Total Share Discussion Threads

[waldron] 29/1/2019 08:11

Total SA (FP.FR) said Tuesday that it made a significant gas and condensate discovery on the Glengorm offshore prospect in the U.K.'s North Sea.

Recoverable resources are estimated at around 250 million barrels of oil equivalent, Total said.

Glengorm is on the P2215 license, which was previously part of Maersk Oil's portfolio, and is close to Total's Elgin Franklin field, allowing for potential infrastructure sharing.

The French oil major holds a 25% interest in the Glengorm discovery. China's CNOOC Ltd. (0883.HK) is the operator, with a 50% stake, while a subsidiary of Italy's Edison SpA (EDNR.MI) holds the remaining 25%.

The companies now plan to conduct further drilling and testing to assess the reservoir's productivity.



Write to Nathan Allen at [e-mail]



(END) Dow Jones Newswires

January 29, 2019 02:35 ET (07:35 GMT)

[waldron] 28/1/2019 16:57

FTSE 100
6,747.1 -0.91%
Dow Jones
24,422.13 -1.27%
CAC 40
4,888.58 -0.76%

Brent Crude Oil NYMEX 59.57 -3.36%
Gasoline NYMEX 1.35 -3.89%
Natural Gas NYMEX 2.91 -5.31%


WTI - 28/01 17:44:07
51.38 USD -3.51%


Eni
14.432 -0.96%


Total
46.685 -1.61%

Engie
13.875 -0.36%

Orange
13.485 +0.04%



BP
494.9 -2.37%


Shell A
2,213 -1.71%


Shell B
2,227 -1.83%

[waldron] 25/1/2019 17:23

FTSE 100
6,809.22 -0.14%
Dow Jones
24,775.2 +0.90%
CAC 40
4,925.82 +1.11%


Brent Crude Oil NYMEX 61.44 +0.57%
Gasoline NYMEX 1.41 +0.33%
Natural Gas NYMEX 3.06 +2.10%

WTI - 25/01 18:09:32
53.55 USD +0.92%


Total
47.45 +0.94%

Engie
13.925 +1.24%

Orange
13.48 +0.86%


Saint Gobain
30.96 +2.55%


Credit Agricole
10.378 +2.43%


Eni
14.572 +1.08%


BP
506.9 -0.98%


Shell A
2,251.5 -0.64%

Shell B
2,268.5 -0.68%

[florenceorbis] 24/1/2019 22:50

Total's Egina starts production with TechnipFMC’s subsea systems
1/24/2019
null
Photo: TechnipFMC's subsea systems at Total's Egina field, West Africa.

LONDON -- Total’s Egina field, located 93 mi (150 km) off Port Harcourt, kicked into production just as 2018 was winding to a close. The start-up of any offshore field is notable, but Egina’s is especially so: The field is estimated to contain reserves of 550 MMbbl. Lying in water depths ranging from 4,593 to 5,740 ft (1,400 to 1,750 m), Egina is one of the deepest offshore projects Total operates. The massive field also requires the company’s largest floating production, storage and offloading vessel (FPSO) to date, the 1,083 ft-long (330 m) FPSO Egina, which has a 60,000-ton topsides and a storage capacity of 2.3 MMbbl of oil.

TechnipFMC is responsible for the 44-well field’s full subsea production system (SPS) and flexible piping. Total awarded us a contract worth more than a billion dollars in June 2013 that covered subsea trees and wellheads, manifolds, installation tooling, flowline connection systems, multiphase meters, and associated control systems. At the time of the order, it was the largest subsea project to date in West Africa.

In July 2013, we received two contracts to supply flexible piping. The awards covered the qualification and supply of 12 dynamic flexible jumpers ranging from 3.5-in. to 12.5-in. for oil production, gas lift, water injection and gas export to connect the single top tension risers to the FPSO. Also included were two 20.5-in. unbonded flexible pipes as oil offloading lines connecting the FPSO to the offloading buoy and associated equipment. At the time, these were the largest flexible pipes the company had manufactured to date. In the same month, we were awarded a contract to supply the steel tube umbilicals.

Egina’s start-up is also of particular significance to the local oil and gas sector. Total expects the field to peak at 200,000 bopd, which it says is equivalent to 10% of Nigeria’s total production.

The field resulted in a rush of local training and jobs, infrastructure upgrades, and further development in Nigeria. In June 2016, we celebrated a new subsea services workshop in Onne, Port Harcourt. This support center functioned as the service base, but fabrication also occurred in Norway and Scotland. Engineering and construction for the subsea production system were completed in Nigeria.

