Total Share Discussion Threads

[waldron] 22/10/2020 07:22

European markets head for lower open as U.S. stimulus talks continue

Published Thu, Oct 22 20201:14 AM EDTUpdated 50 Min Ago

Holly Ellyatt
@HollyEllyatt

Key Points

London’s FTSE is seen 20 points lower at 5,750, Germany’s DAX down 61 points at 12,493, France’s CAC 40 down 39 points at 4,811 and Italy’s FTSE MIB 133 points lower at 18,873, according to IG.

U.S. stimulus talks remain in focus.

[grupo guitarlumber] 21/10/2020 12:15

Tullow Gets Ugandan Government Approval for $575m Asset Sale

Paul Burkhardt, Bloomberg News



(Bloomberg) --

Tullow Oil Plc received approval from the Ugandan government for its $575 million sale of assets to Total SE, sending the shares up 17%.

The beleaguered oil and gas explorer had been waiting since 2017 to close the divestment, an effort repeatedly stymied by tax disagreements. As it sought relief from lenders this year to avoid blowing through debt covenants, securing proceeds from the sale became key to restoring stability.

“The Government of Uganda and the Ugandan Revenue Authority have executed a binding tax agreement,” Tullow said Wednesday in a statement. “The Ugandan minister of energy and mineral development has also approved the transfer of Tullow’s interests to Total.”

Tullow shares traded up 2.73 pence at 19.24 pence as of 10:08 a.m. in London.

The company expects the transaction to close in the coming days.

[florenceorbis] 21/10/2020 10:55

Tullow Shares Soar as Uganda Approves $575 Million Asset Disposal



0
10/21/2020 | 10:40am BST

By Jaime Llinares Taboada

Shares in Tullow Oil PLC rose on Wednesday after it said that the government of Uganda approved the sale of the company's assets in the country to Total SE.

The London-listed oil and gas group expects the deal to close in the coming days.

Tullow will receive $500 million on completion and a further $75 million once a final investment decision is taken on the development project. In addition, it will receive contingent payments linked to the oil price once production starts.

Shares in Tullow at 0914 GMT were up 29% at 21.34 pence. Total's shares were down 1.6% at EUR27.78.

Tullow had said in early September that if the sale of the Uganda assets couldn't be completed, it would need to progress alternative refinancing solutions in order to avoid a financial restructuring.

Write to Jaime Llinares Taboada at [e-mail]; @JaimeLlinaresT

(END) Dow Jones Newswires

10-21-20 0539ET

[misca2] 20/10/2020 17:57

U.S. broadens sanctions against Russian gas pipeline project
Oct. 20, 2020 10:22 AM ET|About: Public Joint Stock Company ... (OGZPY)|By: Carl Surran, SA News Editor

The U.S. State Department has broadened the scope of sanctions targeting the Gazprom-led (OTCPK:OGZPY) Nord Stream 2 gas pipeline project, which is 100 miles short of completion beneath the Baltic Sea between Russia and Germany.

New State Department guidelines expand upon last year's measure, saying sanctions would apply to companies providing services, facilities or funding for "upgrades or installation of equipment" for vessels that would work on Nord Stream 2.

Last year's sanctions against companies providing deep-sea pipe-laying vessels caused the project's key ship to depart, and the new guidance takes aim at the Russian ship that some U.S. officials tracking the project believe Nord Stream 2 has selected as a replacement vessel.

Gazprom's Nord Stream 2 partners are Royal Dutch Shell (RDS.A, RDS.B), Germany's Uniper (OTC:UNPPY) and BASF (OTCQX:BASFY), Austria's OMV (OTCPK:OMVJF) and France's Engie (OTCPK:ENGIY).

The expanded sanctions are the latest obstacle for the project, following the poisoning of Russian opposition political figure Alexei Navalny in August, which raised calls within Germany to distance itself from it.

[misca2] 20/10/2020 14:58

Nigeria pays $3B to oil majors, moving closer to ending arrears
Oct. 20, 2020 9:15 AM ET|About: Exxon Mobil Corporation (XOM)|By: Carl Surran, SA News Editor

Nigeria's government says it has reimbursed $3B to oil companies including Exxon Mobil (NYSE:XOM) and Royal Dutch Shell (RDS.A, RDS.B), moving closer to clearing operating expense arrears owed since 2010.

