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TTE Totalenergies Se

63.54
0.31 (0.49%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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
  0.31 0.49% 63.54 60.54 66.54 - 1,973,534 16:35:26
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Crude Petroleum & Natural Gs 222.62B 21.38B 8.7423 7.26 155.25B
Totalenergies Se is listed in the Crude Petroleum & Natural Gs sector of the London Stock Exchange with ticker TTE. The last closing price for Totalenergies was 63.23 €. Over the last year, Totalenergies shares have traded in a share price range of 48.74 € to 66.00 €.

Totalenergies currently has 2,446,031,102 shares in issue. The market capitalisation of Totalenergies is 155.25 € billion. Totalenergies has a price to earnings ratio (PE ratio) of 7.26.

Totalenergies Share Discussion Threads

Showing 351 to 366 of 825 messages
Chat Pages: Latest  21  20  19  18  17  16  15  14  13  12  11  10  Older
DateSubjectAuthorDiscuss
17/3/2022
09:32
The Church of England has urged Total Energies to reconsider its decision not to exit Russia, following the country's invasion of Ukraine.

The Church's pensions board and the manager of its investment fund are reconsidering their shareholding in Total, according to The Guardian.

The French energy giant has not yet exited its Russian stakes - failing to follow in BP and Shell's footsteps.

Instead, it has announced no further investment into its Russian projects, but has not unveiled any plans to divest from the country.

The group still holds a 19.4 per cent stake in Novatek, Russia's largest producer of liquefied natural gas.

The Church Commissioners manage a £9.2bn investment fund while the pensions board manages a £3.7bn fund.

the grumpy old men
16/3/2022
15:25
What will change TTE's mind about doing business with and in Russia, if there is no internal political pressure from Macron? It feels a bit traitorous when most Western businesses with interests in Russia have taken the painful and costly decision to withdraw, and yet some big businesses like TTE are still engaged. French people I have spoken with are embarrassed that Macron is gaming the situation, trying to be a channel to Putin, cosplaying unshaven in combats on TV.

We know how difficult it is going to be to withdraw from stakeholdings, joint development ventures, etc. And to try and buy oil and gas elsewhere. The alternatives are not easy, and certainly there will be losses or extra costs. But there are alternatives. TTE is choosing a path, allowing itself to be influenced by things other than the need to truly stand with Ukraine.

Might TTE, Engie and others find themselves disbarred from US projects such as the recent New York Bight licenses they just won to build wind farms?

Clearway have shown the way forward. Divest TTE (and others) if you are unhappy with them. And buy your fuel or energy somewhere else.

marktime1231
15/3/2022
13:22
March/22 2022
Ex-Dividend date for the 3rd 2021 interim Dividend

sarkasm
08/3/2022
00:14
French oil major TotalEnergies sees promising future in battery business, CEO says
Company aims to be among world's top five producers of electricity from wind and solar energy

Mona Al Marzooqi / The National
The National
Alkesh Sharma

Mar 08, 2022

TotalEnergies, which launched the largest battery-based energy storage site in France in December, aims to create a profitable stream of business from its batteries operations, the company’s chief executive said on Monday.

Batteries are a “new fuel” for electric vehicles, Patrick Pouyanne, who is also the chairman of the company’s board, said during a talk on energy transition at CeraWeek in Houston.

“You can create a lot of value if you can store electricity that you produce," Mr Pouyanne said.

"For us, battery is an important part in the value chain in establishing a profitable electricity player.

“We have established JV [joint venture] with Mercedes-Benz and Stellantis to produce batteries … we are convinced it will be a new way to produce value, an important technology for electric mobility and an important part of energy transition."
TotalEnergies has linked up with mobility solutions provider Stellantis and German car maker Mercedes-Benz to establish Automotive Cells Company. AP

TotalEnergies has linked up with mobility solutions provider Stellantis and German car maker Mercedes-Benz to establish Automotive Cells Company. AP

The French integrated oil and gas company TotalEnergies has entered an agreement with Dutch provider of innovative mobility solutions Stellantis and German car maker Mercedes-Benz to establish Automotive Cells Company (ACC).

