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TTE Totalenergies Se

-1.16 (-1.82%)
29 Sep 2023 - Closed
Delayed by 15 minutes

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Share Name Share Symbol Market Type Share ISIN Share Description
Totalenergies Se LSE:TTE London Ordinary Share FR0000120271 TOTALENERGIES ORD SHS
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.16 -1.82% 62.49 59.52 65.46 - 2,984,065 16:35:07
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Crude Petroleum & Natural Gs - - 7.8 7.4 152,852.48

Totalenergies Share Discussion Threads

Showing 776 to 795 of 800 messages
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TotalEnergies Plans to Increase Shareholder Returns, Oil-and-Gas Production
27/09/2023 2:41pm
Dow Jones News

Wednesday 27 September 2023

By Giulia Petroni

TotalEnergies plans to boost shareholder distributions and increase its oil-and-gas production as part of its newly released strategy.

The French major said Wednesday that it expects to return around 44% of cash flow from operations to shareholders in the current year and allocate $1.5 billion from divestment proceeds of Canadian assets to share buybacks, reaching $9 billion.

It also increased the distribution guidance to more than 40% of CFFO beyond 2023, with net investments of $16 billion-$18 billion per year over the 2024-28 period.

TotalEnergies said it plans to grow its oil-and-gas production by 2% to 3% a year over the next five years, mainly from liquefied natural gas. The oil-and-gas business is expected to generate more than $3 billion of additional underlying cash flow in 2028 compared to 2023 levels at constant prices, it said.

In regards to its low-carbon portfolio, the company said it aims to increase power generation to more than 100 terawatt-hours by 2030 by investing $4 billion per year. It also plans to increase cash flow to more than $4 billion by 2028 from around $2 billion in 2023.

The company said it is building a portfolio that combines renewables, combined-cycle power plants and storage, with the aim to achieve a return on average capital employed of around 12%.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

September 27, 2023 09:26 ET (13:26 GMT)

September/27/2023 Investor Day
the grumpy old men
TotalEnergies to Invest $300 Million in Renewables Venture With Adani Green Energy
20/09/2023 10:55am
Dow Jones News

Wednesday 20 September 2023

By Giulia Petroni

TotalEnergies has entered into an agreement with Adani Green Energy to invest $300 million in a joint venture that will house 1.05 gigawatts of solar and wind projects, the Indian renewable-energy company said on Wednesday.

The venture will be equally owned by the two companies, Adani Green Energy said. Some of the projects are already operational, while others are still under construction or development.

The transaction is under discussion and subject to customary approvals and conditions.

Adani Green Energy is owned by Adani Group.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

September 20, 2023 05:40 ET (09:40 GMT)

adrian j boris
France May Take Action To Curb Oil Refiner's Profits
By Julianne Geiger - Sep 16, 2023, 4:00 PM CDT

French Finance Minister Le Maire questions high refining margins and ponders policies to curb excessive profits in the downstream sector.

Le Maire: Windfall taxes are one way France could help alleviate the pain of high prices for consumers.

Earlier this week, Le Maire said the inflation burden must be shared as he welcomed TotalEnergies's Tuesday decision to keep a cap on fuel prices beyond the end of the year.

France has "questions" about refining margins, and decisions could be made to curb excessive profits, French Finance Minister Bruno Le Maire told journalists on Thursday.

Inflation has been a concern across Europe, and the French government has taken strides to lower the cost of basic goods and services such as food and transport.

Windfall taxes are one way France could help alleviate the pain of high prices for consumers, Le Maire said.

"With (Energy Minister) Agnes Pannier-Runacher, I will raise the issue of high margins with the economic actors in question and take decisions to avoid excessive profits in this sector as in others," Le Maire said on Thursday.

Earlier this week, Le Maire said the inflation burden must be shared as he welcomed TotalEnergies's Tuesday decision to keep a cap on fuel prices beyond the end of the year, and urged other companies to rein in prices to keep the cost of living down. Total said it would extend the cap fuel prices at 1.99 euro per litre beyond the end of the year "as long as prices remain high."

Le Maire noted that according to officials from oil-producing countries he had spoken to last week at the G20 summit, it looked like Saudi Arabia had every intention of continuing to limit its crude oil output.

