Totalenergies Share Discussion Threads

[waldron] 08/10/2024 12:37

RWE and TotalEnergies partner for 4GW offshore wind projects

The offshore wind projects will be developed off the German coast.
October 8, 2024


The sites, identified as N-9.1 and N-9.2, are between 110km and 115km northwest of Borkum Island. Credit: RWE.

German energy company RWE has partnered with TotalEnergies to develop two offshore wind projects with a combined capacity of 4GW off the German coast.

TotalEnergies will acquire a 50% equity stake in both projects from RWE, marking a significant collaboration in the renewable energy sector.

The agreement follows RWE’s successful bid for the sites during Germany’s offshore wind auction held in August 2024.

The sites, identified as N-9.1 and N-9.2, are situated between 110km and 115km northwest of Borkum Island and have the potential to host 2GW each.

Investment decisions for the projects are set for 2027 for N-9.1 and 2028 for N-9.2.


Subject to obtaining the necessary permits and grid connection confirmation, offshore construction could therefore commence in 2029 and 2030.





Full commissioning of the wind farms is planned for 2031 and 2032 respectively.

RWE offshore wind CEO Sven Utermohlen stated: “We are delighted to welcome TotalEnergies onboard as our partner in the delivery of these large-scale offshore wind projects in our home market of Germany.

“As a trusted partner in our Dutch offshore wind project OranjeWind, TotalEnergies shares our ambition to further drive the growth of offshore wind energy to accelerate the energy transition in Germany and beyond.

“Our RWE teams will bring their many years of experience and in-depth knowledge of the offshore wind industry to successfully develop and build the two wind farms.”

The collaboration between RWE and TotalEnergies signifies a strategic move to bolster renewable energy development in Europe.

The joint venture is expected to contribute significantly to Germany’s energy transition goals and the broader European commitment to sustainable energy.

TotalEnergies renewables senior vice-president Olivier Jouny stated: “We are pleased to strengthen our ties with RWE, a key player in renewables and our partner in OranjeWind project in the Netherlands.

“This new partnership contributes to our integrated development in the German electricity market, the largest in Europe, and will enable TotalEnergies to provide green electrons to decarbonise the country’s electricity and industry.”

[waldron] 08/10/2024 07:26

Saint-Gobain has signed a Power Purchase Agreement (PPA) with TotalEnergies to supply renewable electricity to Saint-Gobain's French industrial facilities. It will take effect from January 2026 for a total volume of 875 GWh over a period of five years.


TotalEnergies will provide Saint-Gobain with a baseload supply of electricity and guarantees of origin for that amount of power, produced by TotalEnergies' wind and solar plants across France.


"Saint-Gobain is committed to achieving net-zero carbon emissions by 2050. Realizing this ambition involves decarbonizing our production processes. This contract signed with TotalEnergies allows the Group to take a further step towards this goal with a reliable and continuous supply of renewable electricity for our industrial sites. With this PPA, combined with the three others signed by the Group in France since 2021, 30% of the electricity used by Saint-Gobain in France will come from renewable sources by 2027", explained Swaroop Srinath, Energy Purchasing Director, Saint-Gobain.

[waldron] 04/10/2024 18:20

Why TotalEnergies Shares Are Surging Today

by Lekha Gupta, Benzinga Editor

October 4, 2024 12:49 PM | 1 min read |

Zinger Key Points

TotalEnergies secured the top spot in Bulgargaz's tender for LNG supply in Greece for November and December 2024.

Six companies submitted binding offers, with TotalEnergies offering the most competitive terms among international contenders.

TotalEnergies SE
TTE+1.47%

shares are trading higher on Friday. The company secured the top spot in Bulgargaz EAD's tender for LNG supply at the Alexandroupolis terminal in Greece for November and December 2024, offering the most competitive terms.

The natural gas distribution company Bulgargaz stated that thirteen international companies showed interest, with six submitting binding offers.

Notably, Bulgargaz had earlier announced tenders for five LNG cargoes (5,000,000 MWh), including one for January-February 2025.

The first tender, covering October, closed in September, and 1,000,000 MWh of LNG from Norway has already been delivered. The company will select the supplier for the January-February tender by mid-November.

This week, TotalEnergies inked mid-term LNG supply deal with Santos for 20 cargoes annually, starting Q4 2025.

Yesterday, the company stated that it expects Oil & Gas production growth of about 3% annually through 2030, driven by LNG, with six major projects launching in 2024 across Brazil, Suriname, Angola, Oman, and Nigeria.


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Price Action: TTE shares are up 1.47% at $68.88 at the last check Friday.

Shell, TotalEnergies, Equinor Complete Carbon Storage Project: Exec Says Joint Venture Plays ‘Vital’ Environmental Role



This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Market News and Data brought to you by Benzinga APIs
Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

[waldron] 03/10/2024 17:28

TotalEnergies to reassess UK investments amid windfall tax hike

The UK Government’s plan includes a three-percentage point increase from November, potentially raising the sector's overall tax rate to 78%.

October 3, 2024


French energy major TotalEnergies has signalled a potential reduction in its UK investments in response to the government’s planned increase in windfall taxes and the removal of investment allowances.