They aim to increase ACC’s industrial capacity to at least 120 gigawatt hours by the end of this decade.

The initiative is supported by the French, German and European authorities, to create a European battery champion for electric vehicles.

Global battery market size is expected to reach $310.8 billion by 2027, growing at a compound annual rate of 14.1 per cent, according to the US-based market research and consulting company Grand View Research.


Technological advancements in terms of enhanced efficiency and cost reduction are likely to open new paths for the global battery market in the coming years, industry experts say.

TotalEnergies adopted a new identity last year, signalling a new phase in its transition to net zero.

“People in the company are very happy with this move because it is way to stay aligned with the society’s expectations," Mr Pouyanne said.

“Fundamentally, we continue to produce oil and gas, but we have decided that we must be a leader in energy transition … our strategic move is to become electricity and renewables producer and supplier.”

As part of its ambition to reach net zero by 2050, TotalEnergies is building a portfolio of activities in renewables and electricity.

At the end of 2021, the company’s gross renewable electricity generation capacity was more than 10GW.

As part of its ambition to get to net zero by 2050, TotalEnergies is building a portfolio of activities in renewables and electricity. PA

As part of its ambition to get to net zero by 2050, TotalEnergies is building a portfolio of activities in renewables and electricity. PA

It aims to expand this business to reach 35GW of gross-production capacity from renewable sources and storage by 2025, and then 100GW by 2030, with the objective of being among the world's top five producers of electricity from wind and solar energy, the company said.

It is serious about expanding in Africa and ensuring a “sustainable growth” in the continent.

“Africa is blessed with natural resources," Mr Pouyanne said. "Our expansion and energy development in the continent is part of the sustainable development … getting people out of the poverty in a sustainable way.

"We are out there to bring energy and develop shared values and shared prosperity that is our mission as a company."

Active in more than 130 countries, TotalEnergies employs nearly 105,000 people.

waldron
06/3/2022
18:36
Shell, TotalEnergies, Engie Among High Bidders in New York Bight Offshore Wind Auction

By Morgan Evans

March 6, 2022


The Department of Interior announced last week the winning companies of the New York Bight offshore wind lease sale, with Bight Wind Holdings LLC, a joint venture (JV) between RWE Renewables and National Grid, securing the largest lease with a $1.1 billion bid.

misca2
06/3/2022
08:50
Consensus


Mean consensus BUY

Number of Analysts 24

Last Close Price 48,57 $

Average target price 65,39 $
Spread / Average Target 34,6%

High Price Target 80,41 $
Spread / Highest target 65,6%

Low Price Target 55,79 $
Spread / Lowest Target 14,9%

sarkasm
05/3/2022
19:31
TotalEnergies begins producing sustainable aviation fuel at its Normandy platform

Oil & GasDownstreamRefining & Processing

By NS Energy Staff Writer 04 Mar 2022

TotalEnergies will also produce SAF at its Grandpuits zero-crude platform southeast of Paris starting in 2024


TotalEnergies begins producing sustainable aviation fuel at its Normandy platform. (Credit: David Reed from Pixabay)

TotalEnergies’ Normandy platform has successfully started production of sustainable aviation fuel (SAF). This new site complements the biojet fuel production capacities of La Mède biorefinery (Bouches-du-Rhône) and the Oudalle plant (Seine-Maritime).

This move enables TotalEnergies to meet demand from its customers and respond to French legislation, which calls for aircraft to use at least 1% SAF effective January 1, 2022.

TotalEnergies will also produce SAF at its Grandpuits zero-crude platform southeast of Paris starting in 2024.

All of the biojet fuel, which is destined for French airports, will be produced from waste and residue sourced notably from the circular economy.

“By announcing the start-up of SAF production at a new site in France, we are responding to strong demand from the aviation industry to reduce its carbon footprint. We are also confirming our commitment to support customers by offering innovative solutions to reduce their emissions. This commitment is fully aligned with the Company’s climate ambition to get to net zero emissions by 2050, together with society,” said Bernard Pinatel, President of Refining & Chemicals at TotalEnergies.

