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[the grumpy old men] 29/11/2024 21:33

TotalEnergies targets $750m gas project in Nigeria amid 2025 investment drive

Abubakar Ibrahim
BUSINESS.NG

November 29, 2024

French energy giant TotalEnergies could approve a $750 million gas project in Nigeria next year, indicating potential progress in the country’s bid to attract renewed investment in its hydrocarbon sector. Mike Sangster, senior vice president of Africa, exploration and production at TotalEnergies, made this known today at a France-Nigeria business forum in Paris.

“We have another dry gas project called Ima which we hope to sanction next year for about $750 million,” he said. The shallow-water project, developed in partnership with a local firm, aims to further enhance gas supply to the Liquefied Natural Gas (LNG) facility.

Earlier this year, TotalEnergies pledged around $500 million to a joint venture with the state-owned Nigerian National Petroleum Company (NNPC) Limited to develop the Ubeta onshore field. With an expected output of 300 million cubic feet per day, this project is set to strengthen the gas supply to the Nigerian Liquefied Natural Gas (NLNG) plant.

Since taking office in May 2023, President Bola Tinubu has been addressing issues in the oil and gas sector, signing two executive orders this year to improve efficiency. Nigeria is seeking to attract up to $10 billion in new investments for deep-water gas exploration through tax incentives and other measures outlined in a new policy framework.



“There’s still more to be done in terms of regulation, simplifying, accelerating the process, but we have appreciated some of the changes that have been made over the past year,” Sangster said.

They “have given us now the incentive or the motivation to go ahead and renew our investments in Nigeria so that we can stop the decline and start to increase production.”

Sangster advocated for a further easing of local content regulations to attract international contractors with expertise in deep-water projects back to Nigeria, noting that this would foster competition and revive investments that have been suspended.

[florenceorbis] 28/11/2024 02:08

Total Pauses New York Offshore Wind Project After Trump Win
by Bloomberg
|
William Mathis, Jennifer A. Dlouhy

| Wednesday, November 27, 2024 | 4:00 PM EST


TotalEnergies SE has halted development of an offshore wind farm it plans to build off the coast of New York, as US President-elect Donald Trump signaled he’ll obstruct the green industry championed by his predecessor.

“Offshore wind, I have decided to put the project on pause” with Trump’s return, Total Chief Executive Officer Patrick Pouyanne said at an energy industry conference in London on Tuesday.

The move by the French oil-and-gas giant is one of the first tangible signs of a halt in investment in renewable power sources attributed to the incoming US administration. Trump, a frequent critic of wind power, said during the presidential campaign that he would target the offshore wind industry with an executive action on his first day in office.

It’s unclear how far Trump would go, though analysts have said the president-elect is likely to pause offshore wind lease sales and permitting of new ventures, like Total’s planned Attentive Energy project near New York and New Jersey.

Total’s decision may be a sign of things to come, said Timothy Fox, a managing director of the Washington-based research firm ClearView Energy Partners.

“Amid the changing political landscape, we are not surprised to see a developer pause an offshore wind project that’s in the preliminary stages of development,” he said. “We think other projects that are not in the advanced stages could stall too.”

Outgoing president Joe Biden vowed to create a US offshore wind industry that reaches 30 gigawatts by the end of the decade. Soaring costs and supply chain issues have made reaching that goal unlikely. Under Trump, additional progress could slow, since new and pending projects require federal sign off.

Total’s Attentive Energy, off the New Jersey and New York coasts, has the potential to generate 3,000 megawatts. The company previously said it anticipated the project would begin generating emission-free energy by the early 2030s. The company won the rights to develop the area of seabed in a record-setting auction in 2022.

Attentive Energy had not yet filed a proposed construction and operations plan with Interior Department regulators in charge of vetting offshore wind projects. Those federal permitting reviews typically stretch for at least three years.

By holding on to its lease, Total preserves the opportunity to resume work on the project after Trump’s four-year term. Meanwhile, domestic supply chains may continue to build up to serve other fully permitted wind farms planned along the US East Coast. Total could revive its project if a more environmentally friendly president takes office in the future, according to Pouyanne.

“I said to my team, the project in New York, we’ll see that in four years,” he said. “But the advantage is it’s only for four years.”

[waldron] 26/11/2024 07:05

French energy giant Total puts Adani Group investments on hold

TNN / Updated: Nov 26, 2024, 02:37 IST

French energy giant TotalEnergies has paused further investments in Adani Group following US bribery allegations against its founder.