The payments are being settled through a five-year crude oil sales deal agreed in 2016, Nigerian National Petroleum Corp. says, adding that it still owes $917M to Shell, $385M to Eni (NYSE:E), $304M to Total (NYSE:TOT) and $55M to Chevron (NYSE:CVX).

NNPC operates joint ventures with the producers, which pump 80% of Nigeria's output.

Lower revenue and demands for other payments hurt NNPC's ability to contribute its share of expenses during 2010-15, leading to the arrears.

[maywillow] 20/10/2020 11:17

Tullow seeks state agreement on Turkana costs

The project has resumed after a five-month halt, but doubts are growing over its future

Tullow Oil’s longstanding ambition to sell part of its stake in Kenya’s much-delayed Turkana crude project may depend on the Anglo-Irish firm agreeing state compensation for its development costs.

Kenya’s Turkana oil reserves, discovered in 2012, are estimated at 560mn bl. Tullow owns 50pc of the project, while its partners, Canada’s Africa Oil Corp. and Total, each hold 25pc.

A top Tullow executive told Petroleum Economist last year that FID would likely happen in the second half of 2020, having signed heads of terms with Kenya last June, but this year’s oil price slump has again placed the project in doubt.
“I do not know how long the audit process will take. We need a viable project first”, Tullow

In August, Tullow and its partners with withdrew a force majeure notice, declared in May, as Covid-19 restrictions eased and the government confirmed tax incentives would continue to apply.

Tullow described as “ludicrous” a Kenyan newspaper report claiming it had asked for KES204bn ($1.88bn) in compensation from Kenya’s government in lieu of exploration costs incurred from 2012 onwards.

“We have submitted our expenditure for audit ahead of cost recovery as and when production starts, but clearly we only recover our costs from production as per [the] licence,” says Tullow.

On the government response to its submission, the company says: “We are going through a process—an entirely normal process that happens in all oil producing countries—to agree what costs are covered.”

Tullow expects to reach an agreement with the Kenyan government, adding “the joint venture has spent circa $2bn in Kenya since 2011; we would look to recover a considerable part of that plus development costs as part of cost recovery. I do not know how long the audit process will take. We need a viable project first.”
Test case

These negotiations will be the first significant test for Kenya’s 2019 petroleum and energy bill as well as the authority and capacity of the fledgling energy regulator, says Edward Hobey-Hamsher, a senior analyst at consultancy Verisk Maplecroft's Africa Risk Insights team.

“If the two parties cannot agree, the base-case scenario is that Tullow seeks international arbitration, a right enshrined in the petroleum act,” he says.

“A lengthy drawn-out case would re-establish perceptions of Kenya prior to the legislative reforms as a frontier market unprepared for IOCs engaged in latter-stage exploration and production. It would also hasten the planned divestments and farm-downs of Tullow and Total, while deterring new market entrants.”
$895mn – Drop in value of Tullow Kenyan assets

The lack of export infrastructure remains the biggest challenge to the Turkana project, according to Hobey-Hamsher, with Turkana’s oil slated to be transported from the 4.33km2 oil production and processing facility to Lamu port in northern Kenya via an 820km, $1.1bn pipeline.

The pipeline’s route and capacity has still to be agreed, and the connection is unlikely to be commissioned before 2027, consultancy Wood Mackenzie estimates. Tullow had hoped to complete it in 2023.

The company, which in its half-year results slashed the value of its Kenyan assets to $295.4mn from $1.19bn a year earlier, has suspended plans to sell a 15-20pc stake in Turkana “pending a comprehensive review … to ensure it continues to be robust at low oil prices, and also consider the strategic alternatives for the asset”. Tullow has also delayed FID.

Total to exit?

Total, which did not respond to requests for comment, has refused to commit its share of the Turkana budget for the 2020 financial year, according to Kenyan media. The French major has also threatened to quit Kenya, Africa Intelligence reports, citing a company letter to Kenya’s petroleum secretary.

“Total and Tullow want to at least farm-down their Kenyan interests, which isn’t the greatest signal,” says Conor Ward, an upstream analyst at research and consulting firm GlobalData Energy. “Total is the largest, most stable of the partners, so if they farm out completely then this project will likely face increased financing hurdles."

FID is now likely in 2022, according to both Hobey-Hamsher and Ward.

“From our valuations, this is quite a good project,” adds Ward. “If oil prices return to 2019 levels next year, they should attract some more interest from other companies.”

