Total Share Discussion Threads

[waldron] 28/8/2020 06:55

8/27/2020 | 07:32pm BST

By Dan Molinski



Total Petrochemicals & Refining USA on Thursday said it has begun efforts to start back up its refinery in Port Arthur, Texas after the plant was shut as a safety precaution due to Hurricane Laura.

"We are working diligently to energize the facility and start up recovery efforts," the refinery said in a statement to the Texas Commission on Environmental Quality.

Total's 225,000-barrel-a-day Port Arthur refinery is 95 miles east of Houston. The city of Port Arthur was near but not directly in the path of where Hurricane Laura made landfall Thursday morning as a powerful, Category 4 storm.



Write to Dan Molinski at [e-mail]

[sarkasm] 27/8/2020 09:35

08/27/2020 | 09:26am BST

Regulatory News:



TOTAL SE (Paris:FP) (LSE:TTA) (NYSE:TOT) (the "Company") announces today its intention to issue Euro denominated undated non-call 10 year deeply subordinated fixed rate resettable notes (the "New Notes"). The pricing of the New Notes is expected to be announced later today. The New Notes are scheduled to be admitted to trading on Euronext Paris. It is also expected that the rating agencies will assign the New Notes ratings of A2/A- (Moody's/ S&P) and 50% equity credit.



The Company is also launching a tender offer (the "Tender Offer") intended to repurchase its Undated deeply subordinated fixed rate resettable notes with a first call date on 26 February 2021 (ISIN: XS1195201931) issued by the Company on 26 February 2015,of which EUR1,000,000,000 are currently outstanding, and admitted to trading on Euronext Paris (the "Notes").



The Tender Offer is subject to a maximum acceptance amount which will be determined and announced by the Company in its sole and absolute discretion as soon as reasonably practicable on 3 September 2020 (the "Maximum Acceptance Amount").



The Tender Price will be based on a purchase yield fixed at -0.20% per cent.



The purpose of the Tender Offer and the planned issuance of New Notes is, amongst other things, to proactively manage the Company's hybrid portfolio while intending to maintain the aggregate size of the stock of outstanding hybrid notes at around the same level.



It is expected that, following the New Issue and Tender Offer, the Company's overall hybrid equity credit will remain constant.



The Tender Offer will end at 17:00 hours CET on 2 September 2020 and its results will be announced on 3 September 2020 (subject to changes as a result of any extension, withdrawal, termination, re-opening or amendment of the Tender Offer).

[jimarilo] 27/8/2020 08:43

Deepsea Stavanger about to spud in S/A and the Maersk Voyager enroute this morning to spud Block 48 Angola

[adrian j boris] 24/8/2020 07:56

AllAfrica Newsletters



Nigeria: Total Raises Concerns Over Depleting Oil Reserves

24 August 2020
This Day (Lagos)
By Peter Uzoho

Total Exploration and Production Nigeria Limited has expressed concerns over what it described as the continuous depletion of Nigeria's oil and gas reserves.

The multinational stressed that the situation portends serious danger to the nation's future economic sustainability.

The Managing Director of Total E&P Nigeria, Mr. Mike Sangster, said this while delivering a keynote address during a recent virtual Technical Session of the Nigerian Association of Petroleum Explorationists (NAPE).

NAPE had in October last year warned that the reduction in hydrocarbon exploration and steady depletion of the oil and gas reserves would drive Nigeria into "risks of long-term disruption to oil and gas supplies, power generation, collapse of industries and significant loss of revenue".

Sangster, however, attributed the oil reserves' depletion to uncertain fiscal and regulatory regimes, policies that make new investments unattractive and uncompetitive, and low oil prices, amongst others.

"As a body of explorationists, you, like every keen observer of the industry, should be concerned that as we deplete our oil and gas reserves as a nation, there are no proportionate exploration activities to ensure long term sustainability and replenishment of the resource that accounts for more than 90 per cent of the country's foreign exchange earnings.

"Combination of factors which include uncertain fiscal and regulatory regimes, policies that make new investments unattractive and uncompetitive, low oil prices, etc, are easily to blame for this development," Sangster said.

He said Total, as a key stakeholder in the Nigerian oil and gas industry, was prepared to work with the government, partners, and other stakeholders to address the bottlenecks to new exploration investments.

According to him, "I expect this session to also focus on these issues, even if this is not the topic of today's technical meeting."

Sangster reiterated the oil major's commitment to continue supporting Nigeria always, particularly in this time of COVID-19 pandemic.

He said: "We are all aware of the raging COVID-19 pandemic which has held the world hostage for several months now. The adverse effect on lives and businesses, especially the oil and gas industry cannot be overemphasised.

