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Share Name Share Symbol Market Type Share ISIN Share Description
Total Ord 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
  +1.015 € +2.00% 51.69 € 51.39 € 51.99 € 51.98 € 51.24 € 51.24 € 4,435,930 16:35:02
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers - - - - 4,645.43

Total SA Share Discussion Threads

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DateSubjectAuthorDiscuss
23/4/2019
17:28
FTSE 100 7,523.07 +0.85% Dow Jones 26,687.83 +0.67% CAC 40 5,591.69 +0.20% Brent Crude Oil NYMEX 74.38 +0.46% Gasoline NYMEX 2.07 -0.12% Natural Gas NYMEX 2.50 -2.19% (WTI) - 23/04 18:14:33 66.34 USD +0.85% Eni 15.798 +2.37% Total 51.22 +1.83% Engie 13.265 -0.52% Orange 14.485 -0.96% BP 582.5 +2.61% Shell A 2,521 +2.21% Shell B 2,541.5 +2.31%
waldron
20/4/2019
19:50
Total Plans to Use Artificial Intelligence to Cut Drilling Costs By Francois De Beaupuy 19 avril 2019 à 15:50 UTC+2 A worker inspect facilities on an upstream oil drilling platform at the Total oil platform. A worker inspect facilities on an upstream oil drilling platform at the Total oil platform. Photographer: Pius Utomi EkpeiI/AFP Total SA plans to start a digital factory in the coming weeks to tap artificial intelligence in a bid to save hundreds of millions of dollars on exploration and production projects, according to an executive. The use of artificial intelligence to screen geological data will help identify new prospects, and shorten the time to acquire licenses, drill and make discoveries, Arnaud Breuillac, head of E&P, said at a conference organized by IFP Energies Nouvelles in Paris on Friday. It will also help optimize the use of equipment and reduce maintenance costs, he said.
sarkasm
20/4/2019
12:15
Take forecasts about Scotland’s oil reserves with a pinch of salt By Readers of The National Sir Ian Wood's predictions were everywhere in the run-up to the independence referendum Letters Sir Ian Wood's predictions were everywhere in the run-up to the independence referendum 0 comment IN 2014 I couldn’t pick up a newspaper or switch on the news without seeing Ian Wood gleefully telling anyone that would listen how little oil there was in the North Sea. A committed British Unionist, he astutely managed to second-guess the oil business for years, making him a billionaire. “Salmond’;s wrong on ‘Scotland̵7;s oil’... it’s running out faster than he thinks,” screamed one headline. “The North Sea’s most eminent industry leader comes out against independence and warns rapidly depleting reserves means a separate Scotland could end up importing gas from England,” and so on, you get the message. After obtaining his knighthood from David Cameron in 2016, he appears to have changed his stance. In February 2017, he said: “Whether there are 10 or 20 billion barrels of oil left, there is still a future in the North Sea. This industry is nowhere near the end of its life. That’s really important.” Of course he was speaking at the opening of a new oil and gas technology centre in Aberdeen. An idea of his that germinated strangely enough in 2014. You don’t talk down oil when the City of Aberdeen, Aberdeen University and the University of Robert Gordon’s have put up a £180 million investment. Meanwhile the Oil and Gas Authority said in November 2018: “The UK has enough oil reserves to sustain production for the next 20 years and beyond, according to a new industry report. The Oil and Gas Authority has estimated overall remaining recoverable reserves and resources of up to 20 billion barrels.” The truth is there has been a string of seriously significant new finds in the North Sea and then there is the Rattray Volcanic Province. Not far from Aberdeen, scientists are getting very excited at the prospect that an area left unexplored could be an enormous oil and gas reservoir. The Energy Voice website says. “Geologists at Aberdeen University revealed last night they have discovered ‘phantom’; volcanoes that cover a ‘huge swathe’ of unexplored North Sea basin. For decades the 3000-square-mile area was believed to contain the remains of three volcanoes that erupted 165 million years ago. The area, known as the Rattray Volcanic Province, has for years been overlooked by North Sea oil and gas firms. But Aberdeen academics now claim it could potentially yield an eruption of oil and gas reserves. Nick Schofield from the university’s School of Geosciences confirmed that “several”; large oil and gas operators had expressed interest in the study, adding that it was time to look at the basin with “fresh eyes”. An indicator of how much oil exploration is taking place is simple enough to gauge. In a downturn the Cromarty Firth fills up with idle oil rigs, today there are none. So that brings us back to Sir Ian Wood’s 2014 incorrect assumptions. It is possible of course that he had no knowledge of Total’s impending massive investment west of Shetland, laying a gas pipeline directly to St Fergus or these enormous huge sleeper reserves next to it waiting to be developed, who knows?
