Total Share Discussion Threads

[ariane] 24/4/2020 09:39

Total acquires interests in East African Crude Oil Pipeline

Published by Lydia Woellwarth, Deputy Editor
World Pipelines, Friday, 24 April 2020 09:15

Total and Tullow have entered into an Agreement, through which Total shall acquire Tullow’s entire interests in Uganda Lake Albert development project including the East African Crude Oil Pipeline.

The overall consideration paid by Total to Tullow will be US$575 million, with an initial payment of US$500 million at closing and US$75 million when the partners take the final investment decision (FID) to launch the project. In addition, conditional payments will be made to Tullow linked to production and oil price, which will be triggered when Brent prices are above US$62/bbl. The terms of the transaction have been discussed with the relevant Ugandan Government and Tax Authorities and agreement in principle has been reached on the tax treatment of the transaction.

Under the terms of the deal, Total will acquire all of Tullow’s existing 33.3334% stake in each of the Lake Albert project licenses EA1, EA1A, EA2 and EA3A and the proposed East African Crude Oil Pipeline (EACOP) System. The transaction is subject to the approval of Tullow’s shareholders, to customary regulatory and government approvals and to CNOOC’s right to exercise pre-emption on 50% of the transaction.

“We are pleased to announce that a new agreement has been reached with Tullow to acquire their entire interests in the Lake Albert development project for less than US$$/bbl in line with our strategy of acquiring long-term resources at low cost, and that we have an agreement with the Uganda government on the fiscal framework,” said Patrick Pouyanné, Total Chairman and CEO. “This acquisition will enable us, together with our partner CNOOC, to now move the project forward toward FID, driving costs down to deliver a robust long-term project.”

[waldron] 24/4/2020 07:19

Total. Dividend confirmed.

The major pays quarterly coupons.

The general assembly meets on May 29.

The annual dividend amounted to 2.68 EUR, including a balance of 0.68 EUR which should be paid on July 1.

Total could provide new information on the compensation of its shareholders on April 30 when its Q1 results are published.

[waldron] 23/4/2020 17:22

Brent Crude Oil NYMEX 22.31 +9.52%
Gasoline NYMEX 0.73 +5.85%
Natural Gas NYMEX 1.98 -3.65%
WTI 18.149 USD +24.92%

FTSE 100
5,826.61 +0.97%
Dow Jones
23,752.31 +1.18%
CAC 40
4,451 +0.89%
SBF 120
3,507.49 +1.05%
Euro STOXX 50
2,852.46 +0.61%
DAX
10,513.79 +0.95%
Ftse Mib
17,006.46 +1.44%



Eni
8.472 +1.49%



Total
32.42 +4.19%


Engie
9.202 +0.72%




Bp
317.6 +2.20%

Vodafone
107.72 +0.47%

Royal Dutch Shell A
1,423.8 +2.79%



Royal Dutch Shell B
1,400 +3.73%

[adrian j boris] 23/4/2020 08:25

PROACTIVEINVESTORS


Jamie Ashcroft

07:42 Thu 23 Apr 2020

Follow Jamie on:
viewTullow Oil PLC
Tullow Oil unlocks US$500mln cash in Uganda asset sale to Total

It is the first step in a US$1bn asset divestment programme as the Tullow reboot continues.
Tullow Oil PLC - Tullow Oil unlocks US$500mln cash in Uganda asset sale to Total

Tullow Oil PLC (LON:TLW) has struck a cash deal to sell its entire Uganda business to Total for US$575mln, which is close to 150% of the London-listed firm’s market value.

It is a significant boon to Tullow’s liquidity with Total set to pay US$500mln of cash on completion, and, remainder coming at Final Investment Decision (FID) for the Lake Albert field development project.

The deal is the first transaction in a portfolio management programme that aims to extract over US$1bn, Tullow said.
READ: Tullow Oil names Rahul Dhir as new chief executive

he oiler told investors it intends to use proceeds to pay down debt and strengthen its balance sheet.

Further contingent payments are also stipulated subject to prevailing oil prices once Lake Albert is in production.

The transaction consolidates Total’s ownership of Lake Albert, where the two firms were partnered alongside state-backed Chinese firm CNOOC which now has pre-emption rights to pick up 50% of the Tullow unit.