[waldron] 20/10/2020 08:32

10/20/2020 | 07:57am BST

Christyan Malek from JP Morgan retains his positive opinion on the stock with a Buy rating. The target price is still set at EUR 42.

[waldron] 20/10/2020 08:27

Total (Paris:FP) (LSE:TTA) (NYSE:TOT) has delivered its first shipment of carbon neutral(1) liquefied natural gas (LNG) to the Chinese National Offshore Oil Corporation (CNOOC).



The loading operation was carried out at the Ichthys liquefaction plant in Australia, and the shipment was delivered on September 29 to the Dapeng terminal, China.



"We are proud to have completed this first shipment of carbon neutral LNG with CNOOC, a long-standing partner of Total. This first LNG shipment, whose carbon emissions have been offset throughout the value chain, represents a new step as we seek to support our customers towards carbon neutrality," explains Laurent Vivier, President for Gas at Total. "The development of LNG is essential to meet the growth in global demand for energy while reducing the carbon intensity of the energy products consumed."



The carbon footprint of the LNG shipment was offset with VCS (Verified Carbon Standards) emissions certificates financing two projects:

-- Hebei Guyuan Wind Power Project, which aims to reduce emissions from
coal-based power generation in northern China.
-- Kariba REDD+ Forest Protection Project, which aims to protect Zimbabwe's
forests


* * *



Total, Second Largest Private Global LNG Player



Our Group has made natural gas, the least pollutant of all fossil fuels, a cornerstone of its strategy to meet a growing global demand for energy while helping to mitigate climate change. We are focusing in particular on LNG, which can be easily transported and delivered as close as possible to consumer markets. Total is present across the entire LNG value chain, from production and liquefaction of natural gas to LNG shipping and trading, regasification using terminals and floating storage regasification units (FSRUs) and contributes to the development of the LNG sector for maritime transportation.



Total is the second-largest global LNG stakeholder in the private industry, with an overall portfolio of nearly 50 Mt/year by 2025 and a worldwide market share of 10%. With over 34 Mt of LNG sold in 2019, the Group has solid and diversified positions across the LNG value chain. The Group sells LNG in all world markets via its stakes in liquefaction plants in Qatar, Nigeria, Russia, Norway, Oman, Egypt, the United Arab Emirates, the United States, Australia and Angola.



About Total



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



* * * * *

[waldron] 19/10/2020 06:31

European markets head for lackluster open as virus, Brexit weigh on sentiment

Published Mon, Oct 19 20201:18 AM EDT

Holly Ellyatt
@HollyEllyatt

Key Points

London’s FTSE is seen opening 13 points lower at 5,912, Germany’s DAX up 10 points at 12,925, France’s CAC 40 up 6 points at 4,946 and Italy’s FTSE MIB up 19 points at 19,332, according to IG.

[waldron] 16/10/2020 17:52

Pierre Jessua: There’s much to do before Uganda first oil flows in 2024

Friday October 16 2020


By JULIUS BARIGABA


The Total Uganda general manager Pierre Jessua spoke with Julius Barigaba on the key pending issues and timelines before Uganda joins global crude oil exporters’ club.

---------------------------------

How has been Total’s journey eight years into the Lake Albert project?

It’s been long but this is a strategic project for Total Group and we have committed to it.

We have had major achievements — we have identified viable development schemes and had discussions with bidders to narrow down the issues, obtained key environmental approvals and finalised project critical agreements such as the production licences and the inter-governmental agreements between Uganda and Tanzania.

We have had some issues like the drastic fall of the prices, climate change and Covid-19. We have had to adapt our global operations to remain resilient. There have been some challenges along the way with regards to aligning some of the legal and commercial requirements, but we have been able to register significant milestones.


There is increased scrutiny on the project by both national and international actors and NGOs, which has increased our zeal to maintain compliance with the highest human rights standards and International Finance Corporation standards on human and environment activities. It’s been frustrating in certain respects but there is progress too.

After the recent Host Government Agreement (HGA), what happens before oil starts to flow, and when will that be?

The September 11 visit of our CEO Patrick Pouyanne allowed all parties to reach an agreement, which was a prerequisite for the Final Investment Decision (FID), which will need the HGA in Uganda, and the back in, which is basically a document that describes the way Uganda National Oil Company (Unoc) joins the partnership.