The first two of the eventual 44 subsea trees were delivered in April 2016. Two months later, we marked the first two of Egina’s subsea trees to be fully completed in Nigeria.

In October 2017, our six manifold modules were installed at Egina. All were manufactured at the Aveon yard in Port Harcourt, with first steel cut in late 2013.

Discovered in 2003, the Egina field is located on Block OML 130, within kilometers of the Akpo field, producing since 2009, and the Preowei discovery, for which a final investment decision is expected later in 2019. Operator Total partners with Nigerian National Petroleum Corp., CNOOC, Sapetro, and Petrobras on the lease.

[the grumpy old men] 24/1/2019 18:55

Total set to announce major investment in Saudi gas filling stations


Total set to announce major investment in Saudi gas filling stations
‘I am investing in Saudi Arabia — heavily,’ said Total CEO Patrick Pouyanne when speaking on a panel with the Kingdom’s finance and economy ministers at the WEF in Davos. (AFP)
Updated 1 min 31 sec ago
Arab News
January 25, 2019 20:57
22

Total CEO Patrick Pouyanne: We will announce in the coming days that together with Saudi Aramco we will establish a retail network in Saudi Arabia
The new firm, Saudi Aramco Retail Co, would create a network of filling stations within Saudi Arabia to sell automotive fuels

London: The boss of French energy giant Total has revealed plans to invest in gas filling stations across Saudi Arabia.
He was speaking on a panel with the Kingdom’s finance and economy ministers as well as the chief of Morgan Stanley at the World Economic Forum in Davos.
“I am investing in Saudi Arabia — heavily,” said Total CEO Patrick Pouyanne.
“We will announce in the coming days that together with Saudi Aramco we will establish a retail network in Saudi Arabia.”

FASTFACTS

Aramco and Total struck a deal to develop a $9 billion petrochemical complex in the Kingdom.

Earlier this month, Aramco said it was establishing a domestic fuel retailing subsidiary as part of the national oil company’s drive to expand beyond crude oil production into downstream businesses.
The new firm, Saudi Aramco Retail Co, would create a network of filling stations within Saudi Arabia to sell automotive fuels, Aramco said last week, without giving details of the size, cost or time-frame for the network.
In April, Aramco said it had signed a memorandum of understanding with Total to evaluate the feasibility of jointly buying a retail service station network in Saudi Arabia.
Last October, Aramco and Total signed an engineering and design contract for a $9 billion petrochemical complex in the Kingdom.
The Amiral complex will be able to produce 2.7 million tons of chemicals annually and is expected to be completed by early 2024.

[waldron] 24/1/2019 16:59

FTSE 100
6,818.95 -0.35%
Dow Jones
24,566.15 -0.04%
CAC 40
4,871.96 +0.65%


Brent Crude Oil NYMEX 61.48 +0.56%
Gasoline NYMEX 1.41 +0.87%
Natural Gas NYMEX 3.03 +3.56%

WTI - 24/01 17:46:58
53.1 USD +1.26%

Total
47.01 +0.87%

Engie
13.755 -0.36%

Orange
13.365 -0.11%

Eni
14.416 +0.70%


BP
511.9 +0.67%


Shell A
2,266 +0.40%


Shell B
2,284 +0.13%

[sarkasm] 24/1/2019 09:17

Total’s CEO names his top risk for oil markets – and it’s not what you think
Published 15 min ago | Updated Moments Ago
Holly Ellyatt
@HollyEllyatt




Key Points

Global oil markets are facing an uncertain year with slowing global growth auguring less global demand for oil while the supply picture looks unclear with production cuts by OPEC and Russia potentially counteracted by the growth in U.S. shale oil output.
But it’s not supply, demand, sanctions on Iran’s oil industry or political upheaval in oil producer Venezuela that the chief executive of Total is worried about.



Global oil markets are facing an uncertain year with slowing global growth driving less global demand for oil while the supply picture looks unclear with production cuts by OPEC and Russia potentially counteracted by the growth in U.S. shale oil output.

But it’s not supply, demand, sanctions on Iran’s oil industry or political upheaval in oil producer Venezuela that the chief executive of Total is worried about.

“The main risk for the oil market is the situation in the Middle East because this is the big area of production, not only in Saudi Arabia but in the UAE and Kuwait. There’s Iraq and Iran and this region is connected,” Total’s Patrick Pouyanné told CNBC at the World Economic Forum in Davos, Switzerland on Thursday.