"Total rose to the clarion call of the federal government along with its partners, led by the Nigerian National Petroleum Corporation (NNPC), by contributing to a donation of N21 billion in support of the federal government's COVID-19 efforts.




"Total's contribution was $3.2million (N1.2billion). The company also supported the Lagos State Government with critical supplies and medical equipment. In Rivers State, we reached out to our stakeholders by providing medical supplies and support for our host communities and the state government."

He disclosed that their downstream company, Total Nigeria Plc, donated N50million as part of a combined contribution from the Major Oil Marketers Association of Nigeria (MOMAN), under the auspices of the NNPC and provided the Lagos State Government with fuel for logistical support during the pandemic," he said.

He said Nigeria remains crucial to the Total Group, as the country accounts for around 10 per cent of its equity production, explaining that Total has also invested approximately $10billion in the country in recent years.

Read the original article on This Day.

[waldron] 21/8/2020 17:20

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[adrian j boris] 20/8/2020 07:34

TechnipFMC PLC Thursday said it was awarded a contract for engineering, procurement, construction and installation at the Libra Consortium's Mero 2 project in Brazil.

The French energy company said the contract, which is valued between $500 million and $1 billion, will cover work at the offshore pre-salt Mero field in the Santos Basin, Brazil at 2,100 meters deep. The project is set to start in 2022, the company said.

The contract was awarded by Petroleo Brasileiro SA, head and operator of the Libra Consortium, which also include oil companies Shell Brasil Petroleo Ltda. and Total SE.



Write to Cecilia Butini at [e-mail]



(END) Dow Jones Newswires

August 20, 2020 01:59 ET (05:59 GMT)

[grupo guitarlumber] 18/8/2020 10:01

Total restarts drilling off Angola. Two more rigs to join soon

Exploration & Production

August 18, 2020, by Bojan Lepic

French oil major Total has resumed oil drilling offshore Angola with the Skyros rig while two more are expected to start operations in the week to follow.

Olivier Jouny, managing director of Total Exploration & Production Angola, revealed short and mid-term plans for Total’s Angola operations in an interview with Africa Oil & Power on Monday.

Jouny told the media outlet that the crisis caused by COVID-19 and the dramatic drop in the oil price impacted the worldwide economy and that Total was not immune to this.

In response, Total designed an action plan at group level to reduce its investments, opex, and buy-back program.

The company, Jouny said, was also pursuing already sanctioned projects like Zinia Phase 2 and Clov Phase 2 in Block 17 or Caril and Mostarda East in Block 32.
Source: Total Angola
Source: Total

According to Jouny, Total is ramping-up our activities offshore and will restart drilling wells, perform seismic acquisitions, and non-routine production and maintenance operations on both blocks.

The Skyros rig is already on Block 32 and the Maersk Voyager is due to restart drilling at the end of August while the West Gemini restart is expected in the coming weeks. He stated that the French oil firm was the first operator to restart its offshore non-essential activities in the country.

To remind, Maersk Drilling already said last week in its fleet status report that the Maersk Voyager would be resuming ops for Total.

It is worth noting that Total took the decision to defer exploration wells initially planned in 2020-21 to give priority to development wells and accelerate oil production.

In addition to Blocks 17 and 32 tie-back and infill projects, Total is also studying developments the Begonia and Chissonga fields.
Total eyes new production hub offshore Angola
Posted: 8 months ago

“These two developments, along with the foreseen development of Cameia and Golfinho in newly acquired Blocks 20 and 21, will sustain Total operated production levels for the mid-term. TEPA is currently working on those fields to propose development concepts that will ensure sufficient economics, considering their fiscal framework and the volatile environment”, Jouny stated.

He further added that the company would drill Block 29 and Block 48 in the coming years. According to Jouny, Block 48 will be drilled at a world record water depth.

[grupo guitarlumber] 17/8/2020 14:27

Total, partners to start Mero project phase 3 offshore Brazil
Aug. 17, 2020 8:01 AM ET|About: TOTAL SE (TOT)|By: Carl Surran, SA News Editor

Total (NYSE:TOT) and its consortium partners say they have launched the third phase of development for the Mero oil project in the Libra block off the Brazilian coast.

The Mero 3 floating production storage and offloading vessel will have a liquid treatment capacity of 180K bbl/day and is expected to start operating by 2024.

The move follows investment decisions for Mero 1 and Mero 2 FPSOs - with anticipated startups in 2021 and 2023, respectively - both of which also have a liquid processing capacity of 180K bbl/day.