TotalEnergies, holding stakes in Adani's renewable energy and gas ventures, stated it was unaware of the US investigation. The company emphasized its zero-tolerance policy on corruption and clarified it wasn't directly implicated.

MUMBAI: French oil major TotalEnergies has announced suspension of additional investments in Adani Group companies pending the resolution of US bribery allegations against the Indian conglomerate's founder.

The Paris-based company, which holds strategic stakes in Adani Group's renewable energy and gas distribution businesses, said it was not made aware of the US investigation into corruption related to the Indian group's solar power business.

indiatimes.com

[grupo guitarlumber] 22/11/2024 21:30

22/11/2024 7:00am
RNS Regulatory News

RNS Number : 8579M
TotalEnergies SE
22 November 2024


Application has been made by TotalEnergies SE to the UK Listing Authority and the London Stock Exchange for the admission of 10,251,337 ordinary shares of TotalEnergies SE with a par value of 2.50 Euros per share, issued on June 6, 2024 in connection with a share capital increase reserved for employees.

Dealings on these shares are expected to commence on November 27, 2024.

[adrian j boris] 20/11/2024 09:33

TotalEnergies, Oil India partner to tackle methane emissions

Economy Materials 20 November 2024 04:33 (UTC +04:00)


Maryana Ahmadova
fastmode

BAKU, Azerbaijan, November 20. TotalEnergies and Oil India Limited (OIL) have signed a cooperation agreement to use TotalEnergies’ AUSEA technology for methane emissions detection at OIL’s sites in India, Trend reports.

The AUSEA system, mounted on a drone, uses dual sensors to detect methane and carbon dioxide emissions and identify their sources, offering one of the most accurate tools available for emissions measurement.

This partnership follows OIL’s recent commitment to the Oil and Gas Decarbonization Charter (OGDC), a global initiative launched at COP28. The OGDC aims for net-zero operations by 2050, near-zero upstream methane emissions, and zero routine flaring by 2030. Through the agreement, OIL joins a growing list of companies using AUSEA to support these ambitious goals.

Dr. Ranjit Rath, Chairman of OIL, highlighted the importance of the collaboration, stating it reflects India’s commitment to global climate efforts. TotalEnergies’ CEO, Patrick Pouyanné, emphasized the impact of sharing best practices within the OGDC, which aims to significantly reduce methane emissions worldwide.

[the grumpy old men] 19/11/2024 19:46

TotalEnergies to deploy emissions detection, measurement tech for Oil India sites

November 19, 2024

TotalEnergies and Oil India Limited (OIL) signed a Cooperation Agreement to carry out methane emissions detection and measurement campaigns using TotalEnergies’ pioneer AUSEA technology at OIL sites in India.

State-owned enterprise OIL recently joined the Oil and Gas Decarbonization Charter (OGDC), a global industry initiative launched at COP28, co-chaired by TotalEnergies’ CEO. The OGDC’s ambition is to work towards net-zero operations by 2050, as well as near-zero upstream methane emissions and zero routine flaring by 2030. Moreover, OGDC members are committed to measuring and publicly reporting progress.

In line with the OGDC’s principle of sharing good practices, TotalEnergies makes this technology available to other operators among the signatories, as an effective and recognized tool to detect, measure and eventually abate methane emissions on their own assets.

AUSEA gas analyzer

Mounted on a drone, the AUSEA gas analyzer, developed by TotalEnergies and its R&D partners, consists of a dual sensor capable of detecting methane and carbon dioxide emissions, while at the same time identifying their source. This technology marks a step change in methane emissions detection and measurement compared to traditional techniques. By allowing access to hard-to-reach emission points, on all types of industrial facilities, both offshore and onshore, AUSEA is reputed as one of the most accurate technologies in the industry.

“We are delighted that OIL has joined the growing list of national companies we are collaborating with by making our AUSEA technology available. This is a clear demonstration that the Oil & Gas Decarbonization Charter launched at COP28 has gained momentum, thanks to the promotion of industrial best practices. Today, AUSEA performs campaigns on every continent and contributes to the OGDC signatories’ ambition to aim at near-zero upstream methane emissions by 2030,” said Patrick Pouyanné Chairman and CEO of TotalEnergies.

