Total Share Discussion Threads

[waldron] 07/7/2020 17:12

Brent Crude Oil NYMEX 43.36 +0.67%
Gasoline NYMEX 1.27 +2.41%
Natural Gas NYMEX 1.99 +4.97%
WTI 40.765 USD +0.30%



FTSE 100
6,189.9 -1.53%
Dow Jones
26,102.98 -0.70%
CAC 40
5,043.73 -0.74%
SBF 120
3,972.4 -0.75%
Euro STOXX 50
3,325.49 -0.87%
DAX
12,616.8 -0.92%
Ftse Mib
20,027.63 -0.02%


Eni
8.82 +0.71%


Total
34.685 -1.14%


Engie
11.305 -0.88%

Orange
10.725 -2.05%



Bp
308.35 -1.41%

Vodafone
127.02 -2.47%

Royal Dutch Shell A
1,296.4 -1.86%


Royal Dutch Shell B
1,237.6 -2.07%

TULLOW OIL
Price (GBX) 31.75 -4.14%

[waldron] 06/7/2020 17:39

Brent Crude Oil NYMEX 43.19 +0.86%
Gasoline NYMEX 1.24 -0.07%
Natural Gas NYMEX 1.85 +2.84%
WTI 40.615 USD +0.58%

FTSE 100
6,285.94 +2.09%
Dow Jones
26,158.29 +1.28%
CAC 40
5,081.51 +1.49%
SBF 120
4,002.46 +1.50%
Euro STOXX 50
3,350.03 +1.91%
DAX
12,733.45 +1.64%
Ftse Mib
20,055.45 +1.67%



Eni
8.758 +0.97%


Total
35.085 +1.28%



Engie
11.405 +0.18%

Orange
10.95 +1.96%



Bp
312.75 +1.69%

Vodafone
130.24 +0.46%

Royal Dutch Shell A
1,321 +1.69%



Royal Dutch Shell B
1,263.8 +2.38

TULLOW OIL
Price (GBX)33.12 + 6.87%

[waldron] 06/7/2020 16:51

Majors stand to benefit most from Norwegian tax amendment

Norway’s recent tax-relief proposals could double post-tax cash flow for the country’s oil and gas sector in 2020 and 2021, according to GlobalData.
Jul 6th, 2020
Globaldata76

Offshore staff

LONDON – Norway’s recent tax-relief proposals could double post-tax cash flow for the country’s oil and gas sector in 2020 and 2021, according to GlobalData.

The analyst’s ‘COVID-19 Case Study: Upstream Tax Relief in Norway’ report says this year’s commodity price collapse forced E&P companies to reduce their near-term capex.

Norway’s government responded by announcing that a Special Petroleum Tax allowance depreciation schedule would be brought forward to cover all investments in 2020 and 2021, and eligible projects between 2022 and 2024.

Toya Latham, upstream fiscal analyst at GlobalData, said: “Of the pre-financial investment decision (FID) fields that are under consideration for development in Norway, and that are targeting FID prior to 2023, Equinor is either the operator or a participant in 16 projects, and therefore could make significant gains if the new terms are introduced.

“Although Aker BP has interest in fewer fields, the company also stands to benefit with the NPV10 of its pre-FID Norwegian portfolio estimated to increase by almost 50%.”

Aker BP reacted instantly to the new proposals, sanctioning the Hod field redevelopment in the southern Norwegian North Sea.

Soon afterwards, the company entered an agreement in principle with Equinor concerning a coordinated development of the Krafla, Fulla, and North of Alvheim licenses (the NOAKA project), previously deemed economically marginal.

Latham cautioned, however, that “given the relatively constrained timeframe of the proposal, the incentive is only likely to benefit recently sanctioned and smaller projects.

“For larger projects, such as Wisting [in the Barents Sea], it is possible that a significant portion of investment could fall after the 2024 cut-off, and therefore would not be eligible for the tax relief under the current proposal.”

07/06/2020

[waldron] 06/7/2020 14:23

Total’s CEO Pouyanne plots successful course while competitors stumble
By Francois de Beaupuy on 7/6/2020
Total CEO Patrick Pouyanne
Total CEO Patrick Pouyanne

PARIS (Bloomberg) -- Europe’s oil giants came into 2020 promising shareholders they can “do it all” -- maintain generous dividends, keep the crude flowing and make a historic shift toward clean energy. Only one of them may succeed.