The company’s CEO, Patrick Pouyanné, expressed concerns at an investor day in New York, highlighting the challenges posed by the proposed tax changes compared with those in France.

Pouyanné, as reported by the Financial Times, stated: “I am taking this very seriously because clearly we will be very selective on any capex we spend in the UK and [are] clearly looking seriously at ways to restructure operations.”

He suggested that the UK should consider emulating Norway’s system, which, despite high taxes, offers incentives for investment.

“I am arguing with them, but they should copy [and] paste the Norwegian system, which is maybe high fiscally but also has incentives to invest,” Pouyanné added.



The CEO also confirmed TotalEnergies’ consideration of a secondary listing in New York.


Introduced in 2022 by then chancellor Rishi Sunak following Russia’s invasion of Ukraine, the UK’s temporary energy profits levy is set to extend until 2030.



The Labour Government’s plan includes a three-percentage point increase from November, potentially raising the sector’s overall tax rate to 78%.

The proceeds from the increased levy are intended to support renewable energy investments including wind power, aligning with Labour’s establishment of Great British Energy.

Additionally, Pouyanné confirmed TotalEnergies’ consideration of a secondary listing in New York, which would enable more efficient access to US investors while maintaining its base in Paris.

Despite the uncertain market, TotalEnergies announced a 5% dividend increase for 2025 and maintained its $2bn (€1.81bn) quarterly share buybacks.

This comes amid forecasts of an oversupply in liquefied natural gas (LNG) potentially affecting prices from 2026.

TotalEnergies has committed to net investments of $16–18bn annually through 2025–30, with approximately $5bn earmarked for low-carbon energies.

The company retains the option to reduce investments by $2bn if faced with significant price drops.

The company’s Strategy & Outlook reveals a focus on a balanced and profitable transition strategy, with an emphasis on oil and gas, particularly LNG, and electricity.

TotalEnergies aims to increase global energy production by 4% per year through 2030 while significantly reducing emissions from its operations.

By 2030, the company anticipates a 25% reduction in the carbon content of its energy sales compared with 2015.


GlobalData

[waldron] 02/10/2024 20:09

French Giant TotalEnergies Hikes Dividend by 5% for 2025

By Charles Kennedy - Oct 02, 2024, 12:30 PM CDT

It’s a big news week for French oil major TotalEnergies this week, with investors informed on Wednesday that the company would narrow its focus on cheaper upstream output and hike dividends by 5% per share for next year, combined with $2 billion in quarterly buybacks.

In its Strategy & Outlook presentation on Wednesday, TotalEnergies emphasized “more energy, less emissions, more free cash-flow” as it “advances its balanced and profitable multi-energy strategy”.

The French oil giant is targeting 4% production growth per year from 2024 to 2030, with $10 billion-plus in underlying free cash-flow growth.

For 2024, the company expects buybacks to clock in at $8 billion, with another $2 billion per quarter for next year.

"Our dividend breakeven is under $50 per barrel ... and we can sustain buybacks under $70 per barrel," TotalEnergies CEO Patrick Pouyanne said in the presentation.

The announcement comes as oil and gas companies are faced with the prospect of potentially slowing dividend payouts and share buybacks after Brent plunged below $70 in September, clawing its way back this week with escalating Middle East tensions.

TotalEnergies is eyeing upstream output costs of around $5 per barrel for 2024. Earlier this week, the company greenlighted a $10.5 billion development project for Suriname’s offshore oil and gas Block 58, with APA Corporation, with output expected in the first half of 2028.

“Oil & Gas production average growth of ~3% per year to 2030, led by LNG, thanks to the launch of six major projects in 2024 (two in Brazil, Suriname, Angola, Oman, Nigeria) that de-risk, high-grade and extend guidance from 2028 to 2030,” TotalEnergies said in its presentation, adding that over the next two years, growth will surpass 3% annually due to the start-up of high-margin projects in the U.S. Gulf of Mexico, Brazil, Iraq, Uganda, Argentina, Malaysia and Qatar.

“In 2024, the Company has also de-risked its LNG exposure to spot gas prices by signing long-term LNG sales contracts mainly indexed on Brent and by developing its upstream gas production in the US through two low-cost acquisitions,” Total said, with Pouyanne warning that there will be 50 million tons of new LNG supply per year representing 10% more than the market can handle.

By Charles Kennedy for Oilprice.com

[waldron] 01/10/2024 17:50

TotalEnergies to invest $10.5bn in Suriname offshore field

Total
€59.31
16:40 01/10/24
1.38%
€0.81

French oil major TotalEnergies announced on Tuesday it is investing $10.5bn into the GranMorgu offshore oil field in Suriname.


The field, which holds the Sapakara and Krabdagu oil discoveries, is located 150km off the coat and is forecast to hold recoverable reserves estimated at over 750 million barrels.

TotalEnergies is the operator of Block 58 – in which GranMorgu is located –and holds a 50% interest, while APA Corporation owns the remaining 50%, though Staatsolie is expected to exercise its option to enter the development project with up to 20% interest before June 2025.

The French outfit, which on Tuesday met with the President of the Republic of Suriname, Chandrikapersad Santokhi, said significant investments will be made in local content and job creation.