Those documents have not been signed, they have been initialed ahead of a legal process of agreement, with the Cabinet and the Attorney General. But technically, it’s a key milestone.

President Yoweri Museveni and Mr Pouyanne agreed to expedite all key issues. Two prerequisites for the achievement of the FID were agreed upon, namely, the Unoc upstream “back in” and Uganda HGA for East African Crude Oil Pipeline (Eacop).

However, the midstream project (Eacop)still needs a similar agreement on the HGA in Tanzania. Discussions were initiated; there will also be intensive work to ensure the harmonisation of the respective laws and rules for both the Uganda and Tanzania HGAs — what we call the enabling legislations.

We also need to complete the discussions on shareholders’ agreement and tariff and transportation agreement.

On the Tullow transaction, basically, all hurdles have been overcome and should only be a matter of days or weeks to closing of the deal.

What about the other pending approvals and award of contracts?

On the technical aspects, in Uganda, the international oil companies await the approval of the environmental and social impact assessment for Eacop (in Uganda) and for the Tilenga feeder pipeline connecting the central processing facility to the starting point of Eacop at Kabaale.

We are also working towards the recommendations to award the main contracts for Tilenga and Eacop. We are working on call for tenders for the main contracts, we are receiving some bids and others should be received in the next few weeks. We are all engaged to have the FID by the end of 2020. Appraisal reports for the wells and pipeline, will take three years to complete. A lot of work still remains to be done, but we have all the will to progress. We anticipate achieving first oil in 2024.

Your CEO said reaching the HGA was a long and bumpy road. How were the key sticking points resolved?

Continuous dialogue has enabled us to resolve several issues such as the agreement between Uganda and Tanzania as well as ensuring an alignment between the HGA in both countries.

Earlier this year, the Total group CEO announced the company would slash its capital expenditure (Capex) by more than $3 billion. How feasible is December 2020 for FID?

It is a paradox because we were in the region of $70 per barrel some years ago and we were not at the current level of negotiations with government.

But we believe our project has its merits, complying with our strategy of finding low-cost oil. We have acquired the reserves brought by the shares of Tullow at a good price, so we are meeting certain parameters.

We have a willingness to invest in low cycle oil. With a barrel around $40 means you have a market which is more favourable than a barrel at $60 or $70. So the idea is to be at a counter cycle, considering that in four years’ time, the price of oil will not be where it is.

We have to be extremely disciplined, making sure that this project flies at low cost. It will not fly at $20 or $30 a barrel. We have to make sure we have the best way to monitor and control our expenditure.

It means all stakeholders — suppliers and contractors — have to ensure they provide the best price.

Is Tilenga not affected by Capex cuts?

In March, our CEO announced plans to ensure the group remains resilient – including organic Capex cuts of more than $3 billion, thus reducing 2020 net investments to less than $15 billion.

We found some ways to cut Capex but it was not for Tilenga. For an FID coming at the end of 2020, the Capex will start to be spent in 2021.

Research and consultancy group Wood Mackenzie says only nine FIDs are expected in 2020 of 50 that were in the pipeline before the oil price collapse. What put Tilenga among the nine?

The fundamentals of the Lake Albert project are good. The production capacity is 230,000 barrels per day, with large reserves of more than a billion barrels. It is economically viable and fits within the group’s strategy of developing low cost oil projects as shown by our agreement to acquire Tullow’s entire interests in the Lake Albert development project for less than $2 per barrel of oil.

How much has Total invested here since farm-in in 2012?

As joint partners, we have invested about $3.5 billion in the Lake Albert project. On Eacop, funded exclusively by Total, we have spent $360 million. With the acquisition of Tullow’s interests in the Lake Albert project, the overall consideration paid by Total to Tullow will be $575 million.

The Production Sharing Agreement gives a 78-22 per cent revenue split between government and oil companies. How long will it take Total to recoup its investment here?

We have worked with the government to ensure an economically viable project that meets our investment criteria. The exact time for the investment to be recouped is a function of the final cost, production and price.

State-owned Unoc comes on board as a shareholder in Eacop and joint operator in EA 1, 2 and 3A. From an operation perspective, what does Unoc bring on the table?

It is normal practice for the national oil company to own shares and participate as a partner. It brings value to all parties. Unoc is mandated to hold and manage the 15 per cent state participating interest in the joint venture partnership with the international oil companies. After a Joint Operating Agreement with Unoc will be signed, enabling it to take an active part in project investment decision making, including sanctioning of work programmes, budgets, contracts and expenditures.