Since the coronavirus pandemic wiped out oil demand, Royal Dutch Shell Plc shocked investors with its first dividend cut since the Second World War, while BP Plc announced 10,000 jobs cuts and the sale of its chemical business as debt soared. But Total SA has so far weathered the storm, and investors are confident Chief Executive Officer Patrick Pouyanne can avoid his rivals’ stumbles.

They see the French company as an early adopter of clean energy, with multi-billion investments in solar, wind and batteries, but also a rare haven in an industry shattered by the slump in energy prices.

“Total has probably the best balance sheet among the majors,” having spent its money wisely in recent years, said Laurent van Tuyckom, who manages high-dividend funds at Degroof Petercam Asset Management in Brussels. “We’re much more cautious on other heavyweights of the industry.”

Weathering The Storm

Total has taken steps to mitigate the effect of the downturn. It has cut costs, suspended a plan to increase its dividend by 5% to 6% per year, halted share buybacks, and given investors the option of taking the final quarterly dividend for 2019 in shares instead of cash. It also announced a plan to eliminate 1,000 jobs in France at a petrochemicals unit, and potentially more abroad.

Those measures will save $7.5 billion this year, meaning the company can fund its major oil and gas projects, invest as much as $2 billion in low-carbon assets and keep paying its dividend even if oil remains at about $40 a barrel, Pouyanne has said. The payout will rise again when the economic situation has normalized, maybe from 2022, he said.

Asset managers are confident Total can maintain its payout until the markets starts to recover. Most investors seem to agree, as the French company has the lowest dividend yield among its European peers, even after Shell’s two-thirds cut.

Its peers are not so well placed. Eni Spa’s dividend is “more challenged than most peers at lower commodity prices,” said Biraj Borkhataria, an analyst at RBC Europe Ltd. JPMorgan said a cut to BP’s dividend is “well flagged”, particularly after Shell’s cut in April.

Total can defend its dividend “even in an adverse scenario which would see the barrel staying around $40” said Regis Longlade, deputy chief executive officer of AG2R La Mondiale Gestion d’Actifs, which owns shares in Total and Shell. “It’s one of the most robust investment case in the industry. Total has one of the lowest breakevens in the market.”

Total now needs less than $25 a barrel to cover its annual expenditure excluding the dividend payment, a drop of more than 75% compared to what it needed back in 2014. It is benefiting from spending cuts initiated since the previous down turn five years ago and investments in low-cost barrels. Its upstream operating expenditure has almost halved since 2014 to $5.4 a barrel, the lowest among the five supermajors, according to Total. Its gearing -- a measure of indebtedness -- has also halved.

Writedown Woes

Yet Total may not be immune to another feature of the current downturn -- multibillion dollar asset writedowns. Last month, BP announced as much as $17.5 billion of charges, its biggest in a decade, saying it expects the pandemic to accelerate the pace of transition to a lower carbon economy. Shell soon followed, warning that it expected a writedown of $15 billion to $22 billion.

“BP has made a major step forwards with its writedowns and the issue of financial risks linked with fossil energies,” said Aurelie Baudhuin, head of socially responsible investing research at Meeschaert Asset Management. “That will inevitably spill over to the entire industry one way or another.”

Total should follow that example, by giving more details on its roadmap to net zero emissions, and broaden its ambitions to incorporate a worldwide scope, said Baudhuin. Bruce Duguid, head of stewardship, EOS at Federated Hermes also wants Total to follow BP, which “recently changed their management and accounting assumptions to be consistent with a Paris-aligned outlook on demand.”

Pouyanne is keeping pace with his rivals in the transition to clean energy. While Shell has set the ambition of becoming the world’s biggest power producer in 2030, Total has spent billions on electricity assets and plans to have more than 25 gigawatts of gross renewable generation capacity by 2025. It is targeting carbon neutrality for all its production and energy products used by its customers in Europe by 2050 or earlier.