“We have already made good progress with the Government of Uganda and the Uganda Revenue Authority in moving this transaction forward, including by agreeing the principles on tax treatment, and we will work closely with the Government, Total and CNOOC over the coming months to reach completion as quickly as possible,” said Dorothy Thompson, Tullow executive chair.

“We have also received strong support from our leading shareholders and look forward to receiving formal approval of this deal."

In a separate statement, ahead of today’s online AGM, Thompson added: “This week, we have announced two significant milestones with the agreement to sell our Uganda interests to Total for $575 million in cash and the appointment of our new CEO, Rahul Dhir.

"Operationally, we are delivering well against our production targets following improvements put in place by our asset team in Ghana and we have made significant changes to the structure and cost base of our organisation.

“Finally, the recent successful redetermination of our Reserves Based Lending facility (RBL) has underpinned Tullow's liquidity and the strength of our assets.”

Tullow confirmed first quarter production averaged 75,800 bopd, which is in line with expectations, and, Q1’s average oil price was marked at US$56 per barrel.

The company also repeated fairly wide production guidance for 2020 at 70,000 to 80,000 bopd.

It noted that it continues to pursue farm-out transactions for exploration assets, in order to reduce exposure to future drilling costs.

Hedging sees around 60% of 2020 oil sales priced at US$57 per barrel while 40% of next year’s expected output is priced at a floor of US$53 per barrel.

Earlier this week, Tullow announced the appointment of Rahul Dhir as its new chief executive effective from July 1, 2020.

Dhir is founder and presently chief executive of Delonex Energy which is partnered with Tullow in Block 12A in Kenya.

Tullow and Total are, meanwhile, partnered in other Kenyan oil assets and earlier this year were reportedly undertaking a joint process to sell those projects.

In a statement on Tuesday, Dhir commented: “I am very excited at the opportunity to lead Tullow and re-establish it as an iconic company in our industry.

“The company has high-quality assets and great people. It also has a unique position in Africa, built on a proven track record of responsible operations, strong relationships and a commitment to sustainability.̶1;
Lake Albert background

Once up and running it is envisaged that Lake Albert could produce some 230,000 barrels of oil per day as rates plateau.

Development of an initial 1.2bn barrel project was greenlighted by the Ugandan authorities in 2016 and the project partners are on the cusp of taking the FID.

Tullow farmed down its original 100% stake in Lake Albert to Total and CNOOC via a 2011 deal worth US$2.9bn including partner spending commitments.

Additionally, back in 2017, Total sold a 21.57% stake in the project to Total in a US$900mln deal before CNOOC took up its pre-emption rights over 50% of that transaction.

It left Tullow with 33% of the project, which it was actively marketing.

[waldron] 22/4/2020 17:25

Brent Crude Oil NYMEX 20.74 +7.29%
Gasoline NYMEX 0.70 +22.39%
Natural Gas NYMEX 2.03 +2.62%
WTI 14.596 USD+4.37%


FTSE 100
5,770.63 +2.30%
Dow Jones
23,487.89 +2.04%
CAC 40
4,411.8 +1.25%
SBF 120
3,470.94 +1.19%
Euro STOXX 50
2,834.9 +1.48%
DAX
10,415.03 +1.61%
Ftse Mib
16,761.66 +1.89%


Eni
8.348 +4.87%

Total
31.115 +4.76%


Engie
9.136 -0.91%

Bp
310.75 +6.00%

Vodafone
107.22 +1.28%

Royal Dutch Shell A
1,385.2 +5.74%


Royal Dutch Shell B
1,349.6 +4.7

[ariane] 22/4/2020 08:33

Total SA said Wednesday that it has been awarded more than 135 megawatt-peak of solar projects through its subsidiary Total Quadran at France's latest solar tender.

The French oil-and-gas major said more than half the capacities awarded fall under its plan to solarize its industrial facilities and reuse industrial brownfield sites.

The largest project awarded was a 50 megawatt-peak solar plant in Valenciennes, northern France, that is scheduled to come online in 2022.