[waldron] 16/10/2020 01:48

Oil shortage ahead?

Aramco: supply crunch on under-investment; IEA, OPEC pare recovery views

Steve Sutherlin

An oil shortage may be in the works due to underinvestment in the energy sector and rising demand, Saudi Aramco CEO Amin Nasser said Oct. 13.

“There is a concern that we might end up with a supply crunch over the mid to long term if this level of investment is not corrected looking forward,” Nasser said in remarks to the Energy Intelligence Forum.

Nasser’s remarks came as the International Energy Agency and the Organization of Petroleum Exporting Countries separately released revised projections which reflected an incremental bearish shift in outlook for oil market recovery.

Nasser said demand is recovering from the coronavirus pandemic slump.

“The worst is definitely behind us,” Nasser said. “We are seeing a recovery; most of the demand comes from the developing countries. We see a big pickup from East Asia - especially China.”

Aramco slashed its 2020 investment by $8 billion, versus 2019 spending of $25 billion to $30 billion.

Global energy investment this year is set to fall by 18%, the IEA said in its 2020 World Energy Outlook - released Oct. 13.

Global energy demand in 2020 is poised to fall 5%, led by an 8% drop in oil demand and a 7% drop in coal use, the agency said, adding that natural gas demand is set for a 3% drop and global electricity demand is expected to fall only 2%.

In its report, the IEA advanced a 10-year scenario in which COVID-19 is brought under control and the global economy rebounds to pre-crisis levels in 2021.

An alternate “delayed recovery scenario” reflects a prolonged pandemic with the economy returning to pre-crisis size in 2023, under which the pandemic ushers in a decade with the lowest rate of energy demand growth since the 1930s.

Pre-crisis, energy demand was projected to grow by 12% between 2019 and 2030, but the projection now has fallen to 9%, and to only 4% in the delayed recovery scenario.

In both scenarios, oil demand flattens out in the 2030s, but in a delayed recovery, an additional 4 million barrels per day comes out of the projections, holding total demand under 100 million bpd.

Behavioral changes resulting from the pandemic cut both ways, the agency said.

The longer the disruption, the more some changes become ingrained, such as working from home or avoiding air travel, it said. However, oil consumption benefits from a near-term aversion to public transport, the popularity of SUVs and the delayed replacement of older, inefficient vehicles.

Absent a larger shift in policies, it is still too early to foresee a rapid decline in oil demand, the IEA said, adding that rising incomes in emerging market and developing economies portend strong underlying demand for mobility, offsetting reductions in oil use elsewhere.

Oil use for cars peaks in both scenarios, due to continued improvements in fuel efficiency and sales of electric cars, while oil use for longer-distance freight and shipping varies according to the outlook for the global economy and international trade, the agency said.

Oil demand will increasingly depend on its rising use as a feedstock in the petrochemical sector, it said.

“With demand in advanced economies on a declining trend, all of the increase comes from emerging market and developing economies, led by India,” the agency said. “The slower pace of energy demand growth puts downward pressure on oil and gas prices compared with pre-crisis trajectories, although the large falls in investment in 2020 also increase the possibility of future market volatility.”

OPEC trims growth projections
Spot crude oil prices averaged sharply lower in September, after four consecutive months of gains, OPEC said Oct. 13 in its Monthly Oil Market Report.

The decline reflected a softening recovery of physical crude market fundamentals, bearish sentiment in the crude oil futures market amid new COVID-19 cases globally, and concerns about demand.

Moving with other benchmark crudes, the OPEC reference basket value softened in September by $3.65 to $41.54 per barrel, down by 8.1%.

Hedge funds and other money managers were less bullish on the oil price outlook in September and were net sellers of about 113 million barrels of crude in both Brent and West Texas Intermediate, OPEC said, adding that the Brent and WTI futures markets moved into a steeper contango.

The expected recovery in transportation fuel demand over the summer driving season disappointed, requiring a downward demand revision to Europe and the Americas for the second half of 2020.

Better-than-expected data from China, showing gains in industrial fuel use, “more than offset some of the losses seen in other regions,” OPEC said.

In 2021, the world oil demand forecast was adjusted lower by 0.08 million from the previous month’s report due to the slower economic growth projections.