Total bought French battery maker Saft Groupe SA in a 950 million-euro ($1 billion) deal in 2016. It further diversified into power in 2018 with the 2-billion euro acquisition of Direct Energie SA, France’s third-largest utility. It recently announced plans to build batteries for electric vehicles in France and China, expanded in the power sector in Spain, India and Qatar, and announced its first deal in offshore wind in the North Sea.

All these factors make Total one of the most attractive investments in the industry, especially since it trades at a discount to its peers, said AG2R’s Longlade.

“Its low breakeven, its gearing among the lowest in the industry, and the ability of its management to adjust quickly to the crisis would justify that Total trades at a premium,” he said.

[sarkasm] 05/7/2020 15:39

Eni makes new gas discovery offshore Egypt
MILAN, 3 hours, 55 minutes ago

Eni, as the operator of the block, BP and Total as contractor members have drilled the first exploration well in the North El Hammad license, in the conventional Egyptian waters of the Nile Delta, on the prospect called Bashrush.

The new discovery is located in 22 meters of water depth, 11 km from the coast and 12 km North-West from the Nooros field and about 1 km west of the Baltim South West field, both already in production.

The well discovered a single 152 meters thick gas column within the Messinian age sandstones of the Abu Madi formation with excellent petrophysical properties. The well will be tested for production.

The discovery of Bashrush demonstrates the significant gas and condensate potential of the Messinian formations in this sector of the Egyptian Offshore shallow waters. The discovery of Bashrush further extends to the west the gas potential of the Abu Madi formation reservoirs discovered and produced from the so-called "Great Nooros Area".

Eni, together with its partners BP and Total, in coordination with the Egyptian Petroleum Sector, will begin screening the development options of this new discovery, with the aim of “fast tracking” production through synergies with the area's existing infrastructures.

In parallel with the development activities associated with this new discovery, Eni will continue to explore the "Great Nooros Area" with the drilling, this year, of another exploration well called Nidoco NW-1 DIR, located in the Abu Madi West concession.

The discovery of Bashrush is further demonstration of the effectiveness of Eni's "incremental" exploration strategy, aimed at selecting high value opportunities and ensuring fast development of the new discoveries through existing infrastructures.

In the North El Hammad concession, which is in participation with the Egyptian Natural Gas Holding Company (EGAS), Eni through its affiliate IEOC holds 37.5% interest, the role of Operator, BP holds the 37.5%, and Total holds the 25% of the Contractor interest.

Eni has been present in Egypt since 1954, where it operates through IEOC Production. The 2020 equity production of IEOC is in the range of 280,000 boepd. – TradeArabia News Service

[waldron] 04/7/2020 08:01

Total Sends Drilling Rig To South Africa To Capitalize On Previous Success
By Julianne Geiger - Jul 03, 2020, 4:30 PM CDT

French oil giant Total SA has sent a drilling rig to South Africa in the hopes of duplicating its massive find there last February, Total’s partner in the project Africa Energy Corp said in a press release on Thursday.

According to Africa Energy Corp (TSXV: AFE), the Odfjell Deepsea Stavanger sem-submersible rig has left Norway and is now headed to South Africa to drill the Luiperd-1 well in Block 11B/12B.

It is the same rig that drilled the Brulpadda oil and gas discovery last February.

Canada-based Africa Energy Corp holds a 49% stake in Main Street 1549 Proprietary Limited, an entity that holds a 10% participating interest in Block 11B/12B. Total’s Africa subsidiary, Total E&P South Africa B.A. is the operating in the block, with a 45% interest. Gas powerhouse Qatar Petroleum International Upstream LLC holds a 25% stake, and South Africa’s Canadian National Resources International holds the remaining 20% stake.

Block 11B/12B is located in the Outeniqua Basin about 175 km off the southern coast of South Africa.

Source: Africa Energy Corp

Total’s website did not have any information about the discovery, although Odfjell Drilling confirmed they had signed a contract for drilling work in South Africa with the Deepsea Stavanger with Total back in December. It has since been in dry dock in Norway undergoing “maintenance and modifications in preparation for the upcoming drilling program on Block 11B/12B” Africa Energy said. At the time, Africa Energy expected the rig to be underway by Q2 2020, with drilling to commence in Q3.