sarkasm
18/4/2019
17:22
FTSE 100 7,459.88 -0.15% Dow Jones 26,551.61 +0.39% CAC 40 5,580.38 +0.31% Brent Crude Oil NYMEX 71.57 -0.07% Gasoline NYMEX 2.02 +0.27% Natural Gas NYMEX 2.50 -0.64% (WTI) - 18/04 18:14:02 63.54 USD -0.25% Eni 15.432 +0.01% Total 50.3 +0.42% Engie 13.335 +0.26% Orange 14.625 +0.38% BP 567.7 -0.75% Shell A 2,466.5 -0.60% Shell B 2,484 -0.70%
waldron
17/4/2019
17:08
FTSE 100 7,471.32 +0.02% Dow Jones 26,444.18 -0.03% CAC 40 5,563.09 +0.62% Brent Crude Oil NYMEX 71.84 +0.17% Gasoline NYMEX 2.02 +0.43% Natural Gas NYMEX 2.52 -1.94% (WTI) 17/04 17:55:03 64.17 USD -0.23% Eni 15.43 +0.03% Total 50.09 +1.08% Engie 13.3 +0.04% Orange 14.57 -0.07% BP 572 +0.69% Shell A 2,481.5 +0.55% Shell B 2,501.5 +0.38%
waldron
16/4/2019
17:09
FTSE 100 7,469.92 +0.44% Dow Jones 26,440.68 +0.21% CAC 40 5,528.67 +0.36% Brent Crude Oil NYMEX 71.31 +0.18% Gasoline NYMEX 2.00 +0.25% Natural Gas NYMEX 2.58 -0.58% (WTI) - 16/04 17:56:07 63.63 USD +0.27% Eni 15.426 -1.56% Total 49.555 -1.03% Engie 13.295 -0.15% Orange 14.58 -0.41% BP 568.1 -0.32% Shell A 2,468 +0.00% Shell B 2,492 +0.06%
waldron
16/4/2019
14:34
Fire out: Parts of Notre-Dame Cathedral in Paris were destroyed by Monday's fire Photo: AFP/SCANPIX Total makes $113m Notre-Dame pledge French player donating funds to restore Paris cathedral following fire Anamaria Deduleasa 16 Apr 2019 12:27 GMT Updated 16 Apr 2019 12:46 GMT Share: E-mail French supermajor Total has pledged to contribute €100 million ($113 million) to the reconstruction of the landmark Notre-Dame de Paris Cathedral, following Monday's devastating fire. Chief executive Patrick Pouyanne announced the donation on Tuesday on social media. Hundreds of millions of euros have already been pledged to help rebuild the 850-year-old cathedral after the fire partially destroyed parts of it on Monday evening. The fire, declared fully extinguished some 15 hours after it began, destroyed Notre-Dame’s roof and caused its main spire to collapse. The cause of the fire is not yet known. Billionaire Francois-Henri Pinault, chief executive of the Kering group that owns the Gucci and Yves Saint Laurent fashion brands, also pledged €100 million towards the rebuilding effort. Another €200 million was pledged by Bernard Arnault's family and their company LVMH, which includes brands like Louis Vuitton and Sephora.
