Total Share Discussion Threads

[ariane] 20/9/2007 06:31

Total S.A France's Total still in LNG talks with Iran
Date : 20/09/2007 @ 06:26
Source : TFN


Total S.A France's Total still in LNG talks with Iran


BEIJING (XFN-ASIA) - French oil group Total is still in discussions with
Iranian partners on its liquefied natural gas (LNG) terminal project for gas
extracted from the South Pars field, but added political issues could cause
problems for the company.
"I cannot comment... on the current geopolitical situation," said Jean-Marc
Hosanski, senior vice-president of Total Gas & Power's LNG division, at a
conference in Beijing, "but there are of course tensions affecting Iran,
including the LNG project."
"As the developer of the project we are trying to restore the logistics,
reduce the costs and continue discussions (with the Iranian side)," he said.
"Of course the geopolitical situation is difficult, but we can only put
together the conditions to make the deal economical and deal with the political
problems later," he added.
France's Foreign Minister, Bernard Kouchner, said in Moscow earlier in the
week that he was urging Total to withdraw from Iran amid escalating tensions
over the country's nuclear plans.
Meanwhile, further problems have arisen in talks between Total and Iran over
the price of LNG produced at the South Pars project, with the Iranian oil
minister suggesting that the entire project be renegotiated.
Chinese companies, including CNOOC and PetroChina, have been in talks with
Total about getting involved with the South Pars terminal project. Hosanski said
he could not comment on matters involving the Chinese side of the deal.
The two Chinese companies have also held separate discussions with the
Iranian side on developing the South Pars gas resources.
Representatives from the Chinese companies declined to comment on the issue.
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xfndds/xfntm

[ariane] 17/9/2007 16:03

Total says talks with Iran on South Pars gas project still ongoing


ANGOULEME, France (Thomson Financial) - It is unclear whether Total SA will
be able to reach agreement with the Iranian government over the future of a huge
liquefied natural gas development, whose projected costs have risen sharply, a
company spokeswoman said.
"The costs have gone up a lot and we are reconsidering this project," she
said, declining to speculate on the chances of a deal being concluded.
Talks between the two sides on the 15 bln usd plan to develop part of the
South Pars LNG field have been ongoing for several months, the spokewoman added.
But their profile was raised at the weekend when acting Iran oil minister
Gholam-Hossein Nozari cast doubt on the project's future.
The high rate quoted by the French energy group on marketing LNG from the
project which would force Iran to "study the feasibility of this plan once
again", the Financial Times quoted the minister as saying.
His comments came amid rising tensions between the two countries, fuelled by
remarks by French Foreign Minister Bernard Kouchner that the world should brace
for a possible war over Iran's nuclear drive.
The Total spokeswoman declined to speculate on the ramifications of the
political spat.
"We are still in the middle of discussions. If we reach (a deal) we will
also take into account the political factors," she said.
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[ariane] 15/9/2007 12:08

FOCUS: Kazakh Resources Proposal Seen Aimed At Kashagan

September 14, 2007: 12:27 PM EST


ALMATY, Kazakhstan -(Dow Jones)- A plan to allow the Kazakh government to annul natural resources contracts appears aimed at pressuring the Eni SpA (E)- led Kashagan oil developers amid tense negotiations, rather than as a broad- based threat to energy and mining companies in the country, analysts and a person familiar with the matter said Friday.

Yet one of the lawmakers who initiated the proposed amendment to the nation's natural resources law suggested the Kazakh government could utilize it more broadly to protect national interests if it's adopted.

The proposed amendment, which would give the Kazakh government the right to pull out of natural resources contracts if there is a threat to national security and economic interests, is expected to be adopted in the next two weeks, Kazakh lawmaker Valeriy Kotovich told Dow Jones Newswires Friday.

Kotovich said the government has already expressed its support for the amendment, which he said also aims to help Kazakhstan in its dispute with the Eni-led consortium developing the massive Kashagan oil field in the Caspian Sea.

Kashagan is estimated to hold recoverable reserves of 13 billion barrels, and the Kazakh government has expressed its anger over the project's lengthy startup delays and soaring costs.

Kashagan project operator Eni and fellow consortium members Royal Dutch Shell PLC (RDSB.LN) and Total SA (TOT) declined to comment on the proposed amendment Friday. Other members including ConocoPhillips (COP), Exxon Mobil Corp. (XOM) and Kazakh state oil and gas company KazMunaiGas, weren't immediately available for comment on the matter. Japan's Inpex Holding Inc. (1605.TO), also part of the consortium, didn't immediately respond to an e-mail sent outside of its business hours seeking comment.