In September last year, the Council of the European Union agreed to impose a temporary windfall tax on energy companies that realize "above a 20% increase of the average yearly taxable profits since 2018," on top of whatever taxes these companies already own in their individual countries.

In March of this year, ExxonMobil announced its disappointment with the windfall tax trend, saying it would take a look at its role in Europe in light of the new taxes on profits. At the time, Exxon likened Europe's windfall tax craze as the stick, and the United States' Inflation Reduction Act as the carrot as the oil supermajor created a new clean energy business venture in the United States.

ExxonMobil filed a lawsuit against the EU over the 33% windfall tax in December after claiming that the windfall tax could cost the company $2 billion in 2023, and announced that whether Exxon invests in Europe depends on how attractive and globally competitive Europe will be.

By Julianne Geiger for Oilprice.com

Air Liquide to Invest $429.3 Million in Plant as Part of Hydrogen Deal With TotalEnergies
September 14, 2023 at 03:49 am EDT

By David Sachs

Air Liquide on Thursday said it will spend more than 400 million euros ($429.3 million) to build an electroylzer in Normandy as part of an agreement to supply TotalEnergies with hydrogen.

The French industrial gas company said its electrolyzer will have a capacity of 200 megawatts. It will supply the French energy and petrolium company's plant in Gonfreville, Normandy, France, with the hydrogen equivalent to 100 megawatts of power starting in the second half of 2026, it said. The other 100 megawatts will be used for customers in the Normandy industrial basin and for the development of low-carbon mobility, Air Liquide said.

As part of the agreement, TotalEnergies will generate up to 100 megawatts of renewable elctricity to power the electrolyzer, Air Liquide said. Air Liquide said it will sign long-term renewable power purchase agreements and use low-carbon energy from the French power grid for the remainder of the plant's needs.

Write to David Sachs at david.sachs@wsj.com

(END) Dow Jones Newswires

09-14-23 0348ET

adrian j boris
TotalEnergies in Talks for $700 Million Investment in Adani Green Projects, Bloomberg Reports

15/09/2023 9:09am

Dow Jones News

--TotalEnergies is in talks to invest about $700 million to buy stakes in projects developed by India's Adani Green Energy as the French energy company seeks to expand its renewable-energy portfolio, Bloomberg reports, citing unnamed sources.

--If a deal is reached, this would be TotalEnergies' first investment in an Adani Group business since a report by a U.S. short seller criticized the group earlier this year, Bloomberg reports.

--TotalEnergies and Adani declined to comment, according to Bloomberg.

Full story:

Write to Andrea Figueras at andrea.figueras@wsj.com

(END) Dow Jones Newswires

September 15, 2023 03:54 ET (07:54 GMT)

the grumpy old men

Maersk and TotalEnergies lose $187m Danish Supreme Court tax case

September 7, 2023

A.P. Moller – Maersk and TotalEnergies were dealt a blow by the Danish Supreme Court this week in a long-running dispute with the country’s tax authorities over income from oil and gas businesses in Algeria and Qatar.

The case involving the alleged misuse of transfer pricing was filed by the Danish Ministry of Taxation, claiming that Maersk’s oil unit, offloaded to TotalEnergies in a $7.45bn share and debt deal in 2017, had evaded tax in Denmark between 2006 and 2008.

According to court documents, the tax ministry claimed Maersk’s oil business over the specified period provided goods and services to two subsidiaries for free, altering its taxable income in Denmark.

The Supreme Court ruled that Maersk and TotalEnergies must pay tax on DKK1.3bn ($187m) of income generated from 2006 to 2008, overturning the country’s high court verdict in March 2022. The two companies also need to pay DKK4m in legal fees and DKK3m in interest to the tax ministry within two weeks.

“While we are surprised with the ruling it will not have any financial consequences for A.P. Moller – Maersk, since it has already been reflected in our annual tax payments throughout the relevant period to avoid interest payments,” Maersk said in a statement.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.

Sasol, TotalEnergies Face ZAR1.3 Billion Lawsuit From South Africa's Transnet
Today at 12:36 am

(MT Newswires) -- South African freight and ports company Transnet filed a 1.28 billion-rand lawsuit against energy giants Sasol (SOL.JO) and TotalEnergies (TTE.PA, TTE.L, TTE.BR) for short-paying tariffs for the transport of crude oil.