Write to Giulia Petroni at [e-mail]



(END) Dow Jones Newswires

April 22, 2020 02:40 ET (06:40 GMT)

[waldron] 21/4/2020 17:11

Brent Crude Oil NYMEX 19.04 -25.54%
Gasoline NYMEX 0.60 -17.01%
Natural Gas NYMEX 2.06 +0.73%
WTI 13.13 USD +145 788.89%

FTSE 100
5,641.03 -2.96%
Dow Jones
22,946.27 -2.98%
CAC 40
4,357.46 -3.77%
SBF 120
3,430.03 -3.58%
Euro STOXX 50
2,793.63 -3.73%
DAX
10,249.85 -3.99%
Ftse Mib
16,515.23 -3.22%



Eni
7.96 -5.62%



Total
29.7 -3.79%



Engie
9.22 -2.95%



Bp
293.15 -3.03%

Vodafone
105.86 -4.63%

Royal Dutch Shell A
1,310 -2.46%



Royal Dutch Shell B
1,288 -4.24%

[grupo guitarlumber] 21/4/2020 08:47

Combined Shareholders' Meeting of the Company to be convened on Friday May 29, 2020 at 10:00 am, will be held at the Company's registered office, 2 Place Jean Millier - La Défense 6, 92400 Courbevoie without the physical presence of shareholders and other members and persons entitled to participate. No admission card to this Meeting will be issued. The agenda for the Shareholders' Meeting is unchanged. The shareholders are informed that Mses Patricia Barbizet and Marie-Christine Coisne-Roquette, shareholders of the Company, will act as scrutineers for the Shareholders' Meeting.

[grupo guitarlumber] 21/4/2020 08:45

Given the declaration of the state of health emergency due to the epidemic of Covid-19, as well as in application of the provisions of Ordinance ndeg 2020-290 of March 23, 2020, the Combined Shareholders' Meeting of the Company to be convened on Friday May 29, 2020 at 10:00 am, will be held at the Company's registered office, 2 Place Jean Millier - La Défense 6, 92400 Courbevoie without the physical presence of shareholders and other members and persons entitled to participate. No admission card to this Meeting will be issued. The agenda for the Shareholders' Meeting is unchanged. The shareholders are informed that Mses Patricia Barbizet and Marie-Christine Coisne-Roquette, shareholders of the Company, will act as scrutineers for the Shareholders' Meeting.



The Shareholders' Meeting will be streamed live in full on the Company's website www.total.com/investors/shareholders-meetings. All useful information relating to this Meeting is regularly updated on this page of the website.



In this context, shareholders are invited to exercise their voting rights before the holding of the General Meeting, either by internet via the secured Votaccess platform, or by returning their postal voting form, or also by giving proxy. Proxies to third parties will be treated in accordance with article 6 of decree ndeg 2020-418 of April 10, 2020. The detailed procedures relating to the exercise of the right to vote prior to the Shareholders' Meeting will be specified in the notice of the General Meeting.



Insofar as the Shareholders' Meeting will be held without the physical presence of the shareholders, it will not be possible to ask oral questions, amend the resolutions or propose new resolutions. However in order to promote shareholder dialogue, shareholders will have the possibility to ask questions on the dedicated transmission platform which will be accessible three days before the day of the Shareholders' Meeting, i.e. as from May 26, 2020, as well as the day of the Shareholders' Meeting. As in previous Shareholders' Meeting, the Chairman will devote an hour to answering live on the day of the Shareholders' Meeting as many questions as possible.



In addition, shareholders have the possibility of sending written questions, no later than the fourth business day preceding the date of the Shareholders' Meeting, i.e., May 25, 2020 by registered letter, to the registered office. To be taken into account, these written questions must be accompanied by a certificate attesting to the registration of the shares in a registered securities account of the Company or in a bearer share account by an intermediary referred to in article L. 211-3 of the French Monetary and Financial Code.

[grupo guitarlumber] 21/4/2020 08:41

4/21/2020 | 08:26am BST

Analyst Christyan Malek from JP Morgan research considers the stock attractive and recommends it with a Buy rating. The target price is lowered from EUR 41 to EUR 40.

[waldron] 20/4/2020 17:17

Brent Crude Oil NYMEX 26.71 -4.88%
Gasoline NYMEX 0.77 +0.64%
Natural Gas NYMEX 1.95 +2.36%
WTI 10.22 USD -40.62%


FTSE 100
5,812.83 +0.45%
Dow Jones
24,076.16 -0.69%
CAC 40
4,528.3 +0.65%
SBF 120
3,557.39 +0.54%
Euro STOXX 50
2,909.5 +1.02%
DAX
10,675.9 +0.47%
Ftse Mib
17,033.52 -0.13%


Eni
8.434 -1.78%


Total
30.87 -0.48%



Engie
9.5 +0.08%



Bp
302.3 -0.41%

Vodafone
111 +1.95%

Royal Dutch Shell A
1,343 -1.99%


Royal Dutch Shell B
1,345 +0.13%

[waldron] 20/4/2020 16:37

04/20/2020 | 02:41pm BST

Morgan Stanley changes its rating and switches from Buy to Neutral. The target price is reviewed upwards from EUR 27.50 to EUR 28.50.