The OPEC forecast for 2021 oil demand growth is now 6.5 million bpd, with global total demand estimated to reach 96.8 million bpd.

All products are projected to see growth, given the current year’s low demand levels, OPEC said.

“Oil demand growth in 2021 is expected to be capped by a number of factors, including the increase in teleworking and distance education; reduced international business and leisure travel; efficiency gains in the transportation sector; oil substitution policies in power generation; and reduced fuel subsidies,” it said.

On Oct. 13, Alaska North Slope, WTI and Brent crudes climbed further into the lower $40s after recent forays into the upper $30s, with ANS closing up 86 cents to $41.35 per barrel. Brent continued upward in Oct. 14 trading 98 cents to $43.43, and WTI rose 84 cents to $41.04.


Petroleum News

[waldron] 16/10/2020 01:25

10/15/2020 | 10:56am EDT

Adani Green Energy Limited (AGEL) and TOTAL SA (TOTAL) had formed a 50:50 JV for 2,148 MW solar power assets in India, which was setup at an enterprise valuation of INR 17,385 Cr in April 2020.

The JV has today completed another acquisition as per JV agreement, by way of transfer of 205 MW of operating solar assets for an enterprise valuation of INR 1,632 Cr. With the acquisition, the total operating renewable portfolio under the JV stands at 2,353 MW.

TOTAL, through its step-down subsidiary has invested INR 310 Cr in the JV for 50% stake in the new acquisition. AGEL had earlier announced acquisition of these assets from Essel Group on 01 Oct 2020. The assets are located in Punjab, Karnataka and Uttar Pradesh. All the assets have long term Power Purchase Agreements (PPAs) with various state electricity distribution companies. The portfolio is relatively young with average remaining PPA life of approximately 21 years.

The transaction underlines AGEL's and TOTAL's commitment to grow the JV platform and deepens their partnership in the renewables space. The assets expand the JV's footprint in states where it already has a presence through its existing portfolio. This coupled with AGEL's strong operational expertise will help deliver value to the JV partners.

Adani Group Chairman, Mr. Gautam Adani, commented; 'India continues to be one of the most attractive markets for clean energy globally. We are delighted to expand our partnership with TOTAL and are committed to grow our renewables JV platform with them. This step is in line with our ambition of achieving 25 GW of renewable power capacity by 2025 and becoming the world's largest renewable power company by 2030.'

[waldron] 16/10/2020 01:24

10/15/2020 | 08:08am EDT

In a research note published by Jon Rigby, UBS advises its customers to buy the stock. The target price is unchanged at EUR 41.

[waldron] 16/10/2020 01:23

10/15/2020 | 06:24am EDT

Analyst Thomas Adolff from Credit Suisse research gives the stock a Neutral rating. The target price continues to be set at EUR 39.

[florenceorbis] 15/10/2020 08:37

In April 2020, Total (Paris:FP) (LSE:TTA) (NYSE:TOT) and AGEL, a renewable energy subsidiary of the Adani Group, formed a JV to which AGEL contributed a portfolio of 2.1 GW of solar power plants. As part of an option provided for in the initial contract for the formation of the JV, Total and AGEL agreed to extend this portfolio from 2.1 to 2.3 GW with the addition of new solar farms.



" With an ambitious target of 175 GW of installed capacity by 2022, India is a strong growth area for renewable energy. Since last year, the Group has strengthened its commitment in India with around 5 GW of solar projects in the country, in line with its ambition to become a world leader in renewable energies. We are very pleased to further expand our partnership with the Adani Group," said Patrick Pouyanné, Chairman and CEO of Total.



This transaction is in line with the Group's objective of double-digit return on equity for renewable projects.



Total, renewables and electricity



As part of its ambition to get to net zero by 2050, Total is building a portfolio of activities in electricity, renewable in particular, that could account for up to 40% of its sales by 2050. By the end of 2020, Total's gross power generation capacity worldwide will be around 12 gigawatts, including about 7 gigawatts of renewable energy. With the objective of reaching 35 GW of production capacity from renewable sources by 2025, Total will continue to expand its business to become one of the world leaders in renewable energies.



About Adani Green Energy Limited



Adani Green Energy Limited (AGEL), a part of the Adani Group, has 14 GW of operating, under-construction and awarded renewable power projects catering to investment-grade counterparties. AGEL has been ranked as the #1 global solar power generation asset owner by Mercom Capital. The company aims to achieve 25 GW of renewable power by 2025 and is committed to contribute to India's COP21 goals.