For the use of its pipeline, the state-owned company is seeking 815 million rands from Sasol and 461 million rands from TotalEnergies, Business Day reported Monday.

Sasol closed 2% in the green in Aug. 25 trading, while TotalEnergies was up marginally.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price (GBP): £23862.00, Change: £+357.00, Percent Change: +1.52%

TotalEnergies, INPEX to acquire AC-RL7 permit offshore Australia

By NS Energy Staff Writer 22 Aug 2023

TotalEnergies will acquire a 26% stake and INPEX the remaining 74% stake and operatorship of the AC-RL7 permit from PTTEP Australasia, a subsidiary of Thailand’s national petroleum exploration and production company, PTTEP

TotalEnergies, INPEX to acquire AC-RL7 permit. (Credit: Zachary Theodore on Unsplash)

France-based integrated energy company TotalEnergies and Japanese oil and gas company INPEX have agreed to acquire 100% interest in the AC-RL7 permit, located offshore Australia.

TotalEnergies and INPEX will acquire the interest from PTTEP Australasia, a subsidiary of Thailand’s national petroleum exploration and production company, PTTEP.

Under the terms of the agreement, TotalEnergies will obtain a 26% stake, and INPEX will acquire the remaining 74% stake and assume operatorship of the AC-RL7 permit, subject to approval by the relevant authorities.

TotalEnergies Asia-Pacific exploration and production senior vice president Julien Pouget said: “Thanks to this joint acquisition together with our partner INPEX, we are pleased to secure additional resources for the future supply of the Ichthys LNG plant.

“These resources will help us to meet the long-term demand of our customers in the Asia-Pacific region for LNG.

“This acquisition is also supported by the efforts undertaken with INPEX in the Bonaparte CCS Assessment joint venture to appraise the area’s potential for geological storage of CO2 to abate CO2 emissions from the Ichthys LNG project.”

The AC-RL7 permit, which covers around 418km2 area in the Timor Sea, is located nearly 250km northeast of the Ichthys offshore facilities.

It includes the Cash and Maple gas and condensate fields, which were discovered in 2002 and 1989, respectively, and subsequently appraised by several wells.

TotalEnergies said that the development of oil and gas fields in the permit would enable a long-term supply of the Ichthys LNG natural gas liquefaction plant.

The Ichthys LNG project is a joint venture between TotalEnergies, INPEX and other shareholders, including CPC, JERA, Kansai Electric Power, Osaka Gas, and Toho Gas.

adrian j boris
French oil giant among nine firms in anti-trust probe
August 5, 2023

RABAT (AFP) – Morocco’s Competition Council announced on Thursday that it is poised to launch an investigation into the business practices of nine fuel retail firms, including a subsidiary of French oil giant TotalEnergies.

Ever since Morocco abandoned state subsidies on fuel in 2015, allegations of market rigging have multiplied as motorists have seen pump prices rise across the board with little, if any, variation between retailers.

“Prosecutors consider they have sufficient evidence to prove the existence of anti-competitive practices by the accused parties,” the council said.

TotalEnergies Marketing Maroc confirmed it had been notified of the upcoming investigation.

The company, which is listed on the Moroccan bourse, said it was “cooperating fully with the Competition Council’s investigators and preparing the appropriate elements for its response”.

The case dates back to February 2020 when the top three fuel retailers – TotalEnergies Marketing Maroc, Shell distributor Vivo Energy and Afriquia – were fined after the Competition Council ruled they had colluded on pricing.

Market leader Afriquia is owned by Moroccan Prime Minister Aziz Akhannouch, giving the affair a political edge.

Gas Prices Inch Higher As TotalEnergies Shuts Down Port Arthur Refinery
By Charles Kennedy - Aug 04, 2023, 3:30 PM CDT

French supermajor TotalEnergies was forced to shut down a unit at its 225,000-barrels-per-day refinery at Port Arthur in Texas due to a leaky pump, adding to other refinery outages that have pushed U.S. gasoline prices higher in recent days alongside the rise in crude oil prices.

Total's U.S. unit of the French energy major, said in a statement, carried by Dow Jones, that “A pump located in unit 825 developed a leak that reached the reportable quantity of un-speciated volatile organic compounds.”