Yet a person familiar with the matter told Dow Jones Newswires the consortium sees the proposal as a way to strengthen the Kazakh government's hand in its talks with the group over Kashagan.

Analysts point out that Kazakhstan has previously amended legislation in response to issues at individual projects. In 2005, when China National Petroleum Corp. bought Canada's PetroKazakhstan, the Kazakh government speedily adopted new legislation allowing the state the right of first refusal if any " strategic" mineral assets change hands.

The latest proposed amendment doesn't appear to be a case of Kazakhstan following the lead of hydrocarbon-rich countries such as Venezuela and Russia, which have returned resources to state control to the detriment of some major international oil companies that had invested in them, analysts said.

The Kazakh government "will use legislation to renegotiate" with the Kashagan consortium, said Jason Kenney of ING, though he added that he doesn't expect Eni to be removed from the Kashagan project as a result.

Eni holds an 18.5% stake in the development consortium, the same amount as Shell, Total and ExxonMobil. ConocoPhillips has a holding of 9.3%, while Inpex and KazMunaiGas each own 8.3%. Eni is the sole Kashagan operator.

Kazakh officials and the consortium developing Kashagan began talks Aug. 27 aimed at addressing the delays and soaring costs. The talks are scheduled through Oct. 22.

On the day the talks began, the government suspended works on the Kashagan project for three months for alleged environmental violations and opened a probe of a company related to the project over allegations of customs-law violations.

The Kazakh government has said it wants state oil company KazMunaiGas to share the operator role at Kashagan and has demanded "adequate compensation" for the delayed startup of production.

Eni's latest estimate for the project's startup is in 2010. It had initially said it expected to deliver first oil from the field in 2005, before twice delaying the startup.

The proposed Kazakh amendment indicates a policy "shift" as it points to the government wanting a greater share of profits from resources - currently hovering at or near nominal record price levels - and a bigger say in projects, but it appears to keep clear of potentially nationalizing assets, said industry observers.

Renegotiation of contract terms for Kashagan isn't the beginning of a campaign of nationalism, but rather "economic pragmatism," said Kazakhstan's newly appointed ambassador to the U.S. Erlan Idrissov on Thursday.

"This is another lever used to put Eni under pressure," a London-based analyst, who asked not to be named, said of the proposed amendment.

The analyst also said he wasn't concerned this proposal would hit other companies operating in Kazakhstan or deal a blow to international investment sentiment, because the government will be looking at projects' performance.

Other international companies with significant energy-resource investments in the Central Asian country include Chevron Corp. (CVX) and BG Group PLC (BRG). Both declined to comment on the proposal.

U.S. oil and gas major Chevron is Kazakhstan's largest private oil producer, with a 50% interest in the government venture Tengizchevroil and a 20% stake in the Karachaganak field.

Chevron is in the process of a major $6 billion expansion of the Tenguiz field, which is expected to boost oil production to as much as 550,000 barrels per day by next year from 300,000 barrels per day.

BG operates the Karachaganak gas and condensate project with Eni.

Analysts said that natural resources companies outside of the oil and gas industry may face less risk of Kazakh government interference in their projects if the amendment is adopted.

Miners Kazakhmys PLC (KAZ.LN) and KazakhGold Group Ltd. (KZG.LN), for example, are both majority-owned by local businessmen with close government ties, analysts said.

Kazakhmys couldn't be reached for comment.

"KazakhGold has no reason to suppose it will be affected in any way by the measures being introduced by the government," a KazakhGold spokesman said.

-By Liam Moloney and Kadyr Toktogulov, Dow Jones Newswires; [phone], [e-mail]

(Jeffrey Sparshott, Spencer Swartz and Benoit Faucon contributed to this article.)