Commenting on the pact, Dr. Ranjit Rath, Chairman & Managing Director of OIL, said “By joining our peers in the OGDC, OIL reiterates India’s commitment to the global community, while underscoring OIL's dedication to reducing emissions. OIL is pleased to be collaborating with TotalEnergies, an industry pioneer in methane emissions detection and measurements.”


World Oil, Gulf Publishing Company LLC.

[adrian j boris] 09/11/2024 08:14

Court bid to block TotalEnergies gas project off West Coast

Fishers and activists want government to reverse environmental authorisation.

By Liezl Human, GroundUp 8 Nov 2024 04:02



A small-scale fishing cooperative and environmental justice organisations have launched a court bid to stop French giant TotalEnergies from exploring for oil and gas off the West Coast.

TotalEnergies announced in July that it would withdraw from two other offshore exploration projects, one off the South Coast and another located between Cape Town and Cape Agulhas.



However, the company intends to go ahead with exploration in the Deep-Water Orange Basin between Port Nolloth and Hondeklipbay, between 188km and 340km from the coast. It will include up to 10 exploration well drills.

The Aukotowa small-scale fisheries cooperative and two environmental justice organisations – The Green Connection and Natural Justice – launched an application in the Western Cape High Court on 31 October. They are opposing the environmental authorisation for the project by the Department of Mineral Resources (DMR) and the Department of Forestry, Fisheries and the Environment (DFFE).

‘Gas shouldn’t be part of just transition’

In their founding papers, they argue that natural gas is carbon-intensive and should not be part of South Africa’s just transition and commitment to net-zero emissions by 2050.

They say the government has failed to assess the ecological impacts the exploration and production of offshore oil and gas will have and that the oil spill risk assessment is flawed.

While the risk of an oil spill is reported as “unlikely̶1;, the impact of an oil spill is reported as “high” and “very high”.

They argue that an oil spill is a “highly significant potential impact” that would be felt “most acutely” by the West Coast fishers like Aukotowa “as well as across the country and for years after the event”.

They also argue that the impact assessments failed to consider the socio-economic impacts on the Aukotowa fishers, who have no other form of employment and whose livelihoods will be destroyed by an event like an oil spill.



In his founding affidavit, the chair of the Aukotowa cooperative, Walter Steenkamp, said the fishers in Port Nolloth depend entirely on the ocean for their livelihoods.

“In recent years we have seen a decline in our fish stocks and changes in their migration patterns.

“We need to go further out to sea in our small row boats which is a safety risk for us. We believe that these changes are due to climate change,” said Steenkamp in his affidavit.

“Aukotowa is extremely concerned about the degradation of the oceans and our local coastline, which is at the heart of so much of our history and culture and is also now the source of our livelihoods,” he said.

Gas a ‘transition fuel’

In its environmental impact assessment, TotalEnergies said that natural gas is a “transition fuel” and “is included in the energy mix of the country to serve as a transition or bridge on the path to carbon-neutrality from 2050 onwards (in terms of the Paris Agreement) and provide the flexibility required to complement renewable energy sources”.


However, environmental groups say the project “flies in the face of South Africa’s climate commitments”. In a media statement on the court case, they cite the Intergovernmental Panel on Climate Change’s warning against the further development of fossil fuels.

GroundUp sent questions to the DMR, the DFFE, and TotalEnergies. None of them had responded by the time of publication

.
GroundUp. This article was first published here.

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[gibbs1] 07/11/2024 11:37

TotalEnergies to Supply Sinopec with 2 MMtpa of LNG for 15 Years


by Jov Onsat
|
Rigzone Staff


| Thursday, November 07, 2024 | 4:04 AM EST



TotalEnergies SE has signed an agreement with China Petroleum & Chemical Corp. to supply the state-owned refiner with two million tons per annum (MMtpa) of liquefied natural gas (LNG) for 15 years starting 2028.

“Thanks to this major agreement with one of the leading LNG players in the country, TotalEnergies strengthens its long-term position in the LNG market in China, the largest market in the world”, TotalEnergies said in a statement.

“In China, natural gas is a key component of the energy transition as it mitigates the intermittency of rapidly growing renewable energies and helps reduce greenhouse gas emissions when it replaces coal in electricity production”, the French energy major added.

TotalEnergies aims to increase the share of natural gas in its sales mix to nearly 50 percent by 2030.

