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[florenceorbis] 22/1/2021 09:14

Oil Majors Are Eyeing A Suriname Offshore Boom
By Felicity Bradstock - Jan 21, 2021, 12:00 PM CST
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Majors are eying Suriname as the next big oil player. With recent success in neighbouring Guyana, Suriname offers hope for low-cost oil exploration and production going into 2021. Exxon Mobil, Royal Dutch Shell, Total, Apache are all showing interest in the South American state, hoping Suriname will provide oil for as little as $30 to $40 a barrel thanks to lower production costs. This is well below the average US production cost of almost $50 per barrel.

After years of political unrest, Suriname is eager to make a name for itself in the oil world and encourage economic stability and growth. The hard-hit economy has been further hampered by the Covid-19 pandemic, with the new government looking at the country’s oil potential to drag them out of economic disaster.

Attracting oil investment from foreign companies only became possible after the successful discovery of oil in deep wells in 2015, following around 60 years of failure in shallow waters. At present, state-owned Suriname’s national oil company Staatsolie controls most of the industry.

To encourage investment, Suriname is offering companies 30-year production-sharing agreements, around 10 years longer than those of Latin America’s other oil-rich countries. Following a difficult 2020, emerging oil states such as Suriname and Guyana are expected to dominate licensing rounds this year with such attractive terms.

Oil experts believe there to be at least three to four billion barrels of reserves in Suriname’s waters, providing foreign companies with a bet worth taking for the future of the region’s oil.

Related: Canada Is Cleaning Up Its Oil Sands

Earlier this month, Total and Apache Corporation made an important oil and gas discovery off the coast of Suriname at the Keskesi East-1 well, in Block 58. This brings the total number of oil discoveries in the country to four in 2020, or 1.4 billion barrels of oil equivalent. Total’s Senior Vice President Exploration Kevin McLachlan stated “We are… excited, as new operator of the block, to start the appraisal operations designed to characterize the 2020 discoveries, while in parallel start a second exploration campaign on this prolific block in 2021.”.

In addition, ExxonMobil announced oil and gas finds in Suriname in December. Mike Cousins, Exxon’s Senior Vice President of exploration and new ventures, explained “Our first discovery in Suriname extends ExxonMobil’s leading position in South America, building on our successful investments in Guyana. We will continue to leverage our deepwater expertise and advanced technology to explore frontier environments with the highest value resource potential.”

One recent partnership that’s caught attention in the region is the contract between Maersk Drilling and Total E&P, valued at $100 million. The partnership’s deepwater oil rigs Maersk Valiant and Maersk Develop in Block 58 are expected to start operations this month.

Suriname hopes to follow in the footsteps of neighbouring Guyana, which has attracted significant foreign investment in its oil industry in recent years. Exxon in particular has been investing heavily in the region, commencing production in Guyana’s Liza oilfield in 2019; an area capable of pumping 120,000 bpd. Exxon is now looking to develop the Stabroek Block, having signed a sharing agreement with the government, expected to produce 750,000 bpd by 2026.

Oil production in Guyana could extend beyond the next 30 years, presenting an attractive opportunity for longer-term exploration and low-cost production. In 2020, Guyana had an anticipated economic growth of around 50 percent, mainly owing to its burgeoning oil industry. According to the IMF, the country can expect an average annual real GDP growth of around 13 percent over the next four years.

As companies are less willing to become entangled with neighbouring Venezuela, due to its complex political situation and current US sanctions, with the country’s oil exports falling to its lowest levels in 77 years in 2020, Guyana and Suriname offer a bright alternative.

While it is early days for drilling in Suriname, success in Guyana and a clear interest from international oil majors could put the small South American state on the map.

By Felicity Bradstock for Oilprice.com

[florenceorbis] 21/1/2021 16:40

Total agrees LNG carrier charter deal with Sovcomflot

The two companies further their relationship with a charter that will run for up to seven years and promises lower emissions

21 Jan 2021

Anastassios Adamopoulos @Anastassios_LL [e-mail]

The French energy major will take in a newbuilding 174,000 cu m liquefied natural gas carrier from Sovcomflot in 2021 and have options to take in two more vessels

Lloyd's List

[grupo] 19/1/2021 08:00

Credit Suisse analyst Thomas Adolff maintains his Neutral opinion on the stock. The target price is revised upwards to EUR 42.80 from EUR 41.50.