(END) Dow Jones Newswires
09-14-07 1227ET

[ariane] 14/9/2007 12:20

Bangladesh to seek foreign bids for gas exploration


DHAKA (Thomson Financial) - Bangladesh plans to invite foreign firms to
explore for offshore gas to help meet soaring demand for energy and sustain the
nation's fast-growing economy, an official said Friday.
The offshore bidding to explore for gas in the Bay of Bengal will open by
the yearend. It will be the third offshore bidding round in the history of the
South Asian country.
"Both India and Myanmar have found gas in the Bay of Bengal and we're
confident there will also be major discoveries in the Bangladesh part of the
Bay," energy secretary Nasir Uddin said.
Bangladesh needs to urgently locate new sources of energy.
The government's energy master plan forecast that at present rates of
consumption the nation's current gas reserves will run out by 2014-15.
Under the plan, the country needs at least 7.7 billion US dollars investment
in gas exploration and development to sustain projected annual economic growth
of seven percent until 2025, Nasir said.
Bangladesh's economy has been growing at over 6 percent annually in the last
four years.
The central bank has forecast growth will hit 7 percent in the current
financial year ending June 2008.
Bangladesh, home to South Asia's biggest gas reserves, was divided into 23
blocks for hydrocarbon exploration after the government amended the country's
Petroleum Act in 1993.
British oil company Cairn Energy won the first offshore exploration rights
in June 1994. It struck gas in Sangu in the Bay of Bengal in 1997 and started
production in 1998.
The government allowed a second round of exploration for onshore blocks in
1997.
Bangladesh has proven recoverable gas reserves of 15 trillion cubic feet, of
which 7.1 trillion cubic feet have already been extracted from the country's 23
gas fields, according to official figures.
The energy secretary said foreign companies, which have been operating in
the onshore blocks, have stepped up their exploration drive to meet growing
domestic demand for gas.
"Cairn Energy will drill a well near a southern Bangladesh island at the end
of this year. French energy giant Total will also start exploration work in two
blocks near the Bay of Bengal later this year," he added.
afp/zr

zr/zr

[ariane] 11/9/2007 10:30

Gazprom to announce additional partner for Shtokman gas field by October UPDATE


(updates to add background on Shtokman)
MOSCOW (Thomson Financial) - OAO Gazprom deputy chairman Valery Golubev said
at an industry conference in St Petersburg that the state-owned natural gas
giant expects to announce by October that it has found a second partner for the
development of its Shtokman gas field, Interfax reported.
"I think that very soon, during September, maybe before October, the
decision will be made," Golubev said.
France's Total already has a 25 pct stake in the field, which is believed to
hold 3.7 trn cubic metres of natural gas.
Earlier reports in the Russian press indicated that ConocoPhillips, Statoil
ASA and Norsk Hydro ASA could also join the project.
Gazprom estimates it will cost about 20 bln usd to develop the field.
It wants to start production in 2013.
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amk/ejp/amk/slm/amk/jlw

[idioterna] 08/9/2007 06:27

Well he would say that wouldn't he given how much the partnership with Gazprom is going to cost them. When it comes to European oil majors it used to be a tough call as to whether Eni or Repsol were the biggest basket cases, but I think we can now safely add Total to that elite team.

[waldron] 08/9/2007 06:17

From The TimesSeptember 7, 2007

Price of oil will continue to rise, says Total chiefCarl Mortished, International Business Editor
High oil prices are here to stay, according to Total, the French oil multinational, which has raised its forecast value of a barrel of crude from $40 to $60 as it predicts continuing strong demand for oil, rising costs and political constraints on production.

Total's decision to bet on a higher oil price is based on fundamentals, said Christophe de Margerie, the chief executive, who said the recent turmoil in the debt markets had shaken most of the speculative money out of oil futures. Despite the loss of the hot money, the price of Brent crude was about $77 per barrel yesterday, close to its peak of $78.

"Demand is still strong in Asia, there is strong demand in the Middle East for electricity generation and water purification. The price will remain high," he said.

The Total chief said that biofuels would not provide an answer for the world's energy needs, insisting that hydrocarbons and, increasingly, nuclear power, would supply 80 per cent of the world's energy for the next 50 years.

Related Links
Feel the burn
Oil surges on surprise US rate cut
The French energy giant's shift to a higher oil price scenario forced it to reduce by 20 per cent its production growth estimates for the period to 2010. The company also warned of significant cost inflation and the risk of project delays.

Rising costs have pushed up the oil price at which Total's investments earn an acceptable return. The French company is putting more money into heavy oil and bitumen projects in Canada but the hurdle rate for such investments has risen from an oil price of $30-$35 per barrel to $50 per barrel.

Mr de Margerie said that the world must turn to Iran, where Total is considering a $10 billion (£5 billion) gas project. "We are not interested in a fight with the US Government," he said. "This project has to fly one day. Everyone has to take responsibility if the world doesn't have enough gas."

[waldron] 07/9/2007 16:57

Total SA Actions au Porteur "neutral"

Friday, September 07, 2007 9:53:09 AM ET
Credit Suisse

LONDON, September 7 (newratings.com) - In a research note published yesterday, analyst M Hume of Credit Suisse maintains his "neutral" rating on Total SA Actions au Porteur (PFP.PSE). The target price is set to €62.