“And it’s clear that the events of the last quarter of the year around Saudi Arabia and Iran which are the two big blocs there, have worried a lot of people so there is purely a premium risk. Having said that, we shouldn’t overestimate it, there is also the supply and demand (factor),” he said. “Yes, demand is strong but supply is also going very strong with U.S. shale.”

Oil markets have seen renewed volatility in the last 12 months amid economic uncertainty and a shifting output and demand picture. In recent weeks, investors have been treading cautiously amid concerns of a slowing global economy, particularly concerns over a China slowdown. Slower growth correlates with a decline in demand for oil.

The supply of global oil is also being closely watched by oil market analysts with the growth in production of U.S. shale oil also a pressure on prices. A growth in oil supply and falling demand causes prices to slump. To mitigate falling prices, OPEC and non-OPEC producers including Russia announced in December that they would be scaling back production.

Prices remain subdued, however, with benchmark Brent crude oil futures trading around $60.79 a barrel Thursday morning and West Texas Intermediate (WTI) at $52.33 a barrel.

Political risks have been sharply in focus for oil markets although much-discussed U.S. sanctions on Iran, imposed last November, failed to have that much of an effect on global supply as a handful of waivers were granted to oil importing countries, like Japan and India, allowing them to continue to buy oil from Iran.

Ironically, the smaller-than-expected impact from Iran, coupled with an increase in output from other OPEC nations and Russia aimed at mitigating the expected shortfall in Iranian supply, contributed to concerns of a glut in supply and hence prompted a decline in oil prices since the end of October.

Total’s CEO said demand was still robust but that if import tariffs between the U.S. and China end up damaging economic growth, particularly in China and other emerging markets where oil demand is typically strong, oil markets could react negatively. “So the only world I can use to describe the market is ‘volatility217;,” he said.

Political upheaval in Venezuela has also been a flashpoint for markets. On Wednesday, Venezuelan opposition leader Juan Guaido declared himself interim president on Wednesday, winning over the backing of the Washington and many Latin American nations and prompting socialist incumbent Nicolas Maduro to break relations with the U.S.

Pouyanné said Total had operated in Venezuela for 25 years. “We are still there, we are resilient. What is happening (now) is probably very good news for the people of Venezuela but the situation there is not easy, to be honest, my main priority in the last two, three years has been the security of our staff, and real problems like a lack of access to water and electricity.”

[waldron] 23/1/2019 16:55

FTSE 100
6,842.88 -0.85%
Dow Jones
24,434.2 +0.12%
CAC 40
4,840.38 -0.15%



BP
508.5 -0.80%


Shell A
2,257 -2.40%


Shell B
2,281 -2.29%

Eni
14.316 -1.11%

Total
46.605 -0.86%

Engie
13.805 +0.80%

Orange
13.38 +0.15%


Brent Crude Oil NYMEX 60.64 -1.40%
Gasoline NYMEX 1.39 -1.77%
Natural Gas NYMEX 3.09 +1.55%


WTI - 23/01 17:48:40
52.23 USD -1.17%


Shell has certainly been pummelled today COMPARED WITH THE OTHER MAJORS but atleast its still in the 2275 to 2375 BOX

Premium 24p

perhaps more affected by the heavy snow fall and risk of black ice

[waldron] 22/1/2019 18:36

Total
47.01 -0.79%


Engie
13.695 -0.25%

Orange
13.36 -0.67%

FTSE 100
6,901.39 -0.99%
Dow Jones
24,302.26 -1.64%
CAC 40
4,847.53 -0.42%


Brent Crude Oil NYMEX 60.94 -2.93%
Gasoline NYMEX 1.41 -3.50%
Natural Gas NYMEX 3.08 -4.95%


WTI - 22/01 19:24:57
52.41 USD -3.34%



BP
512.6 -1.82%


Shell A
2,312.5 -2.51%


Shell B
2,334.5 -2.85%

[waldron] 21/1/2019 16:55

Total
47.385 -0.84%


Engie
13.73 -0.76%

Orange
13.45 -0.88%


FTSE 100
6,970.59 +0.03%
Dow Jones
24,706.35 closed
CAC 40
4,867.78 -0.17%


Brent Crude Oil NYMEX 62.69 -0.02%
Gasoline NYMEX 1.46 -0.50%
Natural Gas NYMEX 3.31 -5.05%


WTI - 21/01 17:43:17
53.69 USD +0.54%



BP
522.1 -0.23%


Shell A
2,372 +0.42%


Shell B
2,403 +0.59%

[grupo guitarlumber] 21/1/2019 13:36

Trading of LNG derivatives to benefit industry
By Stephen Stapczynski and Dan Murtaugh on 1/21/2019

SINGAPORE (Bloomberg) -- With natural gas demand growing faster than for any other fossil fuel, LNG futures may be finally taking off.