ariane
15/4/2019
17:11
FTSE 100 7,436.87 +0.00% Dow Jones 26,363.42 -0.19% CAC 40 5,508.73 +0.11% Brent Crude Oil NYMEX 70.99 -0.78% Gasoline NYMEX 2.02 -0.78% Natural Gas NYMEX 2.61 -1.95% (WTI) - 15/04 17:58:36 63.17 USD -0.72% Eni 15.67 -0.92% Total 50.07 +0.16% Engie 13.315 +0.87% Orange 14.64 +0.55% BP 569.9 -0.12% Shell A 2,468 -0.44% Shell B 2,490.5 -0.58%
waldron
12/4/2019
17:07
FTSE 100 7,437.06 +0.26% Dow Jones 26,329.19 +0.71% CAC 40 5,502.7 +0.31% Brent Crude Oil NYMEX 71.49 +0.93% Gasoline NYMEX 2.01 +0.33% Natural Gas NYMEX 2.66 -0.26% (WTI) - 12/04 17:53:52 64.18 USD +0.69% Eni 15.816 -0.68% Total 49.99 -0.18% Engie 13.2 -1.31% Orange 14.56 -0.34% BP 570.6 -0.35% Shell A 2,479 -0.30% Shell B 2,505 -0.04%
waldron
11/4/2019
16:53
FTSE 100 7,417.95 -0.05% Dow Jones 26,168.62 +0.04% CAC 40 5,485.72 +0.66% Brent Crude Oil NYMEX 70.98 -1.05% Gasoline NYMEX 2.03 -1.79% Natural Gas NYMEX 2.69 -0.30% (WTI) - 11/04 17:39:31 63.43 USD -1.40% Eni 15.924 -0.10% Total 50.08 -0.58% Engie 13.375 -1.69% Orange 14.61 -0.48% BP 572.6 -0.62% Shell A 2,486.5 -0.16% Shell B 2,506 -0.22%
waldron
11/4/2019
09:38
Papua New Guinea minister resigns over vast gas contract By Afp Published: 06:17 BST, 11 April 2019 | Updated: 06:17 BST, 11 April 2019 e-mail 15 shares One of Asia's most impoverished nations, Papua New Guinea is rich in natural resources including large gas fields. +1 One of Asia's most impoverished nations, Papua New Guinea is rich in natural resources including large gas fields. Papua New Guinea's finance minister resigned on Thursday, days after the country signed a multi-billion dollar gas contract with energy majors Total and ExxonMobil. James Marape, who also leads the government in parliament, resigned citing the failure of the government to ensure national firms and locals benefit from the contract. On Tuesday Prime Minister Peter O'Neill announced the $13 billion project that includes the extraction, pipelines and an upgraded LNG facility to ship the gas overseas. The leading companies involved are France's Total, US firm ExxonMobil and Oil Search, a firm partially owned by the Papua New Guinea government. "This decision is not easy to make," Marape said in a statement obtained by AFP, adding that trust between him and the prime minister was at its "lowest." "Whilst we don't have any personal differences, we do differ on some work and policy related matters," he said, citing the need for more local "participation in our gas, oil sector" and mining industry. Marape's departure could prompt further cabinet resignations that are problematic for the government and may spur local protests against the gas projects. He represents a district in Hela Province that an oil pipeline traverses. The project would almost double Papua New Guinea's gas exports, but local communities have complained bitterly about not getting benefit from similar deals in the past. One of Asia's most impoverished nations, Papua New Guinea is rich in natural resources including large gas fields.