“The unit is being shut down in order to isolate the pump and stop the leak,” the refinery operator added.

The emissions from the incident ended on Thursday night after 11 hours.

The refinery, 95 miles east of Houston, is one of TotalEnergies' six refining and petrochemicals platforms worldwide, and the company’s largest facility in the United States.

Last week, the same refinery reported an operational disruption and gas emissions after the cogeneration unit at Port Arthur experienced a unit upset due to a loss nitrogen oxides steam injection.

The latest incidents at TotalEnergies’ Port Arthur refinery add to other disruptions and outages at refineries on the U.S. Gulf Coast in recent days.

Last week, an unexpected shutdown at the gasoline-making unit of ExxonMobil’s refinery at Baton Rouge, Louisiana, sent U.S. gasoline futures rallying to the highest since October 2022. Repairs at the Exxon refinery could take weeks and last for the rest of the driving season, thus reducing gasoline supply to the market.

Gasoline prices are also responding to the recent rise in crude oil prices.

This summer, gasoline prices are rising amid heatwave-related outages at some domestic refineries and WTI Crude jumping back to above $80 per barrel.

By Charles Kennedy for Oilprice.com

adrian j boris
Nigeria | 4 hours ago

TotalEnergies Seeks Attractive Fiscal Environment to Encourage Investments in Big Gas Devt Projects

Multinational oil firm, TotalEnergies, has stressed the need for the Nigerian government to put in place adequate fiscal framework that would attract more investors in the development of big gas fields in the country.

The company explained that a favourable investment climate was urgently needed for oil and gas companies willing to embark on projects that would enable Nigeria explore and produce more of the abundant gas resources existing in the country and move away from just Associated Gas (AG) to Non-Associated Gas (NAG).

The Deputy Managing Director (Deepwater), TotalEnergies EP Nigeria Limited, Mr. Victor Bandele, made the call in Lagos, during a panel session at the just-concluded Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE), with the theme: “Balancing Energy Accessibility, Affordability, and Sustainability: Strategic Options for Africa”.

He said TotalEmergies was contributing efficiently in natural gas sustainability in Nigeria.
Speaking on the topic: “Role of Foreign Direct Investment (FDI) in the Efficient Development of Natural Gas Reserves to Meet Africa’s Energy Security Demands,” Bandele stressed that gas needed to be developed not only as a by-product of oil, but as a standalone product of high value.

He said: “There is no way we will develop energy today based on the same terms and conditions that we are using for associated gas.
“When we look at the fiscal terms that we have today, honestly, we will spend a lot of time discussing and discussing. I don’t think that people will come in.
“When I want to develop associated gas, I can run my economics on oil, and gas will just be bonus, we have past that era.

“I don’t think that people will come in to do NAG development on a large scale if the fiscal terms are not convenient and not appropriate.”
Acknowledging steps being taken by the government on energy transition, Bandele, however, stressed the need to take bold steps in finding the right environment to carry out energy development in Nigeria similar to what other countries were doing.
“In Nigeria today, we have more than 200 trillion cubic feet of proven gas reverse. In 2022, the total production of gas was about 1.4tcf. Of this 1.4tcf, less than 1tcf was for Nigeria Liquefied Natural Gas (NLNG).

“If you are looking at the statistics, you will ask whether what we did in 2022 is where we are supposed to be.
“If our proven reserves is in excess of 200tcf, and we are monetising in the neighbourhood of about 1tcf in a year, we are really not playing the game. So, this is the first instance that we have to bear in mind. We talk about this reserve – 200tcf, where is the 200tcf, where are they locked,” Bandele asked.

Maintaining that about 50 per cent of the gas in Nigeria was associated gas, he stated that what it meant was that they were produced as oil was produced.
According to him, there are available infrastructure producing oil to some extent but there is also need to achieve the clean energy transition as fast as possible.
“Let’s assume we have a means of producing some of our associated gas, about 50 per cent of the 200tcf is non-associated, meaning that we need to find infrastructure that will be suiting for gas development, find environment that will suit people to bring money to develop gas as a single item, are we doing that,” he asked.

He disclosed that for the past 10 years, TotalEnergies had ensured that all its new projects were non-routine flaring compliant.