“I am very pleased to launch today the GranMorgu project alongside our partners Staatsolie and APA and I sincerely thank the State of Suriname for its strong support," said TotalEnergies' chair and chief executive Patrick Pouyanné.

"Launched only a year after the end of appraisal, GranMorgu fits with our strategy to accelerate time-to-market and develop low-cost and low emission oil projects."

Shares were up 1.4% at €59.30 by the close of play in Paris.

[waldron] 27/9/2024 16:08

TotalEnergies Boosts U.S. Natural Gas Business With Eagle Ford Assets


By Tsvetana Paraskova - Sep 27, 2024, 7:00 AM CDT

TotalEnergies on Friday announced a deal to buy a 45% stake in dry gas-producing assets owned and operated by Lewis Energy Group in the Eagle Ford basin in Texas, growing its gas production business and boosting its LNG portfolio.

The assets that TotalEnergies is buying are located in Southwest Texas and have the potential to be developed to reach a sustainable gross production of around 400 Mcf/d by 2028.

TotalEnergies, which is the leading exporter of U.S. LNG, is further increasing the integration across its gas value chain in the United States, the French supermajor said.

The deal is the second such transaction announced this year after TotalEnergies in April agreed to buy the 20% interest held by Lewis Energy Group in the Dorado leases operated by EOG Resources in the Eagle Ford.

In the U.S. natural gas sector, TotalEnergies also operates a technical production of around 500 Mcf/d in the Barnett.

“This acquisition further strengthens our upstream gas position in the United States and contributes to our integrated LNG position with a low cost upstream gas supply”, said Nicolas Terraz, President, Exploration & Production at TotalEnergies.

The French group exported more than 10 million tons (Mt) of LNG from the U.S. in 2023, which makes it the largest exporter of American LNG. This is thanks to TotalEnergies’s 16.6% stake in the Cameron LNG plant in Louisiana and several long-term purchasing agreements.

The company aims to have its U.S. LNG export capacity reach 15 Mt per year by 2030, after the start-up of the Rio Grande LNG plant in South Texas.

However, the Rio Grande LNG has recently suffered a regulatory setback. Last month, a U.S. appeals court vacated the authorization of NextDecade Corporation’s Rio Grande LNG export project issued by the Federal Energy Regulatory Commission on the ground that the FERC should have issued a supplemental Environmental Impact Statement (EIS) during its remand process.

By Tsvetana Paraskova for Oilprice.com

[waldron] 26/9/2024 07:42

TotalEnergies to Supply LNG to Korea's HD Hyundai Chemical

by Rocky Teodoro
|
Rigzone Staff


| Wednesday, September 25, 2024 | 8:47 AM EST

'This agreement allows us to continue securing long-term sales in Asia and reduce our exposure to spot market gas prices'.


TotalEnergies SE has signed a heads of agreement (HoA) with South Korea’s HD Hyundai Chemical.

The agreement, with prices indexed both to Brent and Henry Hub, is for the delivery of 200,000 tons of liquefied natural gas (LNG) per year for seven years starting in 2027, the French oil major said in a news release.

The agreement strengthens TotalEnergies’ long-term position in South Korea, the world’s third-largest LNG-importing country, the company said.

In Asia, LNG serves as a true transition energy, mitigating the intermittency of renewable energy sources and reducing emissions when it replaces coal in electricity generation, the company noted.

“We are pleased with this agreement with HD Hyundai Chemical, which will supply natural gas to one of their industrial sites. This agreement allows us to continue securing long-term sales in Asia and reduce our exposure to spot market gas prices,” Gregory Joffroy, Senior Vice President for LNG at TotalEnergies, said.

TotalEnergies said it is the world’s third largest LNG player with a global portfolio. The company benefits from an integrated position across the LNG value chain, including production, transportation, access to regasification capacity in Europe, trading, and LNG bunkering. Its ambition is to increase the share of natural gas in its sales mix to close to 50% by 2030, to reduce carbon emissions and eliminate methane emissions associated with the gas value chain, and to work with local partners to promote the transition from coal to natural gas, according to the release.

SAF Agreement with Air France-KLM

Meanwhile, TotalEnergies signed an agreement with Air France-KLM to supply up to 1.5 million tons of sustainable aviation fuel (SAF) to Air France-KLM Group airlines over a 10-year period, until 2035.

The agreement marks one of the largest SAF purchase contracts signed by Air France-KLM to date, according to a separate news release. In 2022 and 2023, Air France-KLM was the world's leading SAF user, representing 17 percent and 16 percent of total global production respectively. The contract builds on a memorandum of understanding (MoU) signed in 2022 for the supply of 800,000 tons of SAF.

The SAF supplied by TotalEnergies to Air France-KLM will be made from waste and residues from the circular economy and will be produced in TotalEnergies' French and European biorefineries and refineries by coprocessing. The SAF will be used to fuel flights operated by Air France-KLM’s airlines on departure from France, the Netherlands, and other European countries.

SAF allows for a reduction in carbon dioxide emissions of at least 75 percent and up to 90 percent over the entire fuel life cycle, compared with fossil fuel equivalents, according to the release.