[waldron] 20/4/2020 16:36

04/20/2020 | 02:51pm BST

In a research note published by Thomas Adolff, Credit Suisse advises its customers to buy the stock. The target price is still set at EUR 47.

[grupo guitarlumber] 20/4/2020 11:05

(Boursier.com) - -

- Jefferies revalues Total from 29 to 33 euros ('buy').

[grupo guitarlumber] 20/4/2020 10:28

20 Apr 2020 | 08:50 UTC London

Norway approves 10-year lifetime extension for Troll B facility

Author Stuart Elliott Editor Alisdair Bowles Commodity Natural Gas, Oil Tags petroleum

Highlights

One potential solution for Troll phase 3 gas project

Troll phase 3 expected to start in H1 2021

Equinor increasingly prioritizing gas output from Troll

The Norwegian authorities have granted consent to state-controlled Equinor to operate the Troll B facility in the North Sea for a further 10 years, the Norwegian Petroleum Directorate (NPD) said Monday.
Not registered?

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

Extension of Troll B's lifetime to 2030 is one of the potential solutions for further developing gas production from the Troll Vest gas cap -- the Troll phase three project -- the NPD said.

Troll phase 3 has been touted as the main project offshore Norway to keep gas production levels -- currently at around 115 Bcm/year -- stable over the next two decades.

"Extended operation of Troll B secures a foundation for good resource management of significant oil and gas resources from the gigantic Troll field," Arvid Osthus, the NPD's assistant director for development and operations, said in a statement.

The extended lifetime for Troll B also includes pipelines for oil and gas that were part of the field development plan.

The current consent for Troll B -- which started operations in September 1995 -- expires in September this year.

The Petroleum Safety Authority has also approved the extended operation and has said that Troll B can be operated safely until the end of the license period.

This does, however, require maintenance and modifications according to the lifetime extension plan, the NPD said.

Phase 3 plans

Equinor -- which could not be reached for immediate comment on the Troll B lifetime extension -- has said previously it plans to start gas production from Troll phase 3 in the first half of 2021.

It submitted the development plan for Troll phase 3 -- effectively taking a final investment decision on the project -- in July 2018.

Capital expenditure for the project has been estimated at NOK7.8 billion ($960 million) which will help extend the productive life of the Troll field beyond 2050.

The Troll partners are Equinor (30.58%), Norwegian state holding company Petoro (56%), Shell (8.1%), France's Total (3.69%) and US major ConocoPhillips (1.62%).

Equinor is increasingly prioritizing gas output from Troll -- easily Europe 's biggest gas field -- with gas injection for oil recovery seen as declining in importance.

Troll is a significant supplier of gas to the European market and can meet 7%-8% of Europe's total daily gas consumption.

The field has a production permit of 36 Bcm for Gas Year 19, which started on October 1, 2019 and ends September 30, 2020.

Troll -- which along with Oseberg is one of Equinor's swing fields that it can turn up or down depending on prevailing gas prices -- has seen significant commercial optimization over the past year due to the slump in European gas prices.

[grupo guitarlumber] 20/4/2020 08:11

Total: Morgan Stanley moves from overweight to online weighting.

Jefferies remains for purchase with a target price raised from 29 to 33 EUR.

[waldron] 20/4/2020 06:41

Total’s Initiatives to Promote CCUS

01/21/2020

CCUS

Reducing greenhouse gas emissions is a global challenge that Total is fully committed to tackling. Various initiatives have been implemented by the Group to address this major issue, including carbon capture, utilization and storage.
Why CCUS?

Carbon capture, utilization and storage (CCUS) is a solution that can effectively cut CO2 emissions, the primary cause of global warming. How does it do this? By recycling CO2 through industrial solutions and operations, or by permanently and safely storing it underground.

CCUS can capture 90% to 95% of an industrial facility’s emissions. According to the International Energy Agency, this method could reduce greenhouse gas emissions worldwide by up to 14% by 2050. Globally, the goal for 2050 is to capture approximately 5 billion metric tons of CO2 per year to keep global warming below 2°C.
A Tangible Commitment for Total

Total has committed to action, devoting considerable resources to help accomplish this goal. Today, 10% of the Group’s R&D budget is allocated to carbon capture, utilization and storage technologies.