“This new agreement demonstrates the competitiveness of TotalEnergies’ LNG business and allows us to continue growing our long-term sales in Asia”, Stéphane Michel, president for gas, renewables and power at TotalEnergies, said in the online company statement.

Sinopec senior vice president Niu Shuanwen commented, “Natural gas is an important enabler for realizing energy transition and dual carbon goals.”.

“Sinopec is committed to building the world's leading clean energy and chemical company and will continue to promote energy transition and the clean, diversified and secure supply of energy”, Niu added.

The agreement is part of the “strategic cooperation agreement” the companies forged in May during Chinese President Xi Jinping’s state visit to France, TotalEnergies said in the statement.

The cooperation pact aims to grow the companies’ existing partnerships by collaborating on biofuels, green hydrogen, carbon capture and other decarbonization activities, according to a TotalEnergies press release May 7.

Last September TotalEnergies announced long-term agreements to export LNG to China, South Korea and Turkiye.

On September 24 it said it had signed a heads of agreement with HD Hyundai Chemical Co. Ltd. for the sale of 200,000 metric tons per year. The agreement lasts seven years from 2027.

On September 19 TotalEnergies said it had secured a five-year extension to a contract with China National Offshore Oil Corp. for the delivery of 1.25 MMtpa of LNG until 2034.

On September 18 TotalEnergies said it had inked a heads of agreement with Turkiye’s state-owned BOTAS for the delivery of 1.1 MMtpa of LNG for 10 years from 2027.

TotalEnergies said the long-term sales to Asia reduce its exposure to spot market prices.

To contact the author, email [e-mail]

[gibbs1] 07/11/2024 03:01

TotalEnergies plans to invest in Nigeria’s oil blocks
7th November 2024
Total Energies

TotalEnergies
By
Dare Olawin



The President/Chief Executive Officer of TotalEnergies worldwide, Patrick Pouyanne, says the company is ready to invest billions of dollars in Nigeria by participating in the ongoing oil bid round in the country.

Pouyanne stated this recently when he visited the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, at the commission’s headquarters in Jabi, Abuja.

This is coming a few months after the CEO said he had snubbed Nigeria to invest $6bn in Angola.

In a statement, the NUPRC said the meeting focused on key issues surrounding divestment, investment, and regulatory consent, addressing ongoing initiatives related to the Shell Petroleum Development Company Joint Venture deal which covered the deal’s current status and its potential implications for future investment opportunities in Nigeria’s Upstream petroleum sector.

The TotalEnergies boss was said to have expressed his company’s interest in exploring additional investment opportunities in Nigeria.

“He informed the CCE that TotalEnergies has registered for the current bid round, signalling its commitment to exploring new opportunities and gaining insight into the NUPRC’s perspective on the process. These include the commission’s approach to contract types and the necessity of partnerships within the bidding framework,“ the statement noted.

According to the NUPRC, other areas of interest for TotalEnergies include Nigeria’s domestic crude oil supply obligations. The aim is to strengthen operational efficiencies and align with mutual objectives between the company and NUPRC.

“Mr Pouyanne also noted his company’s interest in the regulatory aspects of decommissioning and abandonment, crucial components as Nigeria seeks to modernise its upstream petroleum landscape.


“The TotalEnergies CEO also commended NUPRC for the restoration of investors’ confidence in the Nigerian upstream sector and promised billions of USD investment and participation in the 2024 licensing round,“ the commission added.

Komolafe highlighted the NUPRC’s commitment to fostering a favourable business environment.

He emphasised that as an enabler of business under the Petroleum Industry Act, the NUPRC is developing new regulations designed to streamline operations, encourage foreign investments, and simplify business processes in Nigeria’s petroleum sector.

In May, Pouyanne told the President of the Dangote Group, Aliko Dangote, that the company was investing $6bn in energy projects in Angola over Nigeria, citing inconsistency in policy making in Nigeria as the primary reason for this decision.

During the Africa CEO panel in Kigali, Rwanda, Pouyanne said despite the Niger Delta’s status as West Africa’s most productive region, the volatile policy landscape has rendered investments unsustainable, adding that the company has not conducted oil exploration in the region for 12 years.

“Nigeria loves to open topics without closing them. You love to debate. There is always a new legislature in Nigeria about a new petroleum law. When you have such permanent debates, it’s difficult for investors looking for long-term structure to know what direction to go.