[grupo] 18/1/2021 10:26

The statement was made Monday. The investment for the stakes in the portfolio and Adani Green Energy is $2.5 billion. "Total to Acquire 20% Stake in India's Adani Green Energy," at 0538 GMT, incorrectly said the statement was made on $2.5 billion. The correct version follows:



By P.R. Venkat


Energy major Total SE will acquire a 20% stake in India's Adani Green Energy Ltd., as part of the French company's ambition to achieve net zero carbon emissions by 2050.

The two companies also agreed to further continue their alliance in the wider renewable energy space, under which Total and Adani Group agreed to buy a 50% stake in a 2.35 GWac portfolio of operating solar assets owned by Adani Green Energy, according to a statement on Monday.

The investment for the stakes is $2.5 billion.

Total will also get a seat on the board of directors of Adani Green Energy.

"Our entry into AGEL is a major milestone in our strategy in the renewable energy business in India put in place by both parties. Given the size of the market, India is the right place to put into action our energy transition strategy based on two pillars: renewables and natural gas," Total Chief Executive Patrick Pouyanne said.

Adani Green Energy, part of the Adani Group, has 14.6 gigawatts of operating, under-construction and awarded renewable power projects catering to investment-grade counterparties.

As part of its ambition to get to achieve its net zero target by 2050, Total is building a portfolio of activities in renewables and electricity that could account for up to 40% of its sales by 2050.



Write to P.R. Venkat at [e-mail]



(END) Dow Jones Newswires

January 18, 2021 00:57 ET (05:57 GMT)

[grupo] 16/1/2021 12:10

Heirs Holdings expands oil and gas portfolio, acquires 45% of OML 17 from Shell, Total, ENI
Business News
By Tribune Online On Jan 15, 2021
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Heirs Holdings, the leading African strategic investor, in partnership with affiliated company, Transnational Corporation of Nigeria Plc (Transcorp), Nigeria’s largest publicly listed conglomerate, announced on Friday the acquisition of a 45 per cent participating interest in Nigerian oil licence OML 17 and related assets, through TNOG Oil and Gas Limited (a related company of Heirs Holdings and Transcorp), from the Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited and ENI.

In addition, TNOG Oil and Gas Limited will have sole operatorship of the asset.

The transaction is one of the largest oil and gas financings in Africa in more than a decade, with a financing component of $1.1 billion, provided by a consortium of global and regional banks and investors.

OML 17 has a current production capacity of 27,000 barrels of oil equivalent per day and, according to estimates, 2P reserves of 1.2 billion barrels of oil equivalent, with an additional one billion barrels of oil equivalent resources of further exploration potential.

The investment demonstrates a further important advance in the execution of Heirs Holdings’ integrated energy strategy and the Group’s commitment to Africa’s development, through long term investments that create economic prosperity and social wealth. Heirs Holdings’ heritage and approach to business fundamentally underscores its commitment to inclusive development and shared prosperity with its host communities. Heirs Holdings is fully invested in the development of the Niger Delta region.

Heirs Holdings’ strategy of creating the leading integrated energy business in Africa is executed through a series of strategic portfolio holdings. Transcorp is one of the largest power producers in Nigeria, with 2,000 MW of installed capacity, through ownership of Transcorp Power Plant and the recent acquisition of Afam Power Plc and Afam Three Fast Power Limited. Transcorp closed the $300 million Afam acquisitions in November 2020.

Transcorp supplies electricity to the Republic of Benin, as part of an emphasis on promoting regional integration and delivering robust power supply to catalyse development in Africa. Transcorp also operates OPL 281, under a production sharing contract with the Nigerian National Petroleum Corporation (NNPC).

Similarly, Heirs Holdings’ subsidiary, Tenoil is the operator of OPL 2008, under a production sharing contract with NNPC. Tenoil also owns the Ata Marginal Field, which will commence production in Q2, 2021, with 3,500 barrels of oil per day.

Chairman of Heirs Holdings, Tony Elumelu stated: “We have a very clear vision: creating Africa’s first integrated energy multinational, a global quality business, uniquely focused on Africa and Africa’s energy needs. The acquisition of such a high-quality asset, with significant potential for further growth, is a strong statement of our confidence in Nigeria, the Nigerian oil and gas sector and a tribute to the extremely high-quality management team that we have assembled.