“SAF contributes both to the energy transition of our customers in the aviation sector and to the industrial transition of our refineries. It therefore represents a real 'win-win' for the future of industry and aviation”, Patrick Pouyanné, Chairman and CEO of TotalEnergies, said. “For the past 10 years, we have been pioneers in the field, investing in biorefineries and SAF production facilities in France as well as developing coprocessing technologies in our refineries. Building on these industrial successes, we intend to continue this momentum in Europe and worldwide”.

“Securing the volumes of more sustainable aviation fuel needed to decarbonize our activity is a major challenge. This agreement with TotalEnergies is a further step in this direction, and a testament to our long-standing support for the development of SAF production in France and Europe. A solid SAF sector capable of meeting our industry’s needs is a key factor in Europe's sovereignty and energy independence,” Benjamin Smith, CEO of Air France-KLM Group, said.

To contact the author, email [e-mail]

[grupo] 25/9/2024 10:10

TotalEnergies SE


61.33 EUR −0.58 (0.94%)



Sep 25, 10:52 GMT+2

[grupo] 25/9/2024 10:07

Boursier.com) - TotalEnergies fell by 1% to 61 euros on Wednesday, while RBC Capital maintained its ‘sector performance’ recommendation with an adjusted target of 75 to 80 euros.

Jefferies is keeping the stock with a target price of €62, while Kepler Cheuvreux had downgraded the rating to ‘hold’ with a target price of €65.

The group announced the signing of a sales agreement (HoA) with HD Hyundai Chemical for the delivery of 200,000 tonnes of LNG per year for 7 years from 2027.

With this agreement, the price of which is indexed to Brent and Henry Hub, TotalEnergies strengthens its long-term position in South Korea, the world's third largest importer of LNG.

In Asia, LNG is a genuine transitional energy source that compensates for the intermittent nature of renewable energies and helps to reduce emissions when it replaces coal in electricity production.

Translated with DeepL.com (free version)

[waldron] 24/9/2024 03:40

TotalEnergies to supply millions of tons of SAF to Air France-KLM

The French oil major will provide more than a million tons of SAF over a decade.

Patrick Rhys Atack September 23, 2024

AIRPORT TECHNOLOGY.COM

Franco-Dutch airline Air France-KLM has signed a deal with French energy supplier TotalEnergies for the supply of 1.5 million tons of “sustainable aviation fuel” (SAF) over 10 years to 2035.

Despite the well-known doubts over the efficacy of SAF as a fuel to reduce the climate impact of the aviation sector, major airlines have bet on the introduction of SAF mixes into their fuel supplies.

Air France-KLM claimed to be one of the “leading”; users of SAF, using what it described as 16% of the globally produced sustainable fuel in 2023. The agreement with TotalEnergies (formerly known as Total) is a formalisation of a 2022 Memorandum of Understanding between the companies to provide 800,000 tons of the fuel.

“SAF contributes both to the energy transition of our customers in the aviation sector and to the industrial transition of our refineries. It therefore represents a real ‘win-win’; for the future of industry and aviation”, said Patrick Pouyanné, CEO of TotalEnergies.

“For the past 10 years, we have been pioneers in the field, investing in biorefineries and SAF production facilities in France as well as developing coprocessing technologies in our refineries. Building on these industrial successes, we intend to continue this momentum in Europe and worldwide,” he added.


The airline group said it was a “step” in the right direction.

[waldron] 23/9/2024 09:41

TotalEnergies begins production from Fenix gas field offshore Argentina

The Fenix development includes a new unmanned platform, which is connected to the existing CMA-1 facilities

Swagath Bandhakavi 23rd Sep 2024
NSENERGY

The Fenix field is located 60km off the Tierra del Fuego coast in Southern Argentina.

TotalEnergies and its partners have commenced production from the Fenix gas field, which has been developed offshore Argentina with an investment of around $706m.

Situated in Southern Argentina, 60km off the Tierra del Fuego coast, the Fenix field is part of the Cuenca Marina Austral 1 (CMA-1) block. A final investment decision (FID) on the offshore gas project was taken in September 2022.

The Fenix development includes a new unmanned platform, which is located in water depth of 70m. Connected to the existing CMA-1 facilities, the 4,800-tonnes Fenix platform has a production capacity of 10 million cubic meters per day, which is equivalent to 70,000 barrels of oil equivalent per day (boe/d).

The project has been developed through the drilling of three horizontal wells from the unmanned platform.

TotalEnergies has an operating stake of 37.5% in the CMA-1 concession, while Harbour Energy and Pan American Energy hold stakes of 37.5% and 25%, respectively. Harbour Energy joined the project through the $11.2bn acquisition of Wintershall Dea’s exploration and production business.

A 35km subsea pipeline transports the gas produced at the Fenix development to the TotalEnergies-operated Véga Pléyade platform. The gas is treated onshore at the Río Cullen and Cañadon Alfa facilities, both of which are also operated by TotalEnergies.

According to TotalEnergies, the Fenix project adopts a low-cost and low-emissions approach to energy production to achieve a carbon intensity of 9kg of carbon dioxide equivalent per barrel of oil equivalent. This is largely attributed to its utilisation of existing infrastructure, which minimises environmental impact while optimising operational costs, as per the French energy company.