“We believe it is of great benefit to Odfjell Drilling and Total to be able to utilize the same drilling unit for the next wells in order to build on the experience from the previous exploration drilling campaign in this operationally challenging harsh environment high-current area", Simen Lieungh, CEO of Odfjell Drilling, said last December when the deal was signed.

Total originally suspended drilling its Brulpadda Prospect in 2014 due to the challenges in the harsh deepwater environment, according to Africa Energy.

By Julianne Geiger for Oilprice.com

[waldron] 03/7/2020 17:20

Brent Crude Oil NYMEX 42.74 -0.07%
Gasoline NYMEX 1.25 +0.45%
Natural Gas NYMEX 1.80 +1.07%
WTI 40.18 USD -0.07%

FTSE 100
6,157.3 -1.33%
Dow Jones
25,827.36 +0.36%
CAC 40
5,007.14 -0.84%
SBF 120
3,943.47 -0.75%
Euro STOXX 50
3,294.38 -0.77%
DAX
12,528.18 -0.64%
Ftse Mib
19,677.74 -1.05%



Eni
8.674 -0.53%



Total
34.64 -0.59%



Engie
11.385 +0.13%

Orange
10.74 -0.79%


Bp
307.55 -1.82%

Vodafone
129.64 +0.12%

Royal Dutch Shell A
1,299 -1.01%


Royal Dutch Shell B
1,234.4 -0.95%


TULLOW OIL
Price (GBX)30.99 -2.49%

[florenceorbis] 03/7/2020 07:19

Eni-Total drillship anchored off Larnaca
By Staff ReporterJuly 2, 20204 Comments637
Share0
Tungsten Explorer

The Tungsten Explorer drillship anchored off the port of Larnaca on Thursday.

Reports said the vessel will be laid up off Cyprus for the next few months, reversing prior plans to head out to Trinidad after completing drilling offshore Lebanon.

It is the same vessel which ENI and Total had intended to use for drilling off Cyprus this spring, before plans were scuttled due to the coronavirus situation.

[waldron] 02/7/2020 18:07

Brent Crude Oil NYMEX 42.64 +1.67%
Gasoline NYMEX 1.24 +1.96%
Natural Gas NYMEX 1.77 +1.60%
WTI 40.145 USD +1.62%

FTSE 100
6,240.36 +1.34%
Dow Jones
25,969.35 +0.91%
CAC 40
5,049.38 +2.49%
SBF 120
3,973.24 +2.42%
Euro STOXX 50
3,320.09 +2.95%
DAX
12,608.46 +2.84%
Ftse Mib
19,878.78 +2.83%



Eni
8.72 +2.89%


Total
34.845 +2.01%



Engie
11.37 +4.07%

Orange
10.825 +2.12%


Bp
313.25 +1.26%

Vodafone
129.48 +1.28%

Royal Dutch Shell A
1,312.2 +0.58%



Royal Dutch Shell B
1,246.2 +0.81%




TULLOW OIL
Price (GBX)31.78 2.55%

[waldron] 02/7/2020 15:24

07/02/2020 | 10:49am BST

Already positive, the research from Credit Suisse and its analyst Thomas Adolff still consider the stock as a Buy opportunity..


The target price is unchanged at EUR 43.

[waldron] 01/7/2020 17:29

Brent Crude Oil NYMEX 41.93 +0.62%
Gasoline NYMEX 1.21 -0.64%
Natural Gas NYMEX 1.72 -3.96%
(WTI) 39.745 USD +0.51%

FTSE 100
6,157.96 -0.19%
Dow Jones
25,825.94 +0.05%
CAC 40
4,926.94 -0.18%
SBF 120
3,879.44 -0.12%
Euro STOXX 50
3,228.45 -0.37%
DAX
12,260.57 -0.41%
Ftse Mib
19,304.88 -0.36%