la forge
10/4/2019
17:50
FTSE 100 7,421.91 -0.05% Dow Jones 26,136.77 -0.05% CAC 40 5,449.88 +0.25% Brent Crude Oil NYMEX 71.66 +1.49% Gasoline NYMEX 2.02 +2.55% Natural Gas NYMEX 2.71 +0.37% (WTI) - 10/04 18:43:21 64.58 USD +0.65% Eni 15.94 +0.33% Total 50.37 +0.28% Engie 13.605 +0.18% Orange 14.68 -1.21% BP 576.2 +0.38% Shell A 2,490.5 +0.38% Shell B 2,511.5 +0.36%
waldron
10/4/2019
07:43
Share [Total signs agreement with MOG for Block 12] Muscat Daily staff writer April 10, 2019 Muscat - French energy major Total announced that it has signed a heads of agreement (HoA) with Oman’s Ministry of Oil and Gas (MOG) for the awarding of an exploration license on Block 12 with significant prospective gas resources to Total. Under the terms of this HoA, both parties will finalise in the coming months, on an exclusive basis, a definitive agreement that will grant Total 100 per cent working interest and operatorship of the exploration Block 12, which is located in central Oman, Total said in a press statement. This new agreement was signed after Total, the Ministry of Oil and Gas and Oman Oil Co reached a new milestone to implement their integrated gas project, which entails developing the gas resources of the Greater Barik area (Blocks 10 and 11), as well as building and operating a liquefaction plant to offer a bunkering service and supply liquefied natural gas as a fuel to marine vessels. “Having been present in Oman for more than 80 years mostly in the oil sector, Total is pleased to have the opportunity to bring its expertise in the natural gas value chain to the sultanate. After the agreement reached on the integrated gas project of the Greater Barik area, the entry into exploration Block 12 represents a new exploration opportunity to unlock additional gas potential and to contribute to income growth and job creation in the country,” said Patrick Pouyanné, chairman and CEO of Total. Spread over 10,000sqkm, Block 12 is located onshore, in the northern part of Block 6 and to the south of the Greater Barik area (including Mabrouk North East and Mabrouk West fields). Total’s exploration programme on the block will comprise seismic acquisition and drilling commitments, with the drilling of a first well in 2020, the company said. In Oman, Total’s production was 38,000 barrels of oil equivalent per day in 2018. Total holds four per cent interest in the onshore Block 6 (operated by PDO), as well as in Oman LNG (5.54 per cent) and Qalhat LNG (2.04 per cent).
the grumpy old men
09/4/2019
17:56
FTSE 100 7,425.57 -0.35% Dow Jones 26,206.34 -0.51% CAC 40 5,436.42 -0.65% Brent Crude Oil NYMEX 70.75 -0.49% Gasoline NYMEX 1.97 +0.37% Natural Gas NYMEX 2.70 -0.44% (WTI) - 09/04 18:43:28 64.03 USD -0.62% Eni 15.888 +0.47% Total 50.23 -0.73% Engie 13.58 +0.26% Orange 14.86 +0.30% BP 574 -0.73% Shell A 2,481 -0.96% Shell B 2,502.5 -0.79%
waldron
09/4/2019
09:37
PARIS (Agefi-Dow Jones) - Oil services group TechnipFMC announced on Tuesday that it has won a "significant" contract from Total for the Lapa pre-salt field, located at a depth of 2,150 meters. off Brazil. Under the terms of the contract, Total acts on behalf of the Lapa Field consortium, which includes Total (35%), Shell (30%), Repsol (25%) and Petrobras (10%). "The contract covers the supply of flexible pipes for oil production, the gas lift system and gas injection, as well as related equipment," TechnipFMC said in a statement. The group did not indicate the exact amount of this contract but recalled that the amount of a "significant" contract was between 75 million and 250 million dollars. TechnipFMC also indicated that this contract was included in the results of the first quarter of 2019. -Julien Marion, Agefi-Dow Jones; +33 (0) 1 41 27 47 94; jmarion@agefi.fr ed: VLV Agefi-Dow Jones The financial newswire (END) Dow Jones Newswires April 09, 2019 01:38 ET (05:38 GMT)
ariane
09/4/2019
07:34
9/04/2019 | 8:18 Total and its partners announce that they have signed the gas agreement with Papua New Guinea, defining the fiscal framework for the Papua LNG project and allowing them to launch the engineering studies that will lead to a final investment decision in 2020. The Papua LNG project with a capacity of 5.4 million tonnes per year (Mtpa) will include two liquefaction trains of 2.7 Mtpa each and will exploit gas resources of more than one billion barrels of oil equivalent. Gas production will be carried out by the French energy giant, while the LNG plant will be developed at the PNG LNG project site, operated by its partner ExxonMobil, via an extension of the existing Deposit Bay facilities.