TotalEnergies Americas exploration and production senior vice president Javier Rielo said: “The start-up of Fenix production safely and ahead of schedule, only two years after FID, demonstrates the capacity of our Company to deliver its projects. Fenix will contribute to maintaining our gas production plateau in Tierra del Fuego and ensure a reliable supply to the Argentinean gas market.

“With its low break-even and low carbon intensity, Fenix perfectly matches the Company’s low-cost and low-emission strategy.”

[grupo] 20/9/2024 17:49

TotalEnergies Set to Develop $9 Billion Suriname Oil Resources


By Charles Kennedy - Sep 20, 2024, 10:30 AM CDT

French supermajor TotalEnergies has started to scour the market for deepwater rigs and support vessels to begin development of massive resources discovered offshore Suriname, anonymous sources with knowledge of the tenders told Bloomberg on Friday.

Exploration and resource development in the Atlantic Basin is now alive more than ever, following the huge developments offshore Guyana led by ExxonMobil and the plans of TotalEnergies to tap the discovered resources in Guyana’s neighbor, Suriname.

TotalEnergies, which partners with APA Corp offshore Suriname, has already made several discoveries in the area. The companies are expected to make as early as next month the final investment decision (FID) to develop part of the resources, according to Bloomberg’s sources.

TotalEnergies has reportedly ordered a hull for a 200,000-bpd production vessel, the clearest sign yet that the French supermajor would be moving to develop the project.

“They have reserved this hull,” Annand Jagesar, managing director of Suriname’s state oil company, Staatsolie, told Bloomberg.

“You’re not going to pay a lot of money for that to have it sitting around,” Jagesar added.

TotalEnergies and APA plan to make the final investment decision on the Block 58 project by the end of 2024, targeting first oil in 2028.

Crude oil discoveries in Suriname have opened access to some 2.4 billion barrels in reserves, Wood Mackenzie analysts have estimated. The consultancy also reported the South American nation holds some 12.5 trillion cubic feet in natural gas reserves.

A total of nine offshore discoveries have been made in Suriname in the last six years but commercial development of any of them is still in the future.

Suriname is often seen as a candidate for a repeat of Guyana’s oil boom since the two neighboring countries share one hydrocarbon basin. However, exploration efforts have taken longer in Suriname and the colossal success of Exxon with the Stabroek Block and its dozen discoveries has yet to be replicated in Guyana’s neighbor.

By Charles Kennedy for Oilprice.com

[grupo] 20/9/2024 14:12

TotalEnergies Starts Natural Gas Production From Argentinian Offshore Field

By Tsvetana Paraskova - Sep 20, 2024, 7:15 AM CDT

French supermajor TotalEnergies announced on Friday the start of natural gas production from the Fenix gas field offshore in southern Argentina.

The Fenix field has been developed to have a production capacity of 10 million cubic meters per day, or 70,000 barrels of oil equivalent per day, (boe/d). The field, 60 km (37 miles) off the coast of Tierra del Fuego in Southern Argentina, consists of a new unmanned platform and is connected to the existing facilities at the Cuenca Marina Austral 1 (CMA-1) concession, which TotalEnergies operates.

The natural gas produced at Fenix is sent through a subsea pipeline to the TotalEnergies-operated Véga Pléyade platform and is subsequently treated onshore at the Río Cullen and Cañadon Alfa facilities, which are also operated by the French company.

According to TotalEnergies, Fenix is a low-cost, low-emissions development, with a carbon intensity of 9 kg CO2e/boe, which uses existing infrastructure.̶0;Fenix will contribute to maintaining our gas production plateau in Tierra del Fuego and ensure a reliable supply to the Argentinean gas market,” said Javier Rielo, Senior Vice President Americas, Exploration & Production at TotalEnergies.

“With its low break-even and low carbon intensity, Fenix perfectly matches the Company's low-cost and low-emission strategy,” Rielo added.

TotalEnergies has been operating in Argentina since 1978, and has interests offshore, onshore, and in the Neuquen province, home to the Vaca Muertra shale.

Argentina plans to raise oil and gas output and exports from Vaca Muerta in the coming years.

Supertankers could begin docking in Argentina to load oil from the country’s shale patch after a pipeline is set to connect Vaca Muerta with a terminal at Punta Colorada port capable of handling the so-called very large crude carriers (VLCCs).

Argentina is also moving a step closer to exporting LNG and monetizing its huge resource in Vaca Muerta after maritime LNG infrastructure firm Golar LNG signed a 20-year deal with Pan American Energy (PAE) for the deployment of a Floating Liquefied Natural Gas (FLNG) vessel in Argentina.

By Tsvetana Paraskova for Oilprice.com

[waldron] 19/9/2024 08:37

TotalEnergies extends LNG sales agreement with China’s CNOOC


Economy Materials 19 September 2024 11:17 (UTC +04:00)



Maryana Ahmadova
TREND NEWS AGENCY

BAKU, Azerbaijan, September 19. TotalEnergies has extended its sales and purchase agreement (SPA) with China National Offshore Oil Corporation (CNOOC), securing the delivery of 1.25 million tons of liquefied natural gas (LNG) per year to China until 2034, Trend reports.