[waldron] 06/9/2007 18:36

Total "neutral," estimates revised

Thursday, September 06, 2007 10:57:05 AM ET
J.P. Morgan Securities

LONDON, September 6 (newratings.com) - Analysts at JP Morgan maintain their "neutral" rating on Total SA (PFP.PSE), while revising their estimates for the company. The target price is set to €65.

In a research note published this morning, the analysts mention that Total's midyear strategy review underlines the robustness of the company's E&P portfolio. Total has reduced its volume growth guidance for 2006-2010 from more than 5% per annum to 4% per annum on account of pricing effects, ownership interest effects and project timings. The EPS estimate for 2007 has been reduced from €5.50 to €5.37 to reflect marginally lower R&M profitability resulting from early-3Q weakness. The EPS estimate for 2008 has been raised from €5.34 to €5.38.

[waldron] 06/9/2007 14:41

Total Kazakhstan demands leading role in vast Kashagan field


ASTANA; Kazakhstan (Thomson Financial) - Kazakhstan on Thursday piled
pressure on the Western consortium developing the vast Kashagan oil field,
saying it wanted a leading role for its state oil company and warning of
possible harsh measures to come.
In a speech in the capital Astana, Prime Minister Karim Masimov announced
that "in accordance with orders and demands" by President Nursultan Nazarbayev,
state energy company Kazmunaigaz "should become a joint operator of this
project."
While details of the new arrangement were still to be clarified, the
announcement was a blow for the firm that currently operates the flagship
project on behalf of a seven-company consortium, Italy's Eni SpA energy major.
It came after weeks of wrangling over delays and cost over-runs and
speculation that Kazakhstan could increase its ownership or its share of future
profits at Kashagan, which lies in the shallow waters of the northern Caspian
Sea.
"We believe that the economic balance has been broken to the disadvantage of
the Kazakh government," said Masimov.
"For the time being, friendly negotiations are under way. If they don't
accept Kazakhstan's demands we have a plan B, which I will talk about later," he
said.
Kazakhstan is eager to speed up the project in order to start reaping
profits under the terms of a production sharing agreement, or PSA, with the
Western investors.
In a sign of the project's international significance Masimov also invited
the European Union's energy commissioner, Andris Piebalgs, to visit Astana to
join negotiations.
In Milan an ENI spokesman cast Masimov's speech in a positive light, saying
plans were under way for a meeting between the prime minister and chief
executive Paolo Scaronia.
The company was "pleased with the trust and willingness to cooperate
expressed by" the speech, the spokesman said.
Discovered in 2000, Kashagan is the world's largest oil find of the last 40
years and is central to this ex-Soviet republic's plans to become a significant
energy player and reap profits from foreign investment.
Kazakhstan has been courted by both China and the West as a promising new
energy source and pipelines are being built to connect the landlocked country to
the outside world.
Kashagan is thought to contain 38 bln barrels of oil, of which 13 bln are
considered recoverable.
But it represents a major technical challenge as the reserves are high in
hydrogen sulphide and lie 5,000 metres under the bed of the Caspian, where
winter temperatures fall as low as minus 40 Celsius.
A network of islands is being built for gathering the oil, together with
vast onshore facilities, and ENI has put the total value of contracts awarded so
far at 10.6 bln usd.
But the consortium has come under pressure due to cost over-runs and a delay
in starting production, originally scheduled for 2005 but now due in 2010.
The Kazakh government says that the overall cost of the project over 40
years has ballooned from 57 bln usd to 135 bln usd.
Late last month Kazakhstan announced a three-month suspension of
the project saying it had environmental concerns.
Such pressure has prompted comparisons with the tactics used last year by
Russian state gas giant Gazprom to seize the Sakhalin-2 oil project from Shell.
"Astana wants to increase its interests (in Kashagan), to increase its shares
and oil profits," commented analyst Konstantin Batunin of Moscow-based Alfa
Bank.
Analysts have said that the consortium's complex ownership structure has
been an added burden.
Eni, Total, Exxon Mobil Corp, Royal Dutch Shell each hold 18.52 pct stakes
in the consortium, while ConocoPhillips holds 9.26 pct and Inpex and KazMunaiGaz
each own 8.33 pct of it.
[e-mail]
afp/amk/jlc