waldron
09/4/2019
07:14
Tellurian And Total: A Win-Win Scenario At Its Finest Apr. 8, 2019 2:01 PM ET| 11 comments | About: Tellurian Inc. (TELL), TOT Daniel Jones Daniel Jones Deep Value, value, contrarian, special situations Marketplace Crude Value Insights (11,930 followers) Summary The management teams at Tellurian and Total announced a major financial transaction, further strengthening their corporate ties. Total will invest significant cash in exchange for equity in Driftwood and Tellurian, while Tellurian will receive more assurances and liquidity for its Driftwood project. This move, if Driftwood is as profitable as management anticipates, will create significant value for shareholders of both firms in the long run. Looking for a community to discuss ideas with? Crude Value Insights features a chat room of like-minded investors sharing investing ideas and strategies. Start your free trial today » For investors in both Total S.A. (TOT) and Tellurian (TELL), April 4th was a big day. This is because news broke, from both firms, that Total will be making a multi-faceted transaction that will reward Tellurian while also giving it exposure to one of the largest energy projects in the world: the Driftwood Project. This move by both firms should, if all goes according to plan, create true value for investors moving forward and further strengthen their firms’ ties for the long haul. A look at the transaction According to a press release issued by Total, the company has entered into a series of transactions with Tellurian. The first part of this will involve an investment of $500 million. In exchange for that amount, Total will receive an unspecified equity amount in the massive Driftwood Project. The company also signed a purchase agreement whereby it will be able to acquire 1mtpa (million tonnes per annum) worth of LNG from Driftwood. The company intends to enter into a separate sales and purchase agreement to increase this by another 1.5mtpa worth of LNG (free on board) from the proposed Driftwood LNG export terminal over a period of 15 years at a price that’s based on the Platts Japan Korea Marker (also known as JKM). To further strengthen its ties to Tellurian, Total has also pledged to buy 19.87 million shares of Tellurian in exchange for $200 million, or about $10.07 per unit. This particular transaction is subject to Tellurian making an FID (final investment decision), wherein it elects to follow through. Add in the $500 million Driftwood investment and another $207 million equity investment Total made in the company back in 2017, and it will total $907 million that Total has put into the business over the years. According to my math, this should bring Total’s stake in the firm up to about 25% compared to the 19% that it stood at as of the end of Tellurian’s 2018 fiscal year. A look at Driftwood Driftwood is, at this point in time, a major LNG project whose success is based on the continued adoption of LNG across the globe. As you can see in the image below, Tellurian believes that between 2018 and 2025, we will see global LNG demand rise by between 100mtpa and 250mtpa more than what is currently planned to be constructed. This is based on an annual growth rate in demand of between 4.5% and 9.6%, the higher end of which would match the growth in demand seen between 2015 and 2018. Taken from Tellurian If these projections are even close to being correct, it will represent a major opportunity for Tellurian, Total, and anybody else involved in this project and those like it. Set on 1,000 acres near Lake Charles, Louisiana, on the Gulf Coast, Driftwood will consist of a 27.6mtpa liquefaction export facility, 13.6mtpa of which will be received by Tellurian Marketing, a subsidiary of Tellurian. In addition to this, the project will include natural gas production, gathering, processing, and transportation facilities as well. As part of this project, we will see the construction of the Driftwood Pipeline, which will extend 96 miles, be 48 inches in diameter, will cost about $2.2 billion, and will be responsible for transporting around 4 Bcf/day. In the image below, you can see the three pipelines relevant to the project in question. At full capacity, and assuming all planned and proposed options are adopted, the project will include 20 trains, each of which will be responsible for 1.38mtpa of LNG, and it will include three massive storage tanks. In order to fund the project, which should have a price tag somewhere around $30 billion according to Tellurian, the company and its partners will be relying on about $20 billion in debt financing. To help keep costs from running away (large projects often cost more than ever anticipated), Tellurian has convinced Bechtel, a major EPC firm, to agree to supply it with the required EPC work at a price of $550 per tonne (though the price on the first phase will be $700 per tonne), plus Bechtel itself invested $50 million into Tellurian. Taken from Tellurian Assuming that Driftwood is completed on