The five-year extension is part of TotalEnergies’ long-term strategy to strengthen its position in the expanding Chinese market for LNG.

China’s growing demand for natural gas is driven by the need to support its energy transition, with natural gas playing a key role in balancing the intermittency of renewable energy sources and reducing emissions when used as an alternative to coal in power generation.



“We are pleased to strengthen our ties with CNOOC, a key partner for the Company in the world’s largest LNG importing country. This agreement allows us to continue securing long-term sales in Asia and reduce our exposure to spot market gas prices,” said Gregory Joffroy, Senior Vice President of LNG at TotalEnergies.

[waldron] 19/9/2024 08:33

CNOOC Starts Production in Two Oilfields in South China Sea

by Jov Onsat
|
Rigzone Staff

| Thursday, September 19, 2024 | 2:47 AM EST



The Liuhua 11-1/4-1 Oilfield Secondary Development Project in the eastern South China Sea began producing heavy crude, CNOOC Ltd. said Thursday.

The state-backed company expects the project, which consists of oilfields Liuhua 4-1 and Liuhua 11-1, to reach about 17,900 barrels of oil equivalent a day (boed) in peak production in 2026. CNOOC Ltd., majority-owned by China National Offshore Oil Corp. (CNOOC), aims to commission 32 wells.

Liuhua 11-1/4-1 is the first oil project in Asia “to be developed with the 'Deepwater Jacket Platform + Cylindrical FPSO' mode”, CNOOC Ltd. chief executive and president Zhou Xinhuai said in a company news release. The production facilities include a new deepwater jacket platform and a cylindrical floating production, storage and offloading (FPSO) unit. Liuhua 11-1/4-1 has an average water depth of around 305 meters (1,000.7 feet), according to the oil and gas exploration and production company.

“The Company has overcome various technological challenges to complete the project”, Zhou said.

“While revitalizing the deepwater oilfields with original oil in place over 100 million tons, the new mode has substantially reduced the construction and production costs.

“It provides a Chinese solution for the efficient development of similar deepwater oil and gas fields”.

CNOOC Ltd., listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange, operates the project with a 100 percent stake.

Earlier this month it said it had put online the Wushi 17-2 Oilfields Development Project, located in the Beibu Gulf in average water depths of around 28 meters (91.9 feet).

CNOOC Ltd. expects the project, which produces light crude, to achieve approximately 9,900 boed in peak output in 2026. It plans to commission 43 development wells, 28 of which would be production wells, according to a press release September 4.

CNOOC Ltd. operates the project with an 80 percent interest.

In the first half of 2024 CNOOC Ltd. produced 362.6 million boe, a 9.3 percent year-on-year increase and the company’s highest production in the January–June period.

Before the two projects put onstream this month, CNOOC Ltd. started up three projects in 2024: the Suizhong 36-1/Luda 5-2 Oilfield Secondary Adjustment and Development Project, the Bozhong 19-6 Gas Field 13-2 Block 5 Well Site Development Project and the Wushi 23-5 Oilfields Development Project.

“Technological breakthroughs made the Company more competitive in the market”, CNOOC Ltd. said in a financial report August 28. “Progress in exploration theory and technology guided the discovery of multiple oil and gas fields such as Lingshui 36-1, Bozhong 8-3 South and Longkou 7-1.

“In terms of development and construction, Liuhua 11-1/4-1 Oilfield Secondary Development Project adopted the innovative mode of ‘deep-water jacket platform + cylindrical FPSO’, creating a brand-new solution for the efficient development of deepwater oil and gas fields in offshore China.

“For drilling and completion, the Company drilled an ultra-deep extra extended reach well in Enping 21-4 oilfield, the first one of its type, setting new records for the deepest offshore drilling depth and horizontal length in offshore China. The well would significantly improve production efficiency of the project”.

On September 10 CNOOC Ltd. declared “the first major exploration breakthrough in ultra-deepwater carbonate rocks offshore China” after drilling nearly 3,000 meters (9,842.5 feet) deep into the Pearl River Mouth Basin.

Testing of the Liwan 4-1 well yielded a production rate of 430,000 cubic meters (15.2 million cubic feet) per day of absolute open-flow natural gas, it said.

The well sits in a water depth of nearly 1,640 meters (5,380.6 feet) in the Baiyun Sag, the biggest hydrocarbon sag in the Pearl River Mouth Basin. The total depth was nearly 4,400 meters (14,435.7 feet). A gas pay zone of around 650 meters (2,132.5 feet) showed in the horizontal section, CNOOC Ltd. said.

"Previously, exploration in China's ultra-deepwater areas mainly focused on clastic rocks”, the company’s chief geologist, Xu Changgui, said then. “The success of this well has, for the first time, revealed the enormous potential of carbonate rocks in China’s ultra-deep waters, marking significant breakthroughs in both exploration understanding and operational techniques”.

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[waldron] 18/9/2024 18:14

TotalEnergies signs long term LNG agreement with BOTAS

Published by Emilie Grant, Editorial Assistant

Hydrocarbon Engineering, Wednesday, 18 September 2024 13:30


In line with its strategy to grow its long-term LNG sales, TotalEnergies has announced the signing of a Heads of Agreement (HoA) with BOTAS for the delivery of 1.1 million tpy of LNG, for ten years, starting from 2027.