[waldron] 05/9/2007 13:02

Kazakh deputy finance minister says Eni's operator role at Kashagan not in doubt


ASTANA, Kazakhstan (Thomson Financial) - Kazakhstan's deputy finance
minister Daulet Yergozhin said Eni SpA's role as operator of the Agip KCO
consortium is not in doubt despite the delays in developing the Kashagan oil
field, Interfax reported.
"We demand that they present us with a practical action plan to see how they
are going to pursue this project," he said.
He added that the Kazakh government expects to complete an official estimate
of its losses as a result of the delays by Sept 7.
Yergozhin estimates the economic damage "will be in excess of dozens of
billions of dollars."
Eni originally planned to begin pumping oil from the field in 2005, but
geological challenges and the harsh winter climate have forced the consortium to
push back the start date several times. This summer Eni said it will not take up
Kashagan production until 2010.
Eni is the sole operator of the Agip KCO consortium formed to develop the
field, which has recoverable reserves of up to 16 bln barrels of crude.
Eni, Total, Exxon Mobil Corp, Royal Dutch Shell each hold 18.52 pct stakes
in the consortium, while ConocoPhillips holds 9.26 pct and Inpex and the Kazakh
national oil and gas company KazMunaiGaz each own 8.33 pct of it.
Eni is widely expected to offer the Kazakh government more favourable terms
in its production sharing agreement.
Earlier the Kazakhs said they would demand an increase in their share of the
future profits to 40 pct from 10 pct.
In addition, the Financial Times reported that the government is seeking at
least 10 bln usd in compensation for the project delays and other matters.
Sources close to the talks also told Interfax today that Kazakh negotiators
asked the ConocoPhillips's representative to leave the discussions.
"We believe that ConocoPhillips does not view Kashagan as an important asset
in that it sent a representative lower in rank than the other contractor
organizations to the negotiations," the source said.
"Kazakhstan expresses its discontent with this."
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amk/dca

[waldron] 05/9/2007 12:01

Total CEO confirms Sanofi-Aventis stake is not core business


PARIS (Thomson Financial) - Total SA does not regard its 13.12 pct stake in
pharmaceutical giant Sanofi-Aventis as a core holding, the French oil company's
chairman, Christophe de Margerie, said.
"We confirm that this stake is not a core business," de Margerie said at the
group's mid-year outlook presentation. In May, he said Total would sell its
stake in Sanofi "probably in the short term".
At current market prices, Total's stake in Sanofi-Aventis is worth about
10.8 bln eur.
[e-mail]
gk1/am

[waldron] 05/9/2007 11:05

Total Kazakh PM Masimov to make statement on Kashagan oil field tomorrow


ASTANA, Kazakhstan (Thomson Financial) - Kazakh prime minister Karim Masimov
told journalists in Astana he will make an official statement on the stalled
Kashagan oil field project tomorrow, Interfax reported.
The Kazakh government said in mid-summer 2007 that it could seek to strip
Eni of its status as Kashagan operator within Agip KCO consortium after the
company, in July, once again postponed the start of commercial production at the
field from 2008 to the second half of 2010. Eni said its costs under the project
would rise to 136 bln usd, from 57 bln usd.
The government also said it would demand its share in the project's profits
be increased to 40 pct from 10 pct.
Its environmental protection ministry last month suspended operations in the
oil field for three months.
In addition, a report in today's Financial Times said the government is
seeking at least 10 bln usd in compensation for the delays and other matters.
ENI is the sole operator of the Agip KCO consortium formed to develop the
field, which has recoverable reserves of up to 16 bln barrels of crude.
ENI, Total, Exxon Mobil Corp, Royal Dutch Shell each hold 18.52 pct stakes
in the consortium, while ConocoPhillips holds 9.26 pct and Inpex and the Kazakh
national oil and gas company KazMunaiGaz each own 8.33 pct of it.
Interfax also reported that KazMunaiGaz has retained the Curtis law firm to
represent it in the negotiations over Kashagan.
The firm previously worked for Bolivia and Venezuela when they nationalized
their oil and gas industries.
[e-mail]
amk/am

[waldron] 05/9/2007 08:52

Total sees additional hydrocarbon demand close to 25 mboe/d by 2015 UPDATE


(Updates with additional detail on production forecasts)
PARIS (Thomson Financial) - Total SA expects demand for hydrocarbon products
to grow by an additional 25 mln boe/d by 2015, the French oil company said in
its 2007 mid-year outlook presentation.
That represents annual growth of 2 pct over the 2006-2015 period, according
to slides of the presentation scheduled for later today.
Total also forecasts its upstream production growth of 4 pct per year over
2006-2010 in a 60 usd per barrel environment, the company said.
Total forecasts 13 pct average annual growth in its liquefied natural gas
production and purchases over 2006-2010.
Total expects its LNG operation to account for around 25 pct of its upstream
net operating income by 2012.
The company also said it expects to benefit "from a return to sustainable
production growth from 2007 and substantial increase in cash flow from
downstream and chemicals by 2012."