Source: Company Press Release

maywillow
05/3/2022
08:14
artictoday.com



Major oil companies and investors pull back from Russian Arctic oil and gas

Several major oil companies and investment firms are exiting partnerships with Russian energy interests.
By
Melody Schreiber -
March 5, 2022
1


Several major oil companies and investors have announced in recent days they are withdrawing from Russian resource development


or not pursuing new projects with Russia, including in the Arctic, after Russia’s invasion of Ukraine.

BP was the first to announce such plans.

On Sunday, the company said that it was exiting its 19.75 percent shareholding in Russia’s Rosneft and requiring its directors to resign from the Rosneft board. Chair Helge Lund said the company’s “involvement with Rosneft, a state-owned enterprise, simply cannot continue.”

The move will likely affect the massive Vostok oil project in the Russian Arctic. BP has deep knowledge of offshore development, and their financing has been an important part of Rosneft’s plans for Arctic extraction.

Norway’s Equinor, which has worked in Russia for three decades and established a cooperation agreement with Rosneft in 2012, said Monday that it will stop new investments in Russia and begin exiting joint ventures. Equinor President and CEO Anders Opedal said “we regard our position as untenable” in Russia.



Also on Monday, Shell terminated its 27.5 percent stake in the Sakhalin LNG 2 facility, a key link to Asian markets.




ExxonMobil said on Tuesday it was taking steps to exit the Sakhalin-1 project it operates on behalf of an international consortium that includes Japanese, Indian and Russian companies. The oil major also announced won’t invest in any new Russian projects.

India’s state-owned oil company, which had expressed interest in investing in Vostok through a consortium and in Novatek’s Arctic LNG 2 project, now says it has no immediate plans to invest in Russia.

[Russia’s new Arctic LNG project will be built with western technology]

Norges Bank Investment Management, the part of the Norwegian central bank that operates the $1.3 trillion sovereign wealth fund and holds stock in gas producer Gazprom and oil major Lukoil, announced on Sunday it was freezing investments in Russia.

And the commodities trader Trafigura has said it won’t make any new investments and is reviewing its role in Vostok Oil, while the trader Vitol hasn’t made a statement.

TotalEnergies and Chevron, which holds a 15 percent share in the Caspian Pipeline Consortium, are the last remaining oil majors in Russia. (ConocoPhillips ended Russian operations in 2015.)

TotalEnergies holds a 19.4 percent stake in Novatek, Russia’s largest LNG producer, but the French company said it will “no longer provide capital for new projects in Russia.”

Total is staying in Russia for the time being because “they cannot do otherwise, really,” Mikaa Mered, lecturer on polar affairs at Sciences Po, told ArcticToday in an email.

“Their Arctic projects in Russia — LNG ones in particular — are an absolute critical pillar of TotalEnergies’ decarbonization commitments.”

Because of these long-term plans, Total is taking a “low-profile, wait and see approach,” Mered said.

Lukoil, the Russian oil giant, called on Thursday for the invasion to halt, one of the first major companies in Russia to do so.

Meanwhile, two Republicans in the U.S. House of Representatives, including Alaska’s Don Young, pressed forward on Thursday with legislation to ban imports of Russian oil.

Two bills introduced on Tuesday in the U.S. Senate, one from nine Republicans and one from Ed Markey, a Democrat from Massachusetts, would also prevent Russian oil imports.

It’s likely Russian President Vladimir Putin will look for increased Chinese investments — but it’s not clear whether China has the interest or will to do so, Sherri Goodman, former U.S. deputy undersecretary of defense in environmental security and a senior fellow at the Wilson Center’s Polar Institute, said in an email to ArcticToday.

“Actively rescuing Russia in the current state of the world might not look good — and rightly so — in the eyes of Western Arctic nations, and would probably be seen as crossing a red line,” Goodman.