This agreement allows TotalEnergies to strengthen a long-term presence in the Turkish LNG market. Natural gas plays a crucial role as a transition energy, addressing the intermittency of renewable energy sources and reducing emissions by replacing coal in electricity generation.

Gregory Joffroy, Senior Vice President, LNG at TotalEnergies, said: “We are pleased to initiate a new long-term collaboration with BOTAS, a key partner for the company in Turkey. This agreement enables us to secure long-term sales and reduce our exposure to spot market gas price fluctuations.”

[adrian j boris] 18/9/2024 08:59

TotalEnergies signs major LNG supply deal with Türkiye’s BOTAŞ

Economy Materials 18 September 2024 10:58 (UTC +04:00)



Maryana Ahmadova
TREND.AZ
TREND NEWS AGENCY


BAKU, Azerbaijan, September 18. TotalEnergies has taken another step in expanding its long-term liquefied natural gas (LNG) business, announcing a Heads of Agreement (HoA) with Türkiye’s state-owned energy company BOTAŞ. Under the agreement, TotalEnergies will supply 1.1 million tons of LNG annually to Türkiye for a period of ten years, starting in 2027, Trend reports.

This partnership solidifies TotalEnergies' long-term presence in the Turkish LNG market, positioning the company to play a key role in the country’s energy transition. Natural gas is increasingly seen as a bridge fuel, helping to stabilize renewable energy sources while reducing reliance on coal for electricity generation.

Gregory Joffroy, Senior Vice President of LNG at TotalEnergies, expressed his optimism about the deal. “We are pleased to initiate a new long-term collaboration with BOTAŞ, a key partner for our company in Türkiye. This agreement allows us to secure consistent sales and reduce exposure to spot market gas price fluctuations,” Joffroy stated.

[adrian j boris] 18/9/2024 08:28

NNPC Ltd, TotalEnergies’ $550m Ubeta Upstream Gas Project Takes Off

By Chidi Ugwu On Sep 18, 2024
INDEPENDENT.NG

ABUJA – The $550 million upstream gas project between the NNPC Ltd and TotalEnergies on the devel­opment of the Ubeta field has tak­en off, the presidency announced on Tuesday.

Special Adviser to the Presi­dent on Energy, Olu Verheijen, disclosed this during an inaugu­ral US-Nigeria Strategic Energy Dialogue, hosted by the U.S. State Department in Washington, DC.

In a statement, Olufemi Son­eye, Chief Corporate Commu­nications Officer of NNPC Ltd, noted that the signing ceremony of the 550 million USD Fina In­vestment Decision (FID) on the Ubeta Field Development Proj­ect took place in Abuja in June, this year. The Ubeta field, which was discovered in 1964, is located northwest of Port Harcourt, Riv­ers State.

Speaking at a luncheon or­ganised as part of the inaugural US-Nigeria Strategic Energy Dialogue, Verheijen said the up­stream gas project would deliver 350 million standard cubic feet of gas per day when operational.

Verheijen added that major energy reforms introduced by President Bola Ahmed Tinu­bu since June 2023 focused on improving energy security, attracting investments, and deepening collaboration with key partners, including the US government.

She said the key reforms had improved the viability of the gas to power value chain of the country.

The reforms, according to her, included initiatives to improve cash flows in

electricity distribution through smart metering and the payment of outstanding debts owed investors and to reduce carbon emissions from gas pro­duction.

She added that the president issued five new executive orders to support the reform efforts, aimed at providing fiscal incen­tives for investment and reducing the cost and time of finalising and implementing contracts to develop and expand gas infra­structure.


The presidential aide said the directives are aimed to immedi­ately unlock up to $2.5 billion in new oil and gas investments in the country.

Responding, the U.S. Assistant Secretary of the State Depart­ment’s Bureau of Energy Re­sources, Geoffrey Pyatt, said the dialogue was apt and strategic.

“The inaugural U.S.-Nigeria Strategic Energy Dialogue has set the stage for strengthened energy collaboration between the United States and Nigeria.

“Together, we’re advancing shared energy security, decar­bonisation, and economic growth goals,” he said.

Minister of State for Petro­leum Resources (Gas), Ekperikpe Ekpo, led the Nigerian delegation to the event.

Officials from the Ministry of Power, Nigerian Upstream Petroleum Regulatory Commis­sion, Nigerian Midstream and Downstream Petroleum Regula­tory Authority, Nigerian Content Development and Monitoring Board, and NNPC Limited were also in attendance.

The U.S. delegation included representatives from the Bureau of African

Affairs, USAID, the U.S. De­partment of Energy, the U.S. Trade and Development Agency, and the Export-Import Bank.

[ariane] 16/9/2024 23:23

Suriname to finance $1.8 billion offshore investment in Block 58 pending APA, TotalEnergies FID

September 16, 2024

(WO) — Suriname’s state oil company, Staatsolie, has announced plans to issue bonds in 2025 as part of a strategy to finance its participation in the development of offshore Block 58.