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gk1/ajb

[waldron] 05/9/2007 07:32

Total S.A Dividend Declaration



TOTAL S.A.
Interim 2007 Dividend of 1 Euro Per Share, an Increase of 15%The Board of Directors of Total, chaired by Thierry Desmarest, met on September
4, 2007 and approved an interim 2007 dividend of 1 euro per share. This amount
is equal to the final dividend paid in May 2007 and represents an increase of
15% compared to the interim dividend paid in November 2006.
The interim 2007 dividend will be paid on November 16, 2007.
Christophe de Margerie, Chief Executive Officer, said:« The decision to set the interim 2007 dividend at 1 euro per share reflects
Total's confidence in its ability to create value over the long term in the
framework of its strategy to pursue profitable organic growth.»Total is one of the world's major oil and gas groups, with activities in more
than 130 countries. Its 95,000 employees put their expertise to work in every
part of the industry - exploration and production of oil and natural gas,
refining and marketing, gas trading and electricity. Total is working to keep
the world supplied with energy, both today and tomorrow. The Group is also a
first rank player in chemicals. www.total.com

[waldron] 05/9/2007 06:50

Total Kazakhstan seeks 10 bln usd damages from Eni team over Kashagan delays


LONDON (Thomson Financial) - Kazakhstan seeking 10 bln usd of compensation
for economic damage from escalating cost and late development of the Kashagan
oilfield, led by Italys Eni, the Financial Times reported.
Eni opened talks last week with Kazakhstan about the dispute, which erupted
after Eni presented the government with a revised development plan for Kashagan
delaying first production until 2010 and doubling the cost of the first,
300,000-barrels-a-day phase to 19 bln usd.
Meanwhile the Wall Street Journal quoted Eni as saying the talks are "open
and constructive", and that all efforts are being made to resolve the dispute.
Eni's head of exploration and production, Stefano Cao, was quoted as saying
he is confident that all matters "will be addressed in accordance with existing
PSA terms," referring to the consortium's current production-sharing agreement
with the Kazakh government.
Kashagan is one of the biggest untapped oilfields in the world, with an
estimated 13 bln barrels of recoverable oil reserves.
The consortium developing it also includes Exxon Mobil Corp, Royal Dutch
Shell PLC and Total SA.

[e-mail]
jms

[waldron] 04/9/2007 15:46

Total S.A Re Joint Venture



TOTAL S.A.
Total Petrochemicals announces the successful completion of the expansion
project at the Qapco ethane cracker in QatarParis, September 4, 2007 - Qapco, the joint-venture between Industries Qatar
(80%) and Total Petrochemicals 20%, has successfully started, in August 2007,
its expansion project at its ethane cracker of Messaied in the South-East of
Qatar.
Launched in 2003, this expansion project has added a parallel train of 200 kt
per year of ethylene bringing the total ethylene capacity of the cracker to
720 kt per year. The investment of this new unit amounts to around 230 million
US dollars. In addition to feeding both of Qapco's low density polyethylene
(LDPE) plants (400 kt per year), the cracker's ethylene will also serve as a
feedstock for its contemplated third LDPE line (250 kt), scheduled to start-up
in the beginning of the next decade.
For Total Petrochemicals this expansion project underlines its will to hold a
significant place in the development of the petrochemicals industry of the
country, through the gas chain where the synergies between upstream and
chemicals branches of the Group can be completely demonstrated. Supported by a
competitive access to raw materials, this development policy in Qatar allows
Total Petrochemicals to consolidate its presence in the Middle East and to
secure a favorable position to reach the expanding polyolefin markets, in
particular Asia.
Total Petrochemicals has been present in Qatar since 1974 through its
participation in Qapco. It is also a partner with Qapco in the Qatofin project,
currently constructing a 450 kt per year linear low density (LLDPE) polyethylene
plant in the South and, together with Q-Chem, a world scale ethane cracker in
the North with a capacity of 1.3 million tons per year of ethylene. Qapco's
expansion and the Qatofin Project were made possible by the additional ethane
feedstock produced by the Dolphin Project in which Total is also a shareholder.
* * * * * *Total is one of the world's major oil and gas groups, with activities in more
than 130 countries. Its 95,000 employees put their expertise to work in every
part of the industry - exploration and production of oil and natural gas,
refining and marketing, gas trading and electricity. Total is working to keep
the world supplied with energy, both today and tomorrow. The Group is also a
first rank player in chemicals. www.total.com

[waldron] 04/9/2007 14:24

Total "hold"

Tuesday, September 04, 2007 8:05:16 AM ET
Dresdner Kleinwort Wasser.