Eni
8.475 -0.18%

Total
34.16 +0.54%



Engie
10.925 -0.68%

Orange
10.6 -0.42%


Bp
309.35 +0.70%

Vodafone
127.84 -0.79%

Royal Dutch Shell A
1,304.6 +1.37%


Royal Dutch Shell B
1,236.2 +1.00%

TULLOW OIL
Price (GBX)30.99 -2.24%

[waldron] 30/6/2020 17:04

Brent Crude Oil NYMEX 41.68 -0.33%
Gasoline NYMEX 1.22 +1.89%
Natural Gas NYMEX 1.73 +2.30%
WTI 39.67 USD +0.32%


FTSE 100
6,169.74 -0.90%
Dow Jones
25,598.78 +0.01%
CAC 40
4,935.99 -0.19%
SBF 120
3,884.04 -0.10%
Euro STOXX 50
3,240.4 +0.01%
DAX
12,310.93 +0.64%
Ftse Mib
19,402.36 -0.23%



Eni
8.49 -1.57%


Total
33.975 -1.66%



Engie
11 -1.70%

Orange
10.645 -0.37%


Bp
307.2 -2.45%

Vodafone
128.86 +0.83%

Royal Dutch Shell A
1,287 -3.94%



Royal Dutch Shell B
1,224 -3.68%

TULLOW OIL
(GBX)31.70 + 1.57%

[waldron] 29/6/2020 17:13

Brent Crude Oil NYMEX 41.40 +1.15%
Gasoline NYMEX 1.19 +2.43%
Natural Gas NYMEX 1.71 +10.75%
(WTI) 39.045 USD +3.18%


FTSE 100
6,225.77 +1.08%
Dow Jones
25,430.34 +1.66%
CAC 40
4,945.46 +0.73%
SBF 120
3,887.81 +0.68%
Euro STOXX 50
3,240.2 +1.02%
DAX
12,232.12 +1.18%
Ftse Mib
19,470.9 +1.81%


Eni
8.625 +2.72%

Total
34.55 -1.69% Ex divi


Engie
11.19 +2.71%

Orange
10.685 +2.84%


Bp
314.9 +3.38%

Vodafone
127.8 +2.04%

Royal Dutch Shell A
1,339.8 +1.52%



Royal Dutch Shell B
1,270.8 +1.00%


TULLOW OIL
Price (GBX)31.21 -0.61%

[waldron] 29/6/2020 14:36

29 June 2020
News
Second FPSO starts production at presalt Iara cluster offshore Brazil
Share

Sign up here for GlobalData's free bi-weekly Covid-19 report on the latest information your industry needs to know.

Total and consortium partners have announced the commencement of the floating production storage and offloading (FPSO) P-70 on the Iara cluster in the deepwater Santos Basin pre-salt in Brazil.

The vessel is receiving oil and gas from the Atapu field in the eastern part of the pre-salt area. Atapu is located near the Búzios field offshore Brazil.

In November last year, Total and consortium partners announced first oil from the Iara licence (Block BM-S-11A), marking the start-up of first FPSO P-68 at Iara field in Brazil. Operated by Petrobras, P-68 comprises ten producing wells and seven injection wells.

The Sururu, Berbigão and Oeste de Atapu fields are included in the Iara licence.

In January 2018, Total purchased 22.5% of the rights of the Iara area from Petrobras.

Petrobras (42.5%), Shell Brasil (25%) and Petrogal Brasil (10%) are the other partners in the Iara fields.

Each of the P-68 and P-70 units on the Iara licence will operate at a capacity of 150,000 barrels of oil per day (bpd).

Total Exploration & Production president Arnaud Breuillac said: “The ramp-up of Iara’s production reflects Total’s growth strategy in the Brazilian deep offshore, where the group focuses on giant projects that produce barrels of oil at a competitive cost, resilient in the face of oil price volatility.

“The group production in the country should reach 150,000 barrels of oil per day by 2025, thanks to ongoing developments on the Iara, Mero and Lapa projects.”

Total and Occidental Petroleum announced the end of a sale deal for Total to buy the Algerian and Ghanaian assets of former producer Anadarko.

[grupo guitarlumber] 29/6/2020 09:35

Payment in cash or in new shares July 16 July 23

[florenceorbis] 29/6/2020 08:07

06/29/2020 BST

A optional dividend is removed today from Total S.A.'s share.