The company, which holds the right to participate in up to 20% of the field’s development under the Production Sharing Contract, is exploring various funding options to meet its estimated $1.8 billion investment requirement.

Staatsolie’s participation in the project hinges on the Final Investment Decision (FID) for Block 58, which is expected to be announced later this year by project partners TotalEnergies and APA Corporation.

To cover its share of the costs, Staatsolie is considering a combination of financing methods, including tapping into its cash reserves, issuing bonds, securing bank loans, or forming partnerships.

The company is aiming for maximum involvement from the local market and has indicated that it will structure the bond issuance to encourage broad participation.

The new bond offering is scheduled to open in January 2025 and will close in March. Staatsolie has confirmed that the bonds will be available in small denominations, making them accessible to the Surinamese public, including existing bondholders. De Surinaamsche Bank (DSB) has been appointed as the arranger for the issuance.

The company’s existing bonds, issued in 2020, are set to mature in September 2025 and March 2027, with interest rates of 7% and 7.5%, respectively. Staatsolie has been consistent with semi-annual interest payments on these bonds.


World Oil

[waldron] 16/9/2024 08:32

Oil India, TotalEnergies in talks for offshore projects

The company is looking to bid aggressively under the next open acreage licensing policy (OALP) bidding rounds wherein offshore blocks are expected to go under the hammer.

Written by Arunima Bharadwaj

September 16, 2024 05:00 IST

Oil India has already signed a non-disclosure agreement with Petronas and is going into the MoU stage, as per the source.

State-owned Oil India Ltd (OIL) is in discussion with French energy company TotalEnergies for exploration of hydrocarbon blocks off India’s coast, either as a technical partner or a “participating interest” (equity) partner, a senior company executive told FE.

The company is looking to bid aggressively under the next open acreage licensing policy (OALP) bidding rounds wherein offshore blocks are expected to go under the hammer.

“We have held discussions with TotalEnergies and are now framing the memorandum of understanding on whether they want to come on board as a technical partner or if they are interested to be a participating interest partner,” the company executive said.



The company is also in discussion with other international oil companies, including PTT Exploration and Production Public Company in Thailand, Malaysian state-owned oil and gas company Petronas, and Vietnamese state-owned oil company Petrovietnam, for exploration of offshore blocks.



“We are actually talking to various international partners. Many are interested. We are talking with TotalEnergies, PTTEP because they are in proximity, and Petronas. We have initiated a discussion with Petrovietnam,” the person said. The company has signed an MoU with PTTEP. “They (PTTEP) have come and seen our data, and so have Petronas that has shown interest,” the official said.


Oil India has already signed a non-disclosure agreement with Petronas and is going into the MoU stage, as per the source.

The company is targeting to produce 3.8 million tonne of oil equivalent crude oil in FY25 and 3.8 billion cubic metres of natural gas. Oil India’s annual production growth rate has been increasing by 5-6% annually in the last few years.

Oil India is also expected to drill more wells overseas amid its goal to drill over 75 wells this financial year. In Libya, the company has already drilled five-and-a-half wells and hopes to drill two more wells before the end of FY25 as per its minimum work programme commitment.

“We will be drilling these wells by the end of this year. Once we have drilled the remaining wells, we will get a good idea to develop the field,” the source said.

“Last month we had an OC (owners corporation) meeting in Istanbul. They were working up an additional budget in drilling up the new well.”

Earlier FE had reported that OIL is looking to resume its operations in the block Area 95/96 in Libya in this financial year. The company had suspended its operations in the block since May 2014 under force majeure clause, following the civil unrest in the African country.

The company has a 25% participating interest (PI) in the block with another 25% with Indian Oil Corp and the remaining 50% with SIPEX (Sonatrach International Production and Exploration). SIPEX is also the operator of the block Area 95/96 in Libya.
“Libya is opening up. We will come out with some production capacity numbers once the field development study is done. By the end of this financial year we should expect some development.”

Additionally, the company is negotiating the terms and conditions with ONGC’s overseas arm ONGC Videsh Ltd for its drilling operations in Bangladesh.

In its post AGM conference, the company’s Chairman told mediapersons that the ongoing unrest in Bangladesh has had no impact either on its supplies of diesel to the country through the 130 km long Indo-Bangla Friendship Pipeline or the expansion of the Numaligarh refinery.

Oil India is also looking to start its drilling operations in the Andaman blocks by October and will soon be floating a tender next month to start operations in the offshore block in Kerala.

“In Andaman we are going to drill by October. The rig is already on the move. In Kerala too, the study part is complete and we are thinking of starting drilling operations. We have already finalised everything and will float the tender next month,” said the source.


India News
First published on: 16-09-2024 at 05:00 IST

[sarkasm] 13/9/2024 11:04

Analysts' Consensus


Mean consensus
OUTPERFORM

Number of Analysts
21

Last Close Price
67.21USD APPROX 60,60 EUROS

Average target price
79.19USD APPROX 71,39 EUROS
Spread / Average Target
+17.81%

High Price Target
107.50USD
Spread / Highest target
+59.94%

Low Price Target
71.32USD APPROX 64,31 EUROS
Spread / Lowest Target
+6.11%