“TotalEnergies supports Alaoji gas plant for gas, supports the Indorama for gas,” he added.

Bandele however, stated that TotalEnergies was desperate to remain relevant in Nigeria, adding the company has presence in the upstream, midstream, in the downstream, as well as in the renewables.

He said the company was optimistic about Nigeria and sees the human resource in the country as enormous.


France's TotalEnergies starts drilling for oil in Uganda

French oil giant TotalEnergies has started drilling oil wells in Uganda as part of the massive East African Crude Oil Pipeline project that has been opposed by environmental and human rights groups.

Issued on: 27/07/2023 - 07:15

TotalEnergies said Wednesday it had started drilling at its Tilenga project on the northern end of Lake Albert in Uganda this month "to start production in 2025".

The Petroleum Authority of Uganda (PAU) said "the drilling of development wells" began on 28 June.

Over 400 wells "are expected to be drilled... to produce about 190,000 barrels of oil per day at peak when production starts in 2025," the PAU said in a statement to the AFP news agency.

TotalEnergies and the China National Offshore Oil Corporation (CNOOC) signed an agreement last year to develop Ugandan oilfields and ship the crude via a 1,445-kilometre pipeline to Tanzania's Indian Ocean port of Tanga.

CNOOC started drilling at its Kingfisher site on the shores of Lake Albert in January.

A coalition of environmental pressure groups said on Wednesday that drilling projects, which are partly located in the Murchison Falls National Park, and the associated pipeline, will be detrimental to global efforts to cut reliance on fossil fuels and would devastate the park's ecosystem.

"Total continues its greenwashing, trying to convince that its oil wells will not affect the local fauna thanks to the beige colour of the drilling towers 'to look like the surrounding savannah'," Friends of the Earth France and Survive said in a statement.

They noted that one third of the 400 wells due to be bored will be within the park.

Human Rights Watch (HRW) says the project will have dire consequences for local communities and the environment.

The company said it had offered fair compensation and would "continue to pay close attention to respecting the rights" of the communities concerned, and that oil development will be limited to an area that is less than one percent of the park land.

(with newswires)

adrian j boris
TotalEnergies Takes Control of Renewables Firm for $1.66 Billion

Francois de Beaupuy, Bloomberg News

(Bloomberg) -- TotalEnergies SE agreed to buy the remaining shares in French clean-power developer Total Eren for €1.5 billion ($1.66 billion), boosting the oil major’s foray into renewable energy.

Chief Executive Officer Patrick Pouyanne has pledged to spend $5 billion this year on low-carbon energies — almost a third of total capital expenditure — as the company reduces its exposure to petroleum with ongoing sales of Canadian oil-sands assets and some of its European service stations.

By buying out the 71% in Total Eren it doesn’t already own, TotalEnergies gains full control of a firm that has 3.5 gigawatts of solar, wind and hydropower in operation, with a project pipeline of more than 10 gigawatts, it said Tuesday. The purchase should increase the net operating income of its power division by around €160 million next year, and operating cash flow by about €400 million.

The renewable energy company, founded in 2012 by Paris Mouratoglou and David Corchia, has assets in more than 20 countries, including Brazil, India and Greece. It recently teamed up with Kazakh partners to invest $1.4 billion in a giant wind and battery-storage project in the Central Asian nation, and is also developing green hydrogen in North Africa, Latin America and Australia.

TotalEnergies bought an initial stake of 23% in Eren for €237.5 million in 2017, and subsequently increased its interest to near 30%. In the past year or so, the French major also snapped up 50% of US renewable developer Clearway Energy Group for $2.4 billion and 34% of Brazil’s Casa dos Ventos for as much as $580 million.

This month it also acquired a 50% stake in a Turkish renewable company for an undisclosed amount, and pledged to pay Germany €5.8 billion to secure offshore wind leases for at least 25 years.

How Big Oil Hijacked Germany’s Multi-Billion-Dollar Offshore Wind Auction

By Alex Kimani - Jul 14, 2023, 6:00 PM CDT

BP secured leases at two North Sea sites off the coast of Helgoland with total generating potential of about four gigawatts, paying a total of $7.5 billion.

TotalEnergies--through local subsidiaries--secured the other two sites for a total of $6.5 billion.