There may be long-term consequences from these moves to disinvest, especially in an increasing shift to renewable energy, Goodman said. “[A]s the Russian Arctic oil and gas reserves increasingly become stranded assets with the EU and U.S. accelerating their green transition, Russia’s both economic power and leverage power will eventually decrease.”

waldron
01/3/2022
21:52
TotalEnergies Vows to Withhold Capital in Russia Following ‘Military Aggression’ in Ukraine
By Carolyn Davis
March 1, 2022
Share on:

The energy industry on Tuesday continued its condemnation of Russia’s unprovoked invasion of Ukraine, with TotalEnergies SE joining BP plc, Equinor ASA and Shell plc in withdrawing capital for new projects.

Shunning Russia has been nearly universal, with the western energy majors, some with large interests in the country, pulling back resources. ExxonMobil was one of the few supermajors that had not publicly stated Tuesday afternoon its go-forward plans in Russia, where it has several ventures underway. However, ExxonMobil was said to be evacuating employees from the country.

“TotalEnergies supports the scope and strength of the sanctions put in place by Europe and will implement them regardless of the consequences (currently being assessed) on its activities in Russia,” a spokesperson said. “TotalEnergies will no longer provide capital for new projects in Russia.”

The French supermajor, like its peers, blasted “Russia’s military aggression against Ukraine, which has tragic consequences for the population and threatens Europe.” The company also said it was standing in “solidarity with the Ukrainian people, who are suffering the consequences and with the Russian people who will also suffer the consequences.”

TotalEnergies said it is mobilized “to provide fuel to the Ukrainian authorities and aid to Ukrainian refugees in Europe.”

The actions by TotalEnergies followed the initial move by London-based BP plc on Sunday, which announced it would sell its stake in Russia’s state-owned Rosneft. London-based Shell and Norway’s Equinor followed suit on Monday, each announcing they would exit Russian joint ventures and end new investments. Among other things, Shell plans to sell its stake in Russian-controlled Gazprom, which is overseeing the delayed Nord Stream 2 natural gas pipeline that would move Russian supplies to Germany.
‘Devastating’ Human Impact

Scores of energy companies are shunning Russia’s actions.

Glencore, one of the world’s largest global commodities traders, also voiced its opposition.

“We have no operational footprint in Russia, and our trading exposure is not material for Glencore,” the executive team said. “We are reviewing all our business activities in the country,” which includes equity stakes in Rosneft and En+ Group plc. Anglo-Russian En+ has a controlling stake in Rusal, one of the largest producers of aluminum in the world.

“The human impact of this conflict is devastating,” a Glencore spokesperson said. “Glencore is looking to see how we can best support humanitarian efforts for the people of Ukraine.”

Chevron Corp. CEO Mike Wirth, who was helming the annual Investor Day on Tuesday, joined in the chorus of Russia’s condemnation. Wirth noted that the San Ramon, CA-based energy major has only a small presence in Russia.

“Obviously, it’s a tragic situation as you watch this unfold,” Wirth said. “We don’t have direct exposure in Ukraine. We don’t really have much exposure in Russia,” with the exception of a 15% stake in the Caspian Pipeline Consortium (CPC). The CPC pipeline transports oil from the Tengiz field to the Black Sea coast in Russia.

The pipeline is “the only asset that we have in Russia,” he said. “We don’t produce and sell out of Russia,” Wirth noted. “We really just transit through Russia with our production from Kazakhstan.”

In discussing the situation with analysts, Wirth said “the actions that have been taken thus far by governments in Europe, the U.S.…and others have been crafted in a way to try to create the desired outcomes and yet not impede energy flows.

“I think there’s a recognition that coming into this, energy inventories were low, supplies were tight, and there were very conscious efforts to not impose further energy cost pain on the global economy.”

Chevron is “relatively less affected…than most others in the industry,” he said. However, “secondary impacts” already are being seen.

“Shipping rates have gone up; insurance typically follows,” Wirth said. “Marine movements in the Black Sea now are becoming a little bit more carefully choreographed.

“We have not seen any interruption of physical flows of oil or gas, at least none that I’m aware of. But there are certainly a lot of people who are concerned Urals crude discounts have widened out…so we’re beginning to see the effect of these things show up in the marketplace.”

Urals is the most common export crude oil grade from Russia and considered a key benchmark for the medium sour crude market in Europe.
Will Energy Policies Evolve Following Conflict?