“As a Nigerian, and more particularly an indigene of the Niger Delta region, I understand well our responsibilities that come with stewardship of the asset, our engagement with communities and the strategic importance of the oil and gas sector in Nigeria. We see significant benefits from integrating our production, with our ability to power Nigeria, through Transcorp, and deliver value across the energy value chain.”

Speaking further, he said “I would like to thank Shell, Total and ENI, for the professionalism of the process, the Federal Government of Nigeria, the Ministry of Petroleum Resources, and the NNPC for the confidence they have placed in us.”

Speaking on the investment, the President/GCEO of Transcorp, Owen Omogiafo, said “This deal further demonstrates Transcorp’s integrated energy strategy and our determination to power Africa.”

Heirs Holdings was advised by Standard Chartered Plc, as Global Coordinator, and United Capital Plc, with a syndicate of lending institutions including Afreximbank, ABSA, Africa Finance Corporation, Union Bank of Nigeria, Hybrid Capital, and global asset management firm Amundi. The deal also involves Schlumberger as a technical partner, as well as the trading arm of Shell as an offtaker.

[the grumpy old men] 15/1/2021 18:57

Total SE exited the American Petroleum Institute, a lobbying group that counts major oil companies among its members, after deciding it wasn't aligned with the organization on climate change.

Paris-based Total, Europe's second largest publicly-traded oil-and-gas company by market value, said Friday that it was only "partially aligned" with the API's positions on climate-change policy and wouldn't renew its membership for 2021, citing disagreements with the API's stances against electric-vehicle subsidies, carbon pricing and methane emission regulations.

"We are committed to ensuring, in a transparent manner, that the industry associations of which we are a member adopt positions and messages that are aligned with those of the group in the fight against climate change," Patrick Pouyanne, chairman and chief executive of Total, said in prepared remarks.

In response to Total's disagreements, an API spokesperson said the organization doesn't "support subsidizing energy because it distorts the market and ultimately proves harmful to consumers."

"We believe that the world's energy and environmental challenges are large enough that many different approaches are necessary to solve them, and we benefit from a diversity of views," the API spokesperson said. "Our industry's focus continues to be on taking meaningful action and shaping policy at all levels of government to reduce U.S. emissions and ensure access to affordable and reliable energy."

Total's move comes amid mounting pressure from investors on oil-and-gas companies to cease lobbying efforts that might curtail climate-change policy.

In May 2020, Total pledged to reach net-zero greenhouse-gas emissions across its operations and the energy it sells in Europe by 2050, following a campaign from institutional investors representing more than $40 trillion in assets. It outlined more specifics in September 2020.

Founded in 1919, API said it has more than 600 members "from the largest major oil company to the smallest of independents" across the U.S. oil-and-gas industry, including Chevron Corp., Exxon Mobil Corp. and ConocoPhillips. The group also counts European oil-and-gas companies BP PLC, Royal Dutch Shell PLC, Equinor ASA and Repsol SA among its ranks, according to the membership list on its website.

"Total's decision to quit API is a sign of the times and this heaps pressure on Equinor, Shell and BP to follow suit very soon," Jeanett Bergan, head of responsible investment at Norway's $80 billion pension fund KLP, said.

In 2018, the API's total expenses were $242 million, including $16.9 million for lobbying and $42.3 million for advertising and promotion, according to its most recently available tax filing. The nonprofit InfluenceMap gives the API an "F," its worst grade, due to its lobbying against climate-change policy.



Write to Dieter Holger at [e-mail]; @dieterholger



(END) Dow Jones Newswires

January 15, 2021 11:09 ET (16:09 GMT)

[gibbs1] 14/1/2021 22:27

Total, Apache Make Yet Another Oil Discovery Offshore Suriname
By Tsvetana Paraskova - Jan 14, 2021, 1:30 PM CST

Total and Apache Corporation have made their fourth oil and gas discovery offshore Suriname in the Guyana-Suriname basin, the French supermajor said on Thursday.

The discovery adds to numerous other significant oil finds in the Guyana-Suriname basin, where ExxonMobil is also a major operator besides Total and Apache.