time and that all planned and proposed ideas are adopted, it’s expected that annual EBITDA will come out to around $8 billion. This assumes, according to management, a JKM rate of $10 per MMBtu (which is quite a bit higher than prices today of $4.60), a $3 per MMBtu delivery FOB cost, and a $1.50 per MMBtu shipping cost. If projections come to fruition for Tellurian, it would translate to around $8 per share in cash flow for shareholders. It’s worth mentioning here that Total isn’t the only company that has hopped on board. Vitol, for instance, has signed an MOU (memorandum of understanding), albeit non-binding, wherein it stated that it intends to enter an agreement whereby it will buy up to 1.5mtpa worth of LNG for a period of 15 years and it may or may not take an equity investment in the project. If everything goes according to plan there, it’s expected to generate EBITDA of around $439 million per annum, for a sum over the 15 years of nearly $6.5 billion. Petronet LNG Limited, an India-based business, is also exploring a strategic equity investment in Driftwood. Takeaway Today should be seen as a good day, both for shareholders of Total and for shareholders of Tellurian. On Total’s side, it receives another source for LNG, plus it gets exposure to both Tellurian and Driftwood directly. For Tellurian, the company will receive significant cash payments, both for its own corporate purposes and for allocation toward Driftwood’s development, which is slated to begin this year, commence operations in 2023, and reach full operational status sometime in 2026. Add to this the locking down of a client and it’s a big win for Tellurian, perhaps even more so than it is for Total. In all, this development should result in attractive value creation for shareholders in both firms over the long haul, so long as demand for LNG is sufficient to ensure robust pricing.
waldron
08/4/2019
17:20
FTSE 100 7,451.89 +0.07% Dow Jones 26,301.39 -0.47% CAC 40 5,471.78 -0.08% Brent Crude Oil NYMEX 71.06 +1.02% Gasoline NYMEX 1.98 +0.77% Natural Gas NYMEX 2.71 +1.80% (WTI) - 08/04 18:06:55 64.08 USD +1.10% Eni 15.814 -0.21% Total 50.6 +0.62% Engie 13.545 +0.78% Orange 14.815 -0.30% BP 578.2 +1.69% Shell A 2,505 +1.19% Shell B 2,522.5 +1.02%
waldron
08/4/2019
08:51
Total optimistic to make Preowei FID in the coming months By ogrepublic on April 8, 2019 Share Tweet Share Share 0 comments Total optimistic to make Preowei FID in the coming months • Delivered 3 FPSOs in the last 10 years in Nigeria oil & gas industry • Achieved 77% Nigerian Content on EGINA FPSO Project By Ndubuisi Micheal Obineme French oil major Total is working on sanctioning the development of its Preowei project in Nigeria in 2019. Speaking at the 2019 Nigeria Oil & Gas Opportunity Fair in Yenegoa, Managing Director of Total E&P Nigeria, Mr. Nicholas Terraz, who was represented by Alex Aghedo, Coordinator, Contracts & Procurement and Nigerian Content, Total Upstream Companies in Nigeria, said that the company will make the Final Investment Decision on the Preowei project this year if everything goes according to plan. According to him, Total has delivered 3 FPSOs in the last 10 years and these FPSOs are producing. The EGINA FPSO is a flagship project for Africa which started production since December 2018. It is a big project that is been talked about at major industry events and it is referred as a major achievement in Nigeria oil and gas industry. “We have just finished with EGINA and it is expected to be producing 200,000 barrels of oil per day but as you all know that the dynamics of the reservoir means that after sometime we will not be able to keep EGINA to producing oil at that level. “What we need is to have a project that will feed in for EGINA. Preowei is the first one that we want to put into production. And, we are working with DPR to be able to get the necessary approvals for this project,” he said “The Executive Secretary of NCDMB, Engr. Simbi Wabote, and his team have been very helpful to get this project running because we need to keep EGINA full. “Preowei project is currently in progress as i have mentioned. It is going to be a Subsea tie back to the Egina FPSO and hopefully if everything goes according to plan, we want to make the FID this year. “And, if that is achieved, by 2021/2022, it will start production and we also expect other project to come on stream that will help us feed EGINA which will take us to the next big projects as some of this projects are still on the pipeline,” he added Preowei oil field is located on Oil Mining Lease (OML) 130, about 25 kilometers North of Egina field with water depth of 1150 meters. Preowei is the third producible oil accumulation in OML 130, which hosts the giants Akpo (in production since 2009) and Egina (in production since 2018). TOTAL Upstream Nigeria Limited operates OML 130 with a 24% interest, in partnership with Nigerian National Petroleum Corporation (NNPC), South Atlantic Petroleum (SAPETRO), CNOOC Limited and Petrobras.