Regarding the potential impact to global gas markets into the future because of the Russian conflict, Wirth was hesitant to offer a near-term forecast.

“I think it’s early days to really have confidence in how energy policy is likely to evolve as a result of this,” he said. “My view is that many countries have had imbalanced approaches to energy policy in recent times…

“As you look at balancing out the needs of the economy for energy, the realities about diversity of supply and energy security, and then also environmental objectives, those need to be considered in a balanced frame,” the Chevron chief said. “I think the frame has been a little bit unbalanced in many instances.”

What’s happening now is the reality that “reliability matters, affordability matters, and of course, ‘ever cleaner’ matters,” Wirth said. “We talk a lot about affordable, reliable and ever cleaner.”

However, in many discussions he’s had, Wirth said the reliability and affordability factors “get brushed by pretty quickly in pursuit of the third. And I think it’s going to be important for policymakers to consider how we balance all of those as we go together.”

In any case, there’s a big need for more natural gas, Wirth told analysts.

“We do think there is a very important and growing role for gas in the mix, particularly as you see more wind and solar,” he said. “You need some sort of reliable generation capacity to deal with the intermittency that we’re gonna see increasingly…” It happens in California, where Chevron is headquartered, “pretty regularly when you need to have natural gas generation spin up to keep the grid balanced. So I think it was a good future for natural gas.”

Chevron has a “big position” in the Eastern Mediterranean (Med), where it has stakes in several gas projects and pipelines.

“We see a bigger role for gas in the future and Eastern Med, which is certainly an important asset for us in the portfolio.”
IEA Members Releasing Oil Reserves

Meanwhile, the 31 member countries of the International Energy Agency (IEA) governing board have agreed to release 60 million bbl of oil from their emergency reserves “to send a unified and strong message to global oil markets that there will be no shortfall in supplies as a result of Russia’s invasion of Ukraine.”

The IEA ministers also discussed Europe’s “significant reliance on Russian natural gas and the need to reduce this by looking to other suppliers,” including via liquefied natural gas. They said they would “continue to pursue a well-managed acceleration of clean energy transitions.

“On Thursday, the IEA Secretariat will release a 10-point plan for how European countries can reduce their reliance on Russian gas supplies by next winter.”

IEA’s extraordinary governing board meeting was chaired by U.S. Secretary of Energy Jennifer Granholm.

During Tuesday’s meeting, the ministers of the global energy watchdog “expressed solidarity with the people of Ukraine and their democratically elected government in the face of Russia’s appalling and unprovoked violation of Ukraine’s sovereignty and territorial integrity.”

The ministers noted “the energy security impacts of the egregious actions by Russia and voiced support for sanctions imposed by the international community in response.”

Russia’s invasion “comes against a backdrop of already tight global oil markets, heightened price volatility, commercial inventories that are at their lowest level since 2014 and a limited ability of producers to provide additional supply in the short term,” IEA noted.

“It is heartening to see how quickly the global community has united to condemn Russia’s actions and respond decisively,” said IEA executive director Fatih Birol. “The situation in energy markets is very serious and demands our full attention. Global energy security is under threat, putting the world economy at risk during a fragile stage of the recovery.”

According to the IEA, “Russia plays an outsized role on global energy markets. It is the world’s third largest oil producer and the largest exporter. Its exports of about 5 million b/d of crude oil represent roughly 12% of global trade…” IEA also noted that Russia’s 2.85 million b/d of petroleum products “represent around 15% of global refined product trade. Around 60% of Russia’s oil exports go to Europe and another 20% to China.”

The IEA ministers said “energy supply should not be used as a means of political coercion nor as a threat to national and international security.” The governing board also encouraged each member country “to do its utmost to support Ukraine in the supply of oil products, recommending that governments and consumers maintain and intensify conservation efforts.”

© 2021 Natural Gas Intelligence. All rights reserved.