The new Total-Apache found oil at the Keskesi East-1 well, in Block 58 off the coast of Suriname, as part of “robust Suriname exploration and appraisal programs in 2021,” as Apache said in November last year.

Kevin McLachlan, Senior Vice President Exploration at Total, said on Thursday, commenting on the latest oil discovery:

“We are also excited, as new operator of the block, to start the appraisal operations designed to characterize the 2020 discoveries, while in parallel start a second exploration campaign on this prolific block in 2021.”

Before the latest find, Apache and Total had already made three oil discoveries in Block 58. The block is part of the prolific Guyana-Suriname Basin and neighbors the Stabroek block, which has so far yielded a dozen oil discoveries, made by Exxon and Hess, tapping a reservoir containing more than 5 billion barrels of crude.

Last month, Exxon and its partner Petronas said they had discovered oil and gas offshore Suriname, which adds to Exxon’s numerous discoveries offshore Guyana in the same Guyana-Suriname basin.

“Our first discovery in Suriname extends ExxonMobil’s leading position in South America, building on our successful investments in Guyana,” Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil, said last month.

The basin offshore Guyana is one of Exxon’s near-term investment priorities, the supermajor said in November when it announced its capital budget for the next five years.

Offshore Guyana, Exxon announced in early September its 18th oil discovery, which adds to its previous estimate of more than 8 billion barrels of discovered recoverable resources in the area.

By Tsvetana Paraskova for Oilprice.com

[sarkasm] 13/1/2021 08:19

Total SE and Engie SA are teaming up to set up a renewable hydrogen production site in Chateauneuf-les-Martigues, France.

The French energy companies said Wednesday that they have agreed to start construction of the project--called Masshylia--in 2022, aiming to begin production two years later.

The project will be located at Total's La Mede biorefinery site and produce five metric tons of green hydrogen a day for the biofuel production process.

The companies didn't disclose financial terms of the collaboration.



Write to Kim Richters at [e-mail]



(END) Dow Jones Newswires

January 13, 2021 02:58 ET (07:58 GMT)

[grupo] 13/1/2021 07:01

Thomas Adolff from Credit Suisse retains his Neutral opinion on the stock. The target price has been raised to EUR 41.50 from EUR 39.00.

[grupo] 11/1/2021 10:30

Jan 11, 2021

French oil major, Total has set aside about $2 billion to boost electricity and renewables in 2021.

The firm will be as active in adding renewable energy assets in 2021 as it was last year, Chief Executive Patrick Pouyanne told an Oddo BHF conference on Friday.

Total is trying to reduce its dependence on oil and shift towards electricity and renewable energy.

It aims to have 35 gigawatts (GW) of gross renewable energy generation capacity by 2025 from around 9 GW now.

Pouyanne said the investment budget for electricity and renewables would surpass $2 billion in 2021.

Asked whether Total would still pursue oil exploration in future, Pouyanne said the company would focus on cost and said some fields that were difficult to develop in some regions like the Arctic were off limits.

“If we can develop at less than $20 per barrel, we consider that it will be resilient for the long term,” Pouyanne told the online conference, adding that Total was focusing on areas such as the Middle East and North Africa, Brazil and Suriname.



Source: Oriental News

[grupo] 11/1/2021 09:31

Total SE said Monday that it has acquired French company Fonroche Biogaz for un undisclosed sum, marking a step in the development of its renewable gas market.

Fonroche Biogaz designs, builds and operates anaerobic-digestion units in France. Tne company has industrial and technological expertise across the whole renewable gas value chain and an installed capacity of close to 500 gigawatt hours, Total said.

"With this acquisition, Total becomes a major player in renewable gas in France and Europe, and significantly strengthens its presence in the sector," the French oil-and-gas major said.