ariane
07/4/2019
22:10
Https://oilprice.com/Energy/Energy-General/Oil-Markets-On-Edge-As-Military-Clash-Looms-In-Libya.html
waldron
07/4/2019
19:00
Libya Oil Boss Sees Output Gain With Hope of BP Pumping Soon By Annmarie Hordern and Salma El Wardany 18 mars 2019 à 16:11 UTC+1 Updated on 19 mars 2019 à 06:19 UTC+1 Country boosted oil production by a third in past three weeks Biggest field resumed output after occupation by armed groups Mustafa Sanalla Mustafa Sanalla Photographer: Stefan Wermuth/Bloomberg LISTEN TO ARTICLE 2:33 SHARE THIS ARTICLE Share Tweet Post Email In this article CL1 WTI Crude 63.08 USD/bbl. +0.98+1.58% BP/ BP PLC 568.60 GBp +9.00+1.61% REP REPSOL SA 15.34 EUR +0.06+0.39% ENI ENI SPA 15.85 EUR +0.09+0.58% OMV OMV AG 48.28 EUR +0.18+0.37% Libya boosted crude production by a third after restarting its biggest field, and its top oil official sees further gains when companies like BP Plc invest and start pumping in the politically divided OPEC nation. The Sharara field in southern Libya is currently producing 260,000 barrels a day, and the state-run National Oil Corp. is working to raise output, NOC Chairman Mustafa Sanalla told Bloomberg Television in an interview. Sharara resumed pumping oil earlier in March after the end of a three-month occupation by armed groups. “Three weeks ago, production was around 900,000 barrels a day. Now we’re in the range of 1.2 million barrels a day,” Sanalla said. “Unfortunately, we have many oil fields that are outdated and did not undergo any rehabilitation in a long time.” Libya, with Africa’s largest reserves, has endured major disruptions to its output and exports as battles and blockades among rival armed groups and militias hindered efforts to revive production. The country pumped about 1.1 million barrels a day last year, the highest since 2012, but still only about two-thirds of its output before a 2011 civil war. Outdated Facilities Oil has rallied this year as the Organization of Petroleum Exporting Countries and allies worked to curb output by 1.2 million barrels a day in the first half of 2019 to avert a supply glut. Libya was exempt from the cuts because of its internal turmoil. Benchmark Brent crude was trading 8 cents higher at $67.62 a barrel at 9:16 a.m. in Dubai. The country has many fields needing maintenance, and the NOC wants to replace and upgrade pipelines, storage tanks and other installations, Sanalla said in the interview in Baku, Azerbaijan. However, the NOC needs funds and better security to increase capacity, he said. “We don’t expect to have so much money from the government. That’s why we are focusing on our partners.” Sanalla expressed hope that BP would start production “very soon” in western Libya near the Algerian border. “The situation in that area, the Ghadamis basin, is safe, with no security problems.” The NOC also anticipates investment from European companies Eni SpA, Total SA, Repsol SA and OMV AG, he said. Many wells at Sharara were damaged by sabotage after the field was closed in December, Sanalla said. The NOC is developing its own security plan for Sharara, building protective sand berms and installing surveillance cameras, and its staff are working to boost production at the field to 315,000 barrels day, he said. (Updates with oil price in fifth paragraph.)
waldron
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