[sarkasm] 28/6/2020 19:42

Sonatrach, Total sign LNG deal extension
Jun 28, 2020

Algerian national energy company Sonatrach has extended its liquefied natural gas (LNG) partnership with the French major Total.

The Algerian company noted in its statement the deal has been extended by a further three years.

Under the agreement, 2 million tons of Algerian LNG will land in France over the course of each contract year.

The statement reads that the Fos Cavaou LNG import terminal is the priority destination.

Sonatrach CEO Toufik Hakkar noted the deal extension reinforces the relationship between the two companies.

Additionally, Total noted in its statement that the agreement includes the sub-charter of an LNG tanker of Total by Sonatrach.

It was noted that the prior relationship was key in concluding the agreement in the volatile market context.

It also enables the two companies to expand cooperation in various fields of mutual interest.



Source: Offshore Energy

[florenceorbis] 28/6/2020 06:25

(Bloomberg) -- As OPEC and its allies make their deepest cuts yet to crude production, Norway’s giant Johan Sverdrup oil field is exporting more than ever before.

Crude loadings from the field are set at a record 4.4 million barrels, or 465,000 barrels a day, in August, according to a loading program seen by Bloomberg. That’s compared with 429,000 barrels a day expected in July.

Norway’s state-controlled energy company Equinor ASA pledged to slash production from the Johan Sverdrup field by 20% in June, as the country moved ahead with historic oil-output cuts in cooperation with the Organization of Petroleum Exporting Countries and its allies. The curbs are aimed at rebalancing the oil market and eliminating a glut.

It’s the first time Norway has agreed to be part of coordinated international efforts to cut oil output since 2002, as the market grapples with cratering demand amid the coronavirus pandemic. The government had previously said production would be limited to 1.609 million barrels a day in June and 1.725 million a day throughout the second half of 2020.

Volumes for Sverdrup will be capped at about 376,000 barrels a day this month, according to a revised permit obtained by Bloomberg through a freedom of information request. That’s down from a peak of 470,000 in April.

If companies produce less than their permits allow, they may roll the difference forward, from June to the third quarter, or from June and the third quarter to the fourth quarter. Equinor will be allowed to pump about 416,000 barrels a day from the field in the third and fourth quarters.

Russia, a key member of OPEC+, has curbed exports of medium sour Urals to the lowest in a decade and even frequent quota-flouters, such as Iraq, have fallen into line with their pledged reductions. Russia’s exports of its flagship Urals crude oil grade are set to plunge next month, by 40% from June levels, to about 785,000 barrels a day.

Earlier this month, Total SA made an unusual foray into the North Sea crude market as a recovery in Europe’s fuel demand gathers pace at a time when the number of cargoes available from other producers are being curbed.

[waldron] 26/6/2020 17:05

Brent Crude Oil NYMEX 40.70 -1.02%
Gasoline NYMEX 1.15 -3.73%
Natural Gas NYMEX 1.55 +1.77%
WTI 38.195 USD -1.93%


FTSE 100
6,159.3 +0.20%
Dow Jones
25,224.12 -2.03%
CAC 40
4,909.64 -0.18%
SBF 120
3,861.37 -0.18%
Euro STOXX 50
3,207.37 -0.75%
DAX
12,089.39 -0.73%
Ftse Mib
19,147.12 -0.46%


Eni
8.397 -0.99%


Total
35.145 -0.18%



Engie
10.895 -0.59%

Orange
10.39 +0.00%



Bp
304.6 -1.30%

Vodafone
125.24 -1.43%

Royal Dutch Shell A
1,319.8 -0.74%



Royal Dutch Shell B
1,258.2 -0.98%

TULLOW OIL
Price (GBX)31.40 -0.66%

[sarkasm] 26/6/2020 13:54

Pro
Marketplace
Upgrade
1

Premium
My Portfolio5
Authors
Top Stocks
Latest News
Markets
Stock Ideas
Dividends
ETFs
Investing Strategy
Podcasts

Help & Support
Edit

bp
23.50
1.56%
bpmp
11.54
-1.62%
duk
79.45
-1.27%
fdx
136.11
0.76%
nok
4.45
5.95%
rds.a
33.89
2.33%
tot
39.17
0.26%

Expand Portfolio
Energy
Petrobras launches production at Atapu pre-salt field
Jun. 26, 2020 8:41 AM ET|About: Petróleo Brasileiro S.A. - ... (PBR)|By: Carl Surran, SA News Editor

Petrobras (NYSE:PBR) says it has started oil and gas production from the Atapu pre-salt field, using the P-70 FPSO platform in the deepwater Santos Basin offshore Brazil.