“In reality, the Niger Delta is the most prolific part of West Africa. But if you look at what happened, because of these debates, there has not been a single exploration in Nigeria for 12 years. It’s important to have a debate and then settle it and put a framework on the table that investors can trust.

“We have countries that have perfectly integrated policies like Angola. So, we went to Angola and announced a very large $6bn project at the beginning of the week (in May) because their framework is stable. So we know where we go,” the TotalEnergies boss said five months ago.

Dare Olawin

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[gibbs1] 06/11/2024 23:18

TotalEnergies SE

57.57 EUR −0.72 (1.24%)


Nov 6, 17:37 GMT+1

Mkt cap
139.95B

P/E ratio
-

Div yield
-

CDP score
A-

52-wk high
70.11

52-wk low
56.93

[the grumpy old men] 04/11/2024 21:05

TotalEnergies: Oil Demand Will Peak After 2030

By Alex Kimani - Nov 04, 2024, 12:30 PM CST

French oil and gas giant TotalEnergies (NYSE:TTE) has predicted that global oil demand will peak after 2030 in its most likely scenarios, driven by population growth, slow power grid investments, and lagging electric vehicle sales.

"There are around 4.5 billion people today with insufficient access to energy in the so-called 'global south'... If you add to that the expected growth in population to 2050 you would need to multiply current energy production by four to pull them out of energy poverty," Total’s Sustainability and Strategy Director Aurelien Hamelle said at a press conference.

Total’s relatively bullish prediction goes counter to recent predictions by other energy agencies. Last month, the International Energy Agency (IEA) predicted that global demand for all fossil fuels will stop growing this decade at a time when supplies of oil and LNG are poised to continue growing. Obviously, this is highly bearish for oil and gas prices. On a brighter note, the world’s leading energy watchdog says this development will come as a major boon for consumers because electricity prices will start declining as renewables play a bigger role in our generation mix.

“The world is set to enter a new energy market context in the second half of this decade because underlying market balances for oil and gas are easing. Bar major geopolitical conflicts, we will be entering a period where prices will see significant downward pressures,” IEA Executive Director Fatih Birol said in an interview.

According to IEA, electricity use will increase six times faster than total energy demand during the coming 10 years while electric vehicles will account for 50% of new car sales worldwide by 2030, up from 20% currently. IEA has predicted that in 2030, the levelized cost of electricity (LCOE) of solar PV with storage in the U.S. will clock in at $45/MWh, considerably lower than $70/MWh by natural gas.

By Alex Kimani for Oilprice.com

[florenceorbis] 02/11/2024 21:17

Latest Dividends

Summary Previous dividend Next dividend

Status Paid Declared

Type Quarterly Quarterly

Per share 79¢ 79¢

Declaration date 08 Feb 2023 (Wed) 08 Feb 2023 (Wed)

Ex-div date 25 Sep 2024 (Wed) 02 Jan 2025 (Thu)

Pay date 01 Oct 2024 (Tue) 06 Jan 2025 (Mon)

[adrian j boris] 01/11/2024 11:38

THANKS MUCHOS AS USUAL SKINNY

Have a great weekend and super month

keep safe

[adrian j boris] 01/11/2024 11:35

RWE secures permits for Eemshaven electrolyser project

Power Engineering International Oct 31, 2024


Energy company RWE has secured the necessary construction and environmental permits to build an electrolyser near the Magnum Power Station in Eemshaven, the Netherlands.

The 100MW green hydrogen project will contribute to the onshore energy system integration plans associated with the 795MW OranjeWind offshore wind project in the Dutch North Sea, which RWE is realising together with its joint venture partner TotalEnergies.

Sopna Sury, COO Hydrogen at RWE Generation SE: “Securing the necessary permits brings us a step closer to realising this electrolyser in Eemshaven. This would enable RWE to provide industry with green hydrogen to make their production processes more sustainable. With our plans of this electrolyser at the Eemshaven, RWE continues to contribute to the further growth in the area and helps to establish this cluster as a centre for renewable energy.”



TotalEnergies plans to use its share of the electricity produced from the 100MW OranjeWind wind project to power 350MW electrolyser projects. The green hydrogen produced will be used for the decarbonisation of TotalEnergies’ refineries in Northern Europe.

Besides the Magnum Power Station electrolyser project, RWE is also working to realise a 50MW electrolyser at the nearby Eems Power Station.