ISSN © 1532-1231 | ISSN © 2577-9877 | ISSN © 2158-8023

Related topics: chevron TotalEnergies Ukraine-Russia Crisis
Carolyn Davis

@CarolynLDavisME

email
carolyn.davis@naturalgasintel.com

waldron
01/3/2022
14:05
Weak RNS, failing to do what, although painful, is necessary.

Evidently not being received as well as the response of the Oil majors such as BP/ Shell etc.

Better to take the pain now, rather than the lingering public criticism.

adobbing
01/3/2022
11:47
Report: ExxonMobil to scale back operations at Sakhalin

Withdrawal of foreign personnel and a halt in drilling operations are among reported actions



1 March 2022 11:22 GMT Updated 1 March 2022 11:22 GMT

By Vladimir Afanasiev

US supermajor ExxonMobil is is scaling back its operations on its flagship offshore development project in Russia's Sakhalin Island region, according to the Sakhalin Online news website.

A consortium source cited by the website claimed that foreign managers have been told to leave the Sakhalin project for an initial period of one month.

The operator has also reportedly instructed employees at to halt drilling and prepare wells for shutdown in the coming two weeks.

The moves are described as consequence of the geopolitical shock waves caused by Russian military operations in Ukraine.

ExxonMobil has a 30% interest in the Sakhalin-1 oil and gas project and operates the project via its Russian subsidiary Exxon Neftegaz.

The operator has not yet commented on the report but some Russian sources say a statement is expected on Tuesday.



Exxon Neftegaz is developing three oil and gas fields off Sakhalin – Odoptu, Chayvo and Arkutun-Dagi - with reservoirs exploited through extended-reach and deviated wells from shore and two offshore stationary platforms, Orlan and Berkut.

US contractor Parker Drilling has been in charge of almost all drilling operations on the project, with a significant presence of foreign staff reported on the project.

The operator has relied on other US and international contractors in operating the development.

With Russia banning flights by almost 30 international airlines in response to the closing of European airspace for Russian carriers, the country’s aviation authority Rosaviatsiya has recommended that residents refrain from non-business foreign travel.



According to the Russian Energy Ministry, Sakhalin 1 produced almost 83 million barrels of oil and condensate and over 12 billion cubic metres of natural and associated gas in 2021.

Besides ExxonMobil, Japanese consortium Sodeco has a 30% interest in Sakhalin 1, with India’s ONGC Videsh and Russian producer Rosneft having 20% equal interests.

The project is operated under a production sharing agreement with the Russian government, with foreign partners responsible for much of the initial investment that brought the project onstream in 2005.

ExxonMobil and Rosneft have been working on a plan to commercialise remaining natural gas reserves by exporting them to international markets as LNG, with front end engineering design studies for a liquefaction train already completed.

Upstream recently reported that ExxonMobil was all set to launch a major bid process for the construction of liquefaction facilities for its 6.2 million tonnes per annum Russia Far East (RFE) LNG project.


The multi-billion dollar liquefied natural gas development will see non-associated gas from the Chayvo field sent by a new pipeline to a greenfield liquefaction complex to be built at the port of De Kastri on the Russian mainland.


Biting the bullet

Earlier this week, British supermajors BP and Shell and Norway’s Equinor said that they will exit projects Russian joint venture projects and are withdrawing personnel from the country.

The focus is now falling on another major foreign major in the Russian upstream sector, TotalEnergies.

The French supermajor has so far released a statement condemning the Russian aggression and saying that it will no longer provide new capital to projects in Russia.

However, TotalEnergies has stopped short of announcing a plan to exit investments in the wake of Russia’s invasion of Ukraine, as was the case with BP, Shell and Equinor.

TotalEnergies is a minority shareholder in Russian largest independent gas producer Novatek and in two Novatek-led LNG developments. It also holds an interest in the Kharyaga oil development in the north of Russia.

waldron
01/3/2022
11:28
TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) condemns Russia's military aggression against Ukraine, which has tragic consequences for the population and threatens Europe.



TotalEnergies expresses its solidarity with the Ukrainian people who are suffering the consequences and with the Russian people who will also suffer the consequences.



TotalEnergies is mobilized to provide fuel to the Ukrainian authorities and aid to Ukrainian refugees in Europe.