The P-70 platform, the fifth FPSO of the series, has the capacity to process as much as 150K bbl/day of oil and treat up to 6M cm/day of natural gas.

Petrobras owns ~89% of rights to the deposit; smaller partners include Royal Dutch Shell (RDS.A, RDS.B) and Total (NYSE:TOT).

[la forge] 26/6/2020 08:59

TOTAL: Total: Brazil: Production Ramp-Up on Iara with the Start-Up of the Second FPSO
26/06/2020 8:45am
UK Regulatory (RNS & others)

Total (LSE:TTA)
Intraday Stock Chart


Friday 26 June 2020
Click Here for more Total Charts.

TIDMTTA



Total (Paris:FP) (LSE:TTA) (NYSE:TOT) and its partners announce the start-up of the Floating Production Storage and Offloading (FPSO) P-70 of the Iara cluster (Block BM-S-11A), located in the deepwater Santos Basin pre-salt offshore Brazil. With a productive capacity of 150,000 barrels of oil per day, this new unit double the overall production capacity of the Iara cluster -- initiated in November 2019 on the Berbigão field with the FPSO P-68 -- and will produce the reserve of the Atapu field.



"The ramp-up of Iara's production reflects Total's growth strategy in the Brazilian deep offshore, where the Group focuses on giant projects that produce barrels of oil at competitive cost, resilient in the face of oil price volatility," said Arnaud Breuillac, President Exploration & Production at Total. "The Group production in the country should reach 150,000 barrels of oil per day by 2025 thanks to ongoing developments on the Iara, Mero and Lapa projects."



The BM-S-11A license comprises parts of the fields of Sururu, Berbigão and Atapu. Total acquired a working interest of 22.5% in Block BM-S-11A on January 12, 2018 as part of the strategic alliance with Petrobras, becoming a partner alongside operator Petrobras (42.5%), Shell Brasil Petróleo Ltda. (25%) and Petrogal Brasil S.A. (10%).



Total in Brazil



Total has been present in Brazil for over 40 years and has more than 3,000 employees in the country. The Group operates in all segments: exploration and production, gas, renewable energies, lubricants, chemicals, and distribution.



Total Exploration & Production's portfolio currently includes 24 blocks, with 10 operated. In 2019, the Group's production in the country averaged 16,000 barrels of oil per day. In October 2019, a consortium led by Total was awarded Block C-M-541, located in the Campos Basin, in the 16th Bidding Round held by Brazil's National Petroleum Agency (ANP).



In 2017, Total and Petrobras formed a Strategic Alliance encompassing exploration and production and gas, renewables and power activities. Through the Alliance, the two groups are implementing R&D projects on topics such as artificial intelligence leading to efficiency gains, with direct applications in Brazil. Total entered the fuel distribution market in Brazil with the acquisition in December 2018 of Grupo Zema's distribution activities. Total thus owns a network of 280 service stations, as well as several storage facilities for petroleum products and ethanol.



About Total



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



* * * * *



Cautionary note



This press release, from which no legal consequences may be drawn, is for information purposes only. The entities in which TOTAL S.A. directly or indirectly owns investments are separate legal entities. TOTAL S.A. has no liability for their acts or omissions. In this document, the terms "Total" and "Total Group" are sometimes used for convenience where general references are made to TOTAL S.A. and/or its subsidiaries. Likewise, the words "we", "us" and "our" may also be used to refer to subsidiaries in general or to those who work for them.



This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TOTAL S.A. nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.

Total

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



Investor Relations: [phone] l [e-mail]



View source version on businesswire.com:


CONTACT:

Total


SOURCE: TOTAL
Copyright Business Wire 2020


(END) Dow Jones Newswires

June 26, 2020 03:45 ET (07:45 GMT)