The U.S. government is considering opening 30 million acres of the Gulf of Mexico near Texas and Louisiana to offshore wind energy projects.

European oil and gas supermajors BP Plc (NYSE:BP) and TotalEnergies (NYSE:TTE) have won all of the capacity on offer in Germany’s 7GW offshore wind auction, the country’s biggest in history.

BP secured leases at two North Sea sites off the coast of Helgoland with total generating potential of about four gigawatts, paying a total of $7.5 billion.

The new sites--BP's first offshore wind projects in Germany--will nearly double the company’s global offshore wind pipeline.

Meanwhile, TotalEnergies--through local subsidiaries--secured the other two sites for a total of $6.5 billion. Germany currently has 8.4GW of operational offshore wind capacity.

“These awards are a huge milestone for BP's decarbonization plans in Germany and are a strong reflection of our wider strategy.

The renewable power we aim to produce will anchor the significant demand we expect for green electrons for our German operations," Anja-Isabel Dotzenrath, BP's EVP for gas and low-carbon energy, said.

But not everyone is particularly pleased with these giant clean energy projects. Multiple bidders, including the winning bids, pledged to build without any subsidies or state support aka ‘‘negative bidding’’;, thus triggering an additional “dynamic bidding procedure”. Negative bidding creates additional costs for offshore wind developers, which they pass on either to the supply chain, already struggling with inflation, or to the consumers, who are grappling with higher electricity prices and costs of living.

Indeed, WindEurope has called for an end to financial bid auctions after BP’s and Total’s historic wins:

“Crucially the European Union wants to strengthen its energy security with competitive and home-grown renewables. The EU needs as much new wind energy capacity as it can get, as fast as it can get it. All the money paid in negative bidding is money our companies cannot invest in other wind energy projects. European governments should therefore not follow the German example of negative bidding. For example the industrial capacity for the construction of wind turbines, foundations and the installation vessels. But investments are also needed in grids, ports and skilled workers. Negative bidding is unhelpful here. Companies along the wind energy supply chain will have to work with even tighter margins, as developers pass on the extra costs of negative bidding to them,” the trade body said.

Gulf Of Mexico Gearing For Massive Offshore Wind Scheme

Back in the United States, the offshore wind sector is beginning to garner some serious attention after receiving more than its fair share of flak by the former president. Last year, the Biden administration outlined a range of clean energy initiatives, key among them plans to hold the largest-ever sale of offshore wind leases in U.S. history and accelerate the deployment of new power lines to transmit renewable electricity across the country.

At the center of the offshore push was the sale of six commercial leases in the New York Bight between Long Island and New Jersey, the most successful offshore wind lease auction in history. The 488,000 acres offshore wind lease auction fetched a record $4.37 billion from companies looking to develop the waters, with the installed capacity expected to be between 5.6 GW and 7 GW, enough to power 2 million homes. The Department of Energy also launched a Building a Better Grid initiative that will tap billions of dollars in funding from the $1T infrastructure law passed in November to finance new lines and grid upgrades.

Well, the Biden administration is planning to roll out a giant offshore wind project that will dwarf New York Bight.

According to Politico, the U.S. government is considering opening 30 million acres of the Gulf of Mexico near Texas and Louisiana to offshore wind energy projects, part of Biden’s goal to build 30 gigawatts of wind power capacity by 2030, enough to power more than 10 million homes.

According to a report by the National Renewable Energy Laboratory (NREL), the U.S. will need more than 2,100 wind turbines, at least 2,100 foundations, more than 11,000 kilometers of cables and five wind turbine installation vessels to achieve its offshore wind energy target. Currently, the country has more than 70,000 existing wind turbines listed in continental U.S.

Perfect Fit

Though the Gulf’s waters haven’t sprouted any wind turbines yet, there are several reasons why the Gulf of Mexico is a perfect fit as an offshore wind hub.

First off, the Gulf Coast also has an abundance of companies and workers with decades of experience in producing energy offshore. According to the Energy Information Administration, Gulf of Mexico federal offshore oil production accounts for 15% of total U.S. crude oil production. Major fields include Eugene Island block 330 oil field, Atlantis Oil Field, and the Tiber oilfield (discovered 2009) while notable oil platforms include Baldpate, Bullwinkle, Mad Dog, Magnolia, Mars, Petronius, and Thunder Horse.