LONDON, September 4 (newratings.com) - Analyst Colin Smith of Dresdner Kleinwort maintains his "hold" rating on Total SA (PFP.PSE). The target price is set to €60.

In a research note published this morning, the analyst mentions that the company is likely to reduce its growth guidance for the medium term by about 30%-40%. The overall macro environment is supportive for the oils sector, the analyst adds.

[waldron] 04/9/2007 09:46

Total makes gas condensate discovery west of Shetland


PARIS (Thomson Financial) - French oil company Total has made a new gas
condensate discovery in a North Sea well west of the Shetland Islands, the
company said.
The Tormore discovery well tested at 32 mln cubic feet of gas per day, with
a condensate gas ratio of 75 barrels per mln cubic feet, Total said.
Total is the operator of Block 205/5a where the new find was made and has a
47.5 pct stake, alongside partners Eni UK Ltd (22.5 pct), Dong E&P UK Ltd (20
pct) and Chevron North Sea Ltd (10 pct).
[e-mail]
gk1/lce

[waldron] 03/9/2007 06:49

Total S.A France's Total acquires 20 gas stations in north China - industry officials
Date : 03/09/2007 @ 03:24
Source : TFN


Total S.A France's Total acquires 20 gas stations in north China - industry officials


BEIJING (XFN-ASIA) - France's Total has acquired more than 20 private gas
stations in the northeastern Chinese province of Liaoning, as well as a number
of oil wholesalers, according to industry officials.
The purchase was confirmed by the head of the oil distribution section of
the China General Chamber of Commerce, Zhao Youshan, at a private oil company
conference over the weekend.
Although the oil retail and wholesaling markets have already been opened up
to foreign companies in order to meet China's commitments to the WTO, domestic
companies have continued to face restrictions.
Government controls over prices, as well as the monopoly that the China
National Petroleum Corporation (CNPC) and the China Petroleum and Chemical
Corporation (Sinopec) have over upstream oil supplies, have persuaded many
private companies to consider selling to foreign firms.
In June, 80 private oil companies announced their intention to sell up to a
group of international oil majors including Shell, BP and Mobil, but the deal
was blocked by the state planner, the National Development and Reform
Commission.
[e-mail]

xfndds/xfntm

[waldron] 29/8/2007 10:25

Total to receive 25 pct of Shtokman gas output


MOSCOW (Thomson Financial) - France's Total will receive 25 pct of the
output from the first stage of the Shtokman offshore natural gas project it
operates together with OAO Gazprom in the Barents Sea, sources told Kommersant.
They added that the French oil major will also have "wide powers" to
participate in the management of the project.
According to an analyst quoted by Kommersant, Total will pay around 800 mln
usd for its share of the output.
A Gazprom executive told the daily that this figure was "close to the
truth."
Total officials could not be reached for immediate comment on the matter.
Future production during the first stage of the project, which is due to
start in 2013, is estimated at 23.7 bln cubic metres per year, Gazprom CEO
Alexei Miller said earlier.
The gas field is believed to hold a total of 3.7 trn cubic metres of gas and
the cost of the project is estimated at around 20 bln usd.
Kommersant said that the conditions for participating in the project due to
be offered to Norway's Statoil-Hydro and to US energy major ConocoPhillips will
not be as attractive as for Total.
Gazprom and Total signed a deal last month to develop the Shtokman field
jointly, following a telephone conversation between Russian President Vladimir
Putin and French President Nicolas Sarkozy.
[e-mail]
afp/amk/gp

[grupo guitarlumber] 25/8/2007 11:11

Wave Power Attracts Investors
Energy from the ocean-more predictable than wind or solar power-is being tested in various ways on an international drawing board
by Vaughan Scully
From Standard & Poor's Equity Research
Anyone who has ever been swimming in the ocean knows the awesome power of waves: They can toss large boats about like bathtub toys even during mild weather, or crush buildings to bits during storms. As oil prices rise and concerns over the environmental consequences of burning fossil fuels keep growing, more companies are becoming interested in capturing the energy contained in those massive walls of water to help meet the ever-rising demand for electric power.