In 2017, Total also signed an agreement with Shell and Equinor (previously Statoil) to develop a large-scale carbon storage project on the Norwegian Continental Shelf. The project is in line with Total’s roadmap, which aims to develop CCUS in order to reduce the environmental footprint of its projects.

Total also supports the Oil & Gas Climate Initiative (OGCI), which manages an investment fund of over $1 billion for clean technologies, including CCUS.

More recently, Total signed a partnership with Svante, LafargeHolcim and Oxy Low Carbon Ventures this year to study the feasibility of an industrial carbon capture and utilization system installed in a facility in Colorado (United States).
The Importance of Carbon Pricing

CCUS will only be rolled out on a large scale if the technology is deemed profitable. That is why Total is working to promote the implementation of a carbon pricing mechanism, which the Group believes is the most effective way to send an economic message and therefore quickly change mentalities.

By putting a price on carbon, climate change can be tackled at its source, creating incentives to move the energy mix in the right direction.

Total has already introduced carbon pricing in the economic assessments of its own investments. By doing this, the Group can ensure the viability of its projects and long-term strategy in relation to climate issues.


To read on total.com

[waldron] 17/4/2020 17:20

Brent Crude Oil NYMEX 28.46 +2.30%
Gasoline NYMEX 0.76 +0.91%
Natural Gas NYMEX 1.91 +3.52%
WTI 18.351 USD -8.41%

FTSE 100
5,786.96 +2.82%
Dow Jones
23,944.65 +1.73%
CAC 40
4,499.01 +3.42%
SBF 120
3,538.15 +3.53%
Euro STOXX 50
2,888.3 +2.37%
DAX
10,625.78 +3.15%
Ftse Mib
16,992.27 +1.34%


Eni
8.587 +1.57%



Total
31.02 +3.35%



Engie
9.492 +1.50%

Bp
303.55 +3.97%

Vodafone
108.88 +1.61%

Royal Dutch Shell A
1,370.2 +5.55%


Royal Dutch Shell B
1,343.2 +5.60%

[grupo guitarlumber] 17/4/2020 11:06

Total delays flotel contract in North Sea by a year

French operator will pay a deferral fee to semisub owner Prosafe
17 April 2020 8:09 GMT Updated 17 April 2020 8:09 GMT
By Amanda Battersby
in London

Norwegian semi-submersible floating accommodation unit specialist Prosafe has been dealt another blow in poor market conditions after Total opted to defer a contract.

[waldron] 16/4/2020 17:14

Brent Crude Oil NYMEX 27.54 -0.54%
Gasoline NYMEX 0.79 +2.72%
Natural Gas NYMEX 1.74 -0.57%
WTI 20.127 USD -1.36%


FTSE 100
5,628.43 +0.55%
Dow Jones
23,423.01 -0.35%
CAC 40
4,350.16 -0.08%
SBF 120
3,417.56 -0.21%
Euro STOXX 50
2,821.46 +0.56%
DAX
10,301.54 +0.21%
Ftse Mib
16,843.94 +0.75%




Eni
8.454 -1.49%




Total
30.015 -2.18%



Engie
9.352 +0.19%



Bp
291.95 -2.59%

Vodafone
107.16 -0.78%

Royal Dutch Shell A
1,298.2 -3.55%


Royal Dutch Shell B
1,272 -3.33%

[waldron] 15/4/2020 19:25

Brent Crude Oil NYMEX 28.06 -5.20%
Gasoline NYMEX 0.78 -0.31%
Natural Gas NYMEX 1.75 -3.94%
WTI 20.227 USD -2.89%


FTSE 100
5,597.65 -3.34%
Dow Jones
23,447.07 -2.10%
CAC 40
4,353.72 -3.76%
SBF 120
3,424.67 -3.87%
Euro STOXX 50
2,808.2 -3.84%
DAX
10,279.76 -3.90%
Ftse Mib
16,766.84 -4.51%



Eni
8.582 -6.38%



Total
30.685 -6.05%



Engie
9.334 -3.97%


Bp
299.7 -6.66%

Vodafone
108 -3.55%

Royal Dutch Shell A
1,346 -6.85%



Royal Dutch Shell B
1,315.8 -7.40%