Derivatives represented about 2% of global LNG production at the beginning of 2017 as an array of contracts around the world struggled to gain traction. But by the end of last year, volumes had grown to almost 23%, led by a burgeoning Intercontinental Exchange contract based on S&P Global Platts’ Japan-Korea Marker spot price assessments.

While volumes are a long way off established global energy benchmarks such as Brent crude -- where trade dwarfs worldwide oil production many times over -- the accelerating growth in LNG derivatives illustrates how the market is maturing. An explosion in supply, from the U.S. to Australia, is bringing more market participants and a shift away from traditional pricing.

“There’s more short-term physical trading indexed to JKM and new counterparties active in the market,” said Tobias Davis, head of LNG–Asia at brokerage Tullett Prebon. “This creates more liquidity and in turn, builds more confidence in trading the swap and using it as a viable hedging tool.”

There are now at least six derivative contracts for LNG, ranging from U.S. Gulf Coast futures on ICE to Dubai-Kuwait-India on Singapore Exchange. The most established by far is ICE’s Japan-Korea Marker, launched in 2012. More than 17,000 contracts traded in December, a 10-fold increase from January 2017. The next most active is CME Group’s futures contract, also based on S&P Global Platts’ JKM assessment. Its monthly volume peaked in November last year at 3,335 contracts.

The need for a liquid LNG benchmark has been the subject of much debate. Traditionally, when oil was used more commonly in power generation and production, it was almost exclusively valued relative to crude oil and brought and sold under long-term contracts. One advantage of that system is that oil has a liquid and established futures market that gives market participants visibility and the confidence to hedge.

But oil and gas don’t move in lockstep and buyers have become increasingly reluctant to be tied to crude markets. The expansion in global supply, most notably with the development of shale reserves that transformed the U.S. into a major natural gas exporter, has opened up other options and stimulated a shift to more spot trading.

About 27% of LNG was sold under spot- or short-term deals in 2017, up from 12% in 2003, according to the International Group of LNG Importers.

That just increased the need for a reliable price benchmark and liquid futures market for hedging. Regional gas benchmarks such as Louisiana’s Henry Hub, the U.K.’s National Balancing Point or Dutch Title Transfer Facility reflect local fundamentals and therefore may not be ideal proxies for the global LNG trade, where the vast majority of sales are in Asia. So that’s where LNG futures come in.

JKM “is much more trusted, much more accurate, and the paper market is helping make it be more responsive to price movements,” Gordon D Waters, the global head of LNG at ENGIE, said by phone on Friday. JKM contracts could reach the level of NBP or TTF “most likely within the next 5 years.” NBP and TTF volumes both averaged about 37,000 contracts a day in 2018.

There’s still a long way to go. ICE JKM is still much smaller than other global oil and gas benchmarks. Exchange open interest, or the amount of outstanding bets at the end of every day, accounted for about $2 billion at the end of 2018, compared with $36 billion for U.S. natural gas and more than $100 billion for Brent oil, according to Bloomberg estimates.

How the debate over natural gas pricing is playing out in Europe

For a futures market to be considered truly liquid, volumes should be about 10 times the size of the actual physical trade, according to Total SA, one of the world’s biggest producers and a major participant in the JKM market. With volumes multiplying by about three times a year, JKM should reach that level in about five years, Philip Olivier, Total’s general manager of global LNG, said in October.

European and U.S. players, international oil companies, banks, trading companies and some Australian producers make up the bulk of JKM’s contract liquidity, according to ENGIE’s Waters. “The big gap is the end buyer hedging activity, including the Japanese end users. They are not yet active,” he said.

Brent and U.S. gas traders also have much more flexibility, as they’re able to buy and sell futures by the second, with prices updating to reflect the fast-moving market. Most JKM LNG trades are still brokered offline and then cleared by exchanges. Contract values are based on a monthly average of Platts assessments, so the price updates once a day when the new assessment is added.

Still, LNG has already surpassed one energy derivative. ICE’s JKM contract now has more value in open interest than the exchange’s Newcastle coal contract. The two fuels, of course, also vie in the real world for space in power plants in some regions.

“If you have a look at how the coal market developed in the mid-2000s, it took over a decade to transition to a liquid exchange order book,” said Gordon Bennett, managing director for utility markets at ICE. “It definitely feels like JKM is evolving quicker."

[ariane] 19/1/2019 10:29

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