Although there are companies currently working on devices to capture the power of waves, their technologies are not nearly as refined as those for wind and solar power. They are beginning to attract the interest of large electric utilities and industrial equipment manufacturers hoping to cash in if wave power becomes commercially viable.

The utility Pacific Gas & Electric (PCG) announced plans in February to test the commercial feasibility of wave power at two sites on the northern coast of California. PG&E said it would assess the offerings of at least three prominent wave power vendors-Princeton (N.J.)-based Ocean Power Technologies, Vancouver-based Finavera Renewables, and Ocean Power Delivery of Edinburgh, Scotland. Two other companies, Sydney-based Oceanlinx and Wavegen of Inverness, Scotland, are also actively involved in wave power projects.

Making Waves
Wave power is much more predictable than either wind or solar energy: Wave patterns can be accurately forecast three days in advance. Also, because the energy in waves is highly concentrated, large, landscape-marring facilities are not needed. The downside to wave power is that it is unknown whether these devices can withstand the harsh environments where wave power is strongest.

Ocean Power Technologies (OPTT) has invented a device it calls the PowerBuoy, a floating buoy anchored to the sea, which moves up and down with the waves to drive a shaft connected to a generator. Iberdrola hired the company to build and operate a small wave power station off Santona, Spain, and is talking with French oil major Total (TOT) about another wave energy project off the French coast. It is also working on projects in England, Scotland, Hawaii, and Oregon.

Ocean Power Delivery is privately held, but has several deep-pocketed backers, including General Electric (GE) and Norwegian oil giant Norsk Hydro (NHY). It offers the Pelamis, a long, snake-like structure of floating steel tubes linked by hinged joints. Waves that move along the device cause the joints to move and drive hydraulic fluid that turns a generator. The company's flagship project is a wave farm off Aguçadoura, Portugal, in partnership with a unit of Spanish utility Endesa (ELE) that it plans to develop into a full commercial-scale power supplier by the end of 2007. The Pelamis is also being studied for use by Chevron (CVX), which has applied to build a wave power facility off the coast of Northern California.

Beachfronts and Buoys
Wavegen is a unit of Voith Siemens Hydro Power Generation, a joint venture between Voith and Siemens. Wavegen's device is known as an oscillating water column, which is normally sited at the shoreline rather than in open water. An enclosure is built with a roof on which a fan is mounted. Waves entering the enclosure force air upwards through the fan, which turns the generator. A small facility is already connected to the Scottish power grid, and the company is working on another project in Northern Spain.

Finavera Renewables has projects in Oregon and Washington states, Portugal, Canada, and South Africa using a buoy technology. Passing waves create an up-and-down motion for the buoy, which is used to create pressurized seawater that drives a generator. Its shares are listed on the Toronto Stock Exchange's Venture Exchange.

Australia's Oceanlinx offers an oscillating wave column design and counts Germany's largest power generator RWE as an investor. It has multiple projects in Australia and the U.S., as well as South Africa, Mexico, and Britain.

Scully is a reporter for Standard & Poor's Editorial Operations.

[grupo guitarlumber] 24/8/2007 07:17

Mittal Energy, Total, HPCL to team up for India refinery project


MUMBAI (Thomson Financial) - Mittal Energy Investments Ltd plans to team up
with France's Total SA and India's Hindustan Petroleum Corp Ltd (HPCL) to set up
a mega greenfield refinery-cum-petrochemical project in India, the Financial
Express reported, citing unnamed HPCL sources.
The project is expected to cost over 300 bln rupees, the report added, and
will be located near Visakhapatnam in the southern Indian state of Andhra
Pradesh.
Mittal Energy Investments is wholly owned by Mittal Investments Sarl, which
in turn owns 38 pct in Mittal Steel Company NV, which merged with Arcelor to
form Arcelor Mittal -- the world's largest steel company.
The report said a memorandum of understanding for executing this project
will be signed "shortly", adding that HPCL's board met on Wednesday to clear the
MoU proposal.
"Confirming the move, a senior HPCL official said the joint venture route
was the most appropriate... for the project," the report said.
It quoted other sources as saying HPCL is already in the process of
acquiring 1,500 acres of land from the Andhra Pradesh Industrial Infrastructure
Corp for this project.
The report also named GAIL (India) and Oil India Ltd as the other expected
joint venture partners.

[e-mail]
jro/lam