The Libra consortium which operates the production on the Libra block is led by Petrobras (NYSE:PBR), which owns a 40% stake, and includes Total and Royal Dutch Shell (RDS.A, RDS.B) with a 20% stake each, as well as China's Cnooc (NYSE:CEO) and CNPC (NYSE:PTR).

Total recently recently reported better than forecast Q2 earnings even as revenues dropped by more than 50%.

[grupo guitarlumber] 17/8/2020 11:55

08/17/2020 | 08:23am BST

By Olivia Bugault



Total SE said Monday that the company and its consortium partners have made the investment decision for phase three of the Mero project (Libra block) located 180 kilometers off the coast of Rio de Janeiro, Brazil.

The Mero 3 floating production storage and offloading, or FPSO, should start up by 2024 and will have a liquid treatment capacity of 180,000 barrels per day, Total said.

The oil resources of the Mero field are estimated at three billion to four billion barrels, the French oil-and-gas company said.

"It follows investment decisions for Mero 1--startup expected in 2021--and Mero 2--startup expected in 2023--FPSOs, both of which have a liquid processing capacity of 180,000 barrels per day," it said.

The Mero project will contribute to Total's production from 2020 onward as it targets a production of 150,000 barrels per day in Brazil by 2025, the company said.

The Libra consortium which operates the production on the Libra block is led by Petroleo Brasileiro S/A, which holds a 40% stake, and includes Total and Shell Brazil with a 20% stake each, as well as CNOOC Limited and CNPC, Total said.



Write to Olivia Bugault at [e-mail]

[grupo guitarlumber] 17/8/2020 08:14

Brazil: Total Launches Phase 3 On the Giant Mero Field Development
17/08/2020 7:45am
Dow Jones News

Total (EU:FP)
Intraday Stock Chart


Monday 17 August 2020
Click Here for more Total Charts.

Regulatory News:



Total (Paris:FP) (LSE:TTA) (NYSE:TOT) and its partners have taken the investment decision for the third phase of the Mero project (Libra block), located deep offshore, 180 kilometers off the coast of Rio de Janeiro, in the prolific pre-salt area of the Santos Basin.



The Mero 3 FPSO(1) will have a liquid treatment capacity of 180,000 barrels per day and is expected to start up by 2024. It follows investment decisions for Mero 1 (startup expected in 2021) and Mero 2 (startup expected in 2023) FPSOs, both of which have a liquid processing capacity of 180,000 barrels per day.



"The decision to launch Mero 3 marks a new milestone in the large-scale development of the vast oil resources of the Mero field -- estimated at 3 to 4 billion barrels. It is in line with Total's growth strategy in Brazil's deep-offshore, based on giant projects enabling production at competitive cost, resilient in the face of oil price volatility," said Arnaud Breuillac, President Exploration & Production at Total. "The Mero project will contribute to the Group's production from 2020 onwards, and we are targeting a production of 150,000 barrels per day in Brazil by 2025. "



The Mero field has been in pre-production since 2017 with the 50,000-barrel-per-day Pioneiro de Libra FPSO. The Libra Consortium is operated by Petrobras (40%) as part of an international partnership including Total (20%), Shell Brasil (20%), CNOOC Limited (10%) and CNPC (10%). Pré-Sal Petróleo (PPSA) manages the Libra Production Sharing Contract.



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.



* * * * *

[florenceorbis] 16/8/2020 15:22

ENERGYMIXREPORT



Chevron, Total others slash production, cut assets by $50bn
Aug 16, 2020

The world’s five largest oil production companies collectively cut the value of their assets by nearly $50 billion in the second quarter, and slashed production rates as the COVID-19 pandemic caused a drastic fall in fuel prices and demand.

The five majors, which include Chevron Corp, Royal Dutch Shell and Total SA, also cut capital expenditures by a combined $25 billion between the quarters.

The dramatic reductions in asset valuations and decline in output show the depth of the pain in the second quarter. Fuel demand at one point was down by more than 30 per cent worldwide, and still remains below pre-pandemic levels.

Several executives said they took massive writedowns because they expect demand to remain impaired for several more quarters as people travel less and use less fuel due to the ongoing global pandemic that has killed more than 700,000 people.

Of those five companies, only Exxon Mobil did not book sizeable impairments. But an ongoing re-evaluation of its plans could lead to a “significant portion” of its assets being impaired, it reported, and signal the elimination of 20 per cent or 4.4 billion barrels of its oil and gas reserves.

By contrast, BP took a $17 billion hit. It said it plans to re-center its spending in coming years around renewables and less on oil and natural gas.

Weak demand means oil producers must revisit business plans, said Lee Maginniss managing director at consultants Alarez & Marsal. He said the goal should be to pump only what generates cash in excess of overhead costs.