Write to Giulia Petroni at [e-mail]



(END) Dow Jones Newswires

January 11, 2021 02:39 ET (07:39 GMT)

[grupo guitarlumber] 09/1/2021 10:25

January/11/2021 dividend pay day for quarterly dividend

[waldron] 08/1/2021 20:29

Bp
298.7 +1.25%


Royal Dutch Shell A
1,468.2 -0.42%


Royal Dutch Shell B
1,417.4 -0.49%


Total
37.485 +0.07%


Engie
13.305 +1.80%



Eni
9.03 -0.42%


Tullow Oil (TLW)
:33.00 0.65 (2.01%)

[waldron] 08/1/2021 15:56

SunPower Corporation : to Close Manufacturing Facility in Hillsboro Oregon
01/08/2021 | 03:10pm GMT


SunPower Corp. (NASDAQ:SPWR), a leading solar technology and energy services provider, today announced that it will close SunPower Manufacturing Oregon, LLC, its solar panel manufacturing plant in Hillsboro, Ore.

'We made the difficult but necessary decision to close our plant after careful evaluation and the change in focus of our business over recent months,' said Tom Werner, CEO and chairman of the board of SunPower. 'We recognize how hard this is for all the employees impacted and are dedicated to helping them through this transition.'

In August 2020, SunPower completed the spin-off of Maxeon Solar Technologies, Ltd. The spin-off encompassed international panel manufacturing and associated sales, which is now run by Maxeon. Following the split, SunPower is focused on innovative solar and battery storage system sales and services for customers in the U.S. and Canada, as well as developing downstream energy services products like energy management software. SunPower is continuing to provide the most powerful and efficient solar panels through a supply agreement with Maxeon.

The decision to close the plant will impact approximately 170 employees. SunPower will provide all impacted employees with comprehensive separation packages, including severance, work transition assistance and six months of COBRA for continuation of health insurance coverage. The company will source and present open positions from other area employers, host a virtual job fair to assist in securing new employment, and encourage employees to apply for open positions at SunPower if they are willing to relocate.

The company is taking steps to cease operations by March 2021 and complete the wind-down of the facility in early June while simultaneously looking into other options. These include selling the plant, exploring a joint venture option or assessing potential partnerships.

SunPower will continue its distributed generation investments consistent with its business strategy. Its U.S. workforce of about 1,200 employees in numerous cities across ten states is currently growing with demand. Additionally, SunPower has a network of more than 700 independent residential and commercial dealers across 46 states - each its own small business - totaling more than 17,000 U.S. jobs.

About SunPower

Headquartered in California'sSilicon Valley, SunPower (NASDAQ:SPWR) is a leading Distributed Generation Storage and Energy Services provider in North America. SunPower offers the only solar + storage solution designed and warranted by one company that gives customers control over electricity consumption and resiliency during power outages while providing cost savings to homeowners, businesses, governments, schools and utilities.

[waldron] 05/1/2021 12:52

01/05/2021 | 11:02am GMT


Goldman Sachs analyst Michele della Vigna maintains his Buy rating on the stock. The target price remains unchanged at EUR 42.

[waldron] 05/1/2021 07:43

European markets head for lower open as coronavirus weighs on sentiment

Published Tue, Jan 5 20211:08 AM EST

Holly Ellyatt
@HollyEllyatt

Key Points

London’s FTSE is seen opening 25 points lower at 6,554, Germany’s DAX 54 points lower at 13,682, France’s CAC 40 20 points lower at 5,571 and Italy’s FTSE MIB 112 points lower at 22,048, according to IG.

[waldron] 04/1/2021 18:26

Total, Shell partner for offshore Egypt block

Total will operate a new exploration block in the Egyptian sector of the Mediterranean Sea.
Jan 4th, 2021
Map Total Enters A New Operated Exploration Permit In Egypt (002)
(Courtesy Total)

Offshore staff

PARIS – Total will operate a new exploration block in the Egyptian sector of the Mediterranean Sea.

The North Ras Kanayis Offshore block covers 4,550 sq km (1,757 sq mi) in the Herodotus basin, 5-150 km (3.1-93 mi) offshore, in water depths ranging from 50-3,200 m (164-10,498 ft).

According to Total, this is an underexplored area: terms for the concession include 3D seismic acquisition during the first three years.

The company will have a 35% interest, in partnership with Shell (30%), KUFPEC (25%), and Tharwa (10%).

Kevin McLachlan, senior vice president Exploration at Total, said the award “reinforces our presence in Egypt, following a gas discovery made in July 2020 with the Bashrush well on the North El Hammad license [Total 25%], to be developed through a tie-in to nearby existing infrastructure.̶1;

01/04/2021