TotalEnergies supports the scope and strength of the sanctions put in place by Europe and will implement them regardless of the consequences (currently being assessed) on its activities in Russia.



TotalEnergies will no longer provide capital for new projects in Russia.

waldron
01/3/2022
11:27
Total agrees to halt new Russia funding but will keep existing projects

1 March 2022, 10:44


The French company said it will make no future investments in Russia but it will retain its stakes in gas and oil projects in the country.

French oil giant Total has agreed to make no further investments in Russian projects but fell short of announcing it is severing ties in the country.

The company is one of the biggest investors in Russia, with a 19.4% stake in Novateck, the largest producer of liquefied natural gas in the country, a 20% holding in the Yamal LNG joint venture, and interests in oil fields, refineries and renewables projects.

On Tuesday, Total said it “condemns Russia’s military aggression against Ukraine, which has tragic consequences for the population and threatens Europe”, adding it will “no longer provide capital for new projects in Russia”.

But the move still gives the company a foothold in the country, unlike UK rivals BP and Shell, which both announced in recent days that they will be disposing of their own stakes in Russian projects.

BP could take a hit of as much as 25 billion dollars (£18.7 billion) by offloading its 20% holding in Rosneft, and Shell said it expects a hit of 3 billion dollars (£2.2 billion) by ending partnerships with Gazprom.
Bernard Looney in Downing Street


Total added: “TotalEnergies expresses its solidarity with the Ukrainian people who are suffering the consequences, and with the Russian people who will also suffer the consequences.

“TotalEnergies is mobilised to provide fuel to the Ukrainian authorities and aid to Ukrainian refugees in Europe.

“TotalEnergies supports the scope and strength of the sanctions put in place by Europe and will implement them regardless of the consequences (currently being assessed) on its activities in Russia.”

By Press Association

waldron
01/3/2022
09:18
TotalEnergies Held Talks With French Government on Russia Assets

James Herron and Vidya Root, Bloomberg News


(Bloomberg) -- TotalEnergies SE has held talks with the French government over its continuing operations in Russia, after BP Plc and Shell Plc announced they would exit the country.

The French government has been discussing the issue and TotalEnergies Chief Executive Officer Patrick Pouyanne is “perfectly aware of the gravity of the situation,” French Finance Minister Bruno Le Maire said in an interview on CNews Television on Tuesday. “It is a question of principle.”

A decision on the company’s operations in Russia will be taken over the coming days, Le Maire said. The government has also held talks with Engie SA over its links with the country, but that situation is “a little different,” he said.

TotalEnergies didn’t immediately respond to a request for comment.

In just two days, some of Europe’s largest energy companies dumped tens of billions of dollars of Russian investments that they had nurtured over decades and shut themselves out of the world’s largest energy exporter, probably forever.

Shell’s move to exit a stake in the Sakhalin-2 LNG project, an investment that dates back to the Yeltsin era, follows BP Plc’s announcement on Sunday that it will walk away from a holding in Russia’s state oil producer, Rosneft PJSC. The moves by the British companies -- and from Norway’s Equinor ASA -- show just how far Western powers are willing to go to punish President Vladimir Putin for his invasion of Ukraine.

Their decisions put pressure on remaining foreign investors, including Exxon Mobil Corp. and TotalEnergies, to follow suit as Russia’s war in Ukraine forces a dramatic rupture with the global economy.

TotalEnergies has operations in Russia representing around $1.5 billion of its total cash flow, or around 5%. It owns roughly a fifth of gas producer Novatek as well as a large interest in the Yamal LNG project, Russia’s biggest producer of liquefied natural gas. It also has a 10% in the future Arctic LNG 2 development.

Engie’s main Russian connection is a stake in the Nord Stream gas pipeline, and a loan it provided to Nord Stream 2, a project that has already been suspended by the German authorities.

waldron
28/2/2022
21:39
March 8 2022

Interactive webconference on TotalEnergies' 2021 Results and 2022 Outlook

by Renaud Lions, Senior Vice-President Investor Relations

waldron
28/2/2022
21:06
February 2022 ends at 45.59 euros
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