“It’s low-cost production mode through the end of 2021 for sure, and to 2022 to the extent there are new development plans being contemplated,” Maginniss said.

London-based BP has previously said it plans to cut its overall output by roughly 1 million barrels of oil equivalent (boepd) by the end of 2030 from its current 3.6 million boepd.

Of the five, Exxon is the largest producer, with daily output of 3.64 million boepd, but its production dropped 408,000 boepd between the first and second quarters.

Crude output worldwide dropped sharply after the market crashed in April.

The Organization of the Petroleum Exporting Countries, led by Saudi Arabia, along with allies including Russia, agreed to cut output by nearly 10 million barrels a day to balance out supply and demand in the market.



Source: Oriental News

[waldron] 15/8/2020 07:04

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33.5 -1.44%



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292.65 -2.84%

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25.23 -0.38 (-1.48%)

[grupo guitarlumber] 14/8/2020 11:00

Total nears South African well spud

Exploration & Production

August 14, 2020, by Nermina Kulovic

French oil major Total expects to spud the Luiperd-1 well located in Block 11B/12B offshore South Africa by the end of this month.
Deepsea Stavanger rig
Deepsea Stavanger rig; Source: Aker BP

Total hired the Deepsea Stavanger rig for operations in its operated Block 11B/12B last year.

The rig was mobilized from Norway to South Africa for Total’s drilling campaign back in early July.

Africa Energy, one of Total’s partners in the block, said on Thursday that the Luiperd-1 well is expected to spud by the end of August 2020 and will target a large submarine fan prospect within the same sequence as Brulpadda discovery.

According to Africa Energy, the rig is currently in Cape Town, South Africa.

The company also said that the Block 11B/12B joint venture recently received the fast-track 2D seismic dataset from Shearwater for the 7,033 linear kilometre 2D seismic program completed this year.

Initial interpretative work has confirmed the Kloofpadda Play Trend, which consists of several large and encouraging leads.

The JV also recently received the fast-track 3D seismic dataset from PGS for the 2,305 square kilometre 3D seismic program completed this year. Initial interpretive work has identified a number of additional leads, including a potential northern extension to the Luiperd Prospect.

Total is the operator and has a 45 per cent interest in Block 11B/12B, while Qatar Petroleum and CNR International have 25 per cent and 20 per cent interests, respectively.

Africa Energy holds 49 per cent of the shares in Main Street 1549 Proprietary Limited, which has a 10 per cent participating interest in Block 11B/12B.

[grupo guitarlumber] 14/8/2020 08:42

Battle lines drawn at Total's tantalising Tilenga oil scheme in Uganda

Five set to enter fray to land $2 billion contract to build oil and gas facilities for Uganda project on shores of Lake Albert

13 August 2020 22:00 GMT Updated 14 August 2020 6:05 GMT

By Xu Yihe, Iain Esau and Barry Morgan
in Singapore, London and Paris

[sarkasm] 13/8/2020 10:18

Commodities
Company News

16h ago

Australian oil field buoys Total Energy Q2 report

The Canadian Press








Oil Rig in Alberta

Oil rig in Alberta's oil sands , BNN File Image
Total Energy Services (TOT:CT)
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CALGARY - Shares in Total Energy Services Inc. are up after it reported a 68 per cent decline in revenue in the second quarter due to a near collapse in oilfield activity in North America but beat analyst estimates for adjusted income.

The Calgary-based drilling company's stock rose by as much as 7.7 per cent or 17 cents to $2.37 in early trading in Toronto on Wednesday.

Total reported adjusted earnings of $12.9 million on revenue of $70.8 million in the three months ended June 30, was down from $17.5 million on $212.7 million in the year-earlier period.

Adjusted earnings beat analyst expectations of $7.3 million despite revenue coming in well below forecasts of $100.7 million, according to financial data firm Refinitiv.

Total said utilization of its drilling rig fleet dropped to one per cent in Canada, where it has 80 rigs, and three per cent in the United States, where it has 13 rigs. Its five rigs in Australia, in contrast, operated at 72 per cent utilization.

The company suspended its dividend and cut its 2020 capital budget from $23 million to $10 million to deal with the lower North American activity. It said it received $4.5 million in grants under the Canada Emergency Wage Subsidy program in the quarter.

“Our strategy to diversity geographically and operationally paid off during the tremendously challenging period,” said chief financial officer Yuliya Gorbach on a conference call on Wednesday.

“Reductions in North American revenues were somewhat offset by relatively stable revenues from Australia during the second quarter of 2020.”