“We have a really mature base for energy. We’ve got the know-how,” Lefton said. The people, the companies, the manufacturers that know how to do [Outer Continental Shelf] energy development are in the Gulf of Mexico,” the Interior Department’s Bureau of Ocean Energy Management director Amanda Lefton has told Politico.

According to Hayes Framme, government relations manager for North America at Danish wind giant ├śrsted A/S (OTCPK:DNNGY), the Gulf’s existing oil and gas infrastructure represents “a historic expertise.”

“One of the things that makes the Gulf area attractive is the fact that you’ve got a workforce that is accustomed to working on rigs in the ocean. It’s not like you have to build an industry. What you have to do here is basically help an existing industry evolve,’’; Dennis Arriola, CEO of the renewable energy company Avangrid Inc. (NYSE:AGR), has said.

Michael Hecht, the president and CEO of Greater New Orleans, says jobs in the Gulf’s traditional oil and gas industry have declined during the past decade, creating a sense of urgency to make a transition that allows people to retain their skills.

The Gulf could also become an important hydrogen hub, with wind power being used to generate green hydrogen to reduce greenhouse gas emissions from industries such as long-haul trucking, fertilizer manufacturing and aviation.

By Alex Kimani for Oilprice.com

adrian j boris
Euronext Paris - 12:43:58 13/07/2023

52.68 EUR +0.21%

no more wallowing

TotalEnergies, Partners Make Final Investment Decision on Texas LNG Project
13/07/2023 8:05am
Dow Jones News

By Giulia Petroni

TotalEnergies and its partners have made a final investment decision to develop phase-one of the Rio Grande liquefied natural gas project in South Texas.

The French oil-and-gas major said Thursday that as a result of the decision, it will acquire a 16.67% stake in the joint venture in charge of the first phase of the project and participate in its equity contributions for a total amount of $1.1 billion.

The investment decision was made by Global Infrastructure Partners, NextDecade and their partners GIC and Mubadala. The project will be financed by equity contributions from the partners and by a debt contribution agreed on with an international banks' consortium.

TotalEnergies said it will hold a total 17.5% stake in NextDecade for a total amount of $219 million, and offtake 5.4 million metric tons a year of LNG from first-phase production for a period of 20 years.

The first phase comprises three liquefaction trains with a total capacity of 17.5 million tons a year and capital expenditure of $14.8 billion, according to the company.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

July 13, 2023 02:50 ET (06:50 GMT)

adrian j boris
still wallowing in the lowlands

Euronext Paris - 09:48:54 10/07/2023

51.42 EUR +0.63%

Mozambique LNG: TotalEnergies turns pressure up on Saipem

One of TotalEnergies' purchasing managers in Maputo, Lei von Habsburg-Lothringen, has just been sent to Milan for at least a year to work with the Italian services giant Saipem.

Algeria, TotalEnergies sign new gas contracts

ALGIERS, July 10, 2023 (BSS/AFP) - Algeria's state oil company Sonatrach signed on Sunday contracts worth around $740 million with French energy giant TotalEnergies, Sonatrach said in a statement.

The deals comprise hydrocarbon contracts concerning the exploitation of TFT (Tin Fouye-Tabankort) II and TFT South fields in the desert in southeast Algeria, as well as liquefied natural gas and renewable energy contracts.

"The TFT II contract provides for development investments of around $332 million, making it possible to recover 43 billion cubic meters of gas, 4.3 million tons of condensate and 5.7 million tons of LPG," the statement said.

"The development investments of the second contract, TFT Sud, are estimated at $407 million, allowing the recovery of 11.5 billion cubic meters of gas, 1.3 million tons of condensate and 1.6 million tons of LPG," it added.

According to Sonatrach, the "combined production of the two perimeters TFT II and TFT South will exceed 100,000 barrels of oil equivalent per day by 2026 against a current production of about 60,000 barrels of oil equivalent per day".

The natural gas contract extends commitments between Sonatrach and TotalEnergies allowing them to "consolidate their commercial partnership" and "play a key role in the supply of gas to the French and European markets", it added.

The deals were signed in Algiers by Sonatrach CEO Toufik Hakkar and TotalEnergies head Patrick Pouyanne.

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