delay to straighten the bar. The seismic specialist, CGG, for its part announces an advance in its restructuring program but this one will take several months. Vallourec is the most attractive of the three for its exposure to American oil but its activities in the rest of the world continue to suffer. Total and TechnipFMC to be preferred On the other hand, you can strengthen your positions on TechnipFMC and Total. The first has fallen sharply on the stock market since the beginning of the year. A little too much in our opinion. The French-American group will release its half-yearly accounts on 26 July. The backlog will be particularly scrutinized. Following the important contract awarded to Eni and the recent announcements by the Norwegian para-airline Aker Solutions - which showed better than expected results and evoked "signs of recovery" - a pleasant surprise can be played on this occasion. The Total share on its side has moved away from our target price of 51 euros and now has sufficient potential to be bought. The publication of the half-year results, scheduled for 27 July, could act as a catalyst. In recent quarters, French has regularly beaten the consensus of analysts. Finally, the group led by Patrick Pouyanné recently announced interesting developments for the future. He signed a long-awaited contract with Iran and formalized a 25-year partnership with the national company Qatar Petroleum.
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Zainab Calcuttawala Zainab Calcuttawala Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on… More Info Share Facebook Twitter Google + Linkedin Reddit Related News Ukraine Aims To Join European Power Grid Kyrgyzstan Seeks Funding For Ambitious Hydropower Project Ignore The Hype: Oil Is Rangebound Is Upstream Investment Turning A Corner? Oil Inventories Fall, But OPEC’s Problems Persist Could Trump Crush Iran’s Energy Plans? By Zainab Calcuttawala - Jul 15, 2017, 4:00 PM CDT Iran oil field Iranian officials continue to encourage multinational fossil fuel companies to pursue production deals in the country, despite disconcerting rhetoric from the White House that suggests the 2015 nuclear deal, which allowed Tehran to re-enter international oil markets after six years of isolation, could unravel at President Donald Trump’s whim. “Our hand are full,” said Iran’s Deputy Oil Minister Amir Hossein Zamaninia during the World Petroleum Congress in Istanbul this week. “We think that the situation is normal enough for major international oil business to get engaged in Iran.” France’s Total recently committed to spending $1 billion on a gas project this month, but such an investment in Iran from a European oil major is an exception, not the rule. If the United States backs out of the nuclear deal, the companies could be exposed to sanctions imposed by the White House on projects on American lands and waters. This dynamic keeps enthusiasm towards developing oil resources in Iran—the third-largest producer in OPEC—at a low, even though the legal barriers to doing business with Tehran are currently non-existent. But Iran insists that new contracts worth $92 billion will raise oil production by a third and boost gas exports 15-fold in just four years. That’s a 2021 deadline in a bearish market that shows no signs of relenting. Regarding the current geopolitical standoff between the United States and Iran, Zamaninia said “BP’s decision to be cautious on Iran [was] a ripple effect” of the American agenda against conducting business in the Middle Eastern country. This attitude represents a shift in Iranian political sentiments against the United States since Trump’s swearing-in ceremony. Related: Shell Nigeria Declares Force Majeure On Nigerian Light Oil Exports Whereas President Barack Obama and Secretary of State John Kerry sought to bring Iran out of its dark economic times, President Trump has repeatedly stated that the nuclear deal with Iran was rubbish, and is reviewing Iran’s compliance at regular intervals. Over the course of 2016, Kerry used his international platform to clarify that non-American companies could freely invest in new Iranian projects without fear of retaliation from U.S. authorities. But that was back when it was assumed Democratic candidate Hillary Clinton would win the 2016 elections and continue the bulk of the Obama doctrine. In April, the last time an official White House approval of Iranian compliance was required, Trump’s State Department certified Tehran’s adherence to the deal. But the thumbs-up came with the news that the deal was under “official review” to determine whether the lifting of sanctions was, in fact, in the United States’ national security interest. The position of the White House has contributed to Saudi Arabia’s belief that it has gained a true ally against its key Middle Eastern rival. According to Saudi Arabia, Qatar’s recent estrangement from its Gulf allies stems partially from Doha’s willingness to maintain relations with Iran – the nation with which it shares the gargantuan South Pars old field. As the United States increases its oil exports and moves closer to becoming the world’s top LNG exporter, stifling Qatar, currently the No. 1 exporter of liquified national gas, and sanctioning Iran, a significant oil exporter, could indeed further the United States’ “energy dominance” agenda. Iran is not without interest from China, India and Russia, which could allow it to secure billions in funding, but the White House could tear up the nuclear deal at any moment, catapulting Tehran back into economic isolation, with the KSA ready to hammer the nails into the Iranian oil sector’s coffin. By Zainab Calcuttawala for
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