About Total



Total is a broad energy company that produces and markets fuels, natural gas and electricity. Our 100,000 employees are committed to better energy that is more affordable, more reliable, 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] 15/10/2020 07:58

WORLDOIL

Total taps Siemens Energy to supply Mozambique LNG turbines
10/14/2020

BERLIN - CCS JV (a joint venture between Saipem and McDermott) recently selected Siemens Energy to supply emissions-reducing power generation equipment and boil-off gas compressors for the Mozambique LNG Project in the Cabo Delgado province on Africa’s East Coast. The project, led by TOTAL E&P Mozambique Area 1, includes the development of offshore gas fields in Mozambique’s Area 1 and a liquefaction plant with a capacity in excess of 12 million tons per year.

As part of the contract, Siemens Energy will supply six SGT-800 industrial gas turbines that will be used for low-emissions onsite power generation.

With more than eight million total fleet operating hours and more than 400 units sold, the SGT-800 turbine is ideally suited for power generation, particularly in LNG applications, where reliability and efficiency are critical. The 54MW turbine rating selected for this project has a gross efficiency of 39 percent. It is equipped with a robust, dry low-emission (DLE) combustion system that enables world-class emission performance over a wide load range.

“Mozambique LNG is the country’s first onshore LNG development project and will play a key role in meeting the increasing demand for energy in the Asia-Pacific, Middle East, and Indian sub-continent markets,” said Thorbjoern Fors, Executive Vice President for Siemens Energy Industrial Applications. “We look forward to helping Total drive toward the lowest possible plant emissions profile and contributing to its goal of delivering clean, reliable energy to customers across the globe.”

Siemens Energy will also supply four centrifugal compressors for boil-off gas (BOG) service. A key feature of these compressors is the inlet guide vane (IGV) system that allows for optimization of power consumption according to changes in operational parameters such as inlet temperature and outlet pressure.

The gas turbines are slated for delivery in the second half of 2021 and the first half of 2022. The delivery of the compressors is scheduled for 2021.

“We’re proud to be part of this important project as a supplier of reliable, field-proven rotating equipment that will help contribute to the long-term economic growth of Mozambique and the prosperity of its citizens,” said Arja Talakar, Senior Vice President, Industrial Applications Products for Siemens Energy.

The equipment order for the Mozambique LNG project comes on the heels of a recent agreement between Total and Siemens Energy to advance new concepts for low-emissions LNG production. As part of the contract, Siemens Energy is conducting studies to explore a variety of possible liquefaction and power generation plant designs, with the goal of decarbonizing LNG facility development and operation.

[waldron] 15/10/2020 07:09

European markets head for lower open as stimulus hopes fade and coronavirus surges


Published Thu, Oct 15 20201:08 AM EDTUpdated Moments Ago

Holly Ellyatt
@HollyEllyatt

Key Points

London's FTSE is expected to open 33 points lower at 5,902, Germany's DAX 95 points lower at 12,933, France's CAC 40 38 points lower at 4,904 and Italy's FTSE MIB 179 points lower at 19,429, according to IG.

U.S. stimulus is unlikely before the Nov. 3 election, officials admit.
Coronavirus restrictions are returning across Europe as the coronavirus surges and France has declared a state of emergency.

[waldron] 13/10/2020 17:13

Downside risks and conclusion

The downside risks are mainly in the domain of extended lockdowns and further delay of lifting air travel and general movement restrictions.

Another downside risk would be the reluctance of funds globally to invest in oil-related companies due to internal regulations and newly-set "moral" standards (possibly to be measured through ESG scores). Regarding this last downside risk, Total SE might be hit by that as a relatively large member of the integrated oil and gas industry. But on the other hand, the firm's management is prepared for such a scenario by stating and implementing a strong commitment towards CO2 reduction and towards increasing their renewables portfolio.

Energy stocks are definitely out of favor, partly justified, but that will change. A transition to renewables cannot come overnight and will take years if not a full decade. Total is prepared for that transition even without the increasing renewables portfolio with its natural gas and liquefied natural gas assets and capacities. It is an investor's task and privilege to search for well-run companies who invest in future energy sources and diversify their portfolio, not just for their own survival's sake, but also to meet our climate goals.