Totalenergies Share Discussion Threads

[la forge] 12/7/2021 16:17

TotalEnergies : Air Liquide Join Forces to Decarbonize French Industrial Hub
07/12/2021 | 10:57am BST


(MT Newswires) -- French oil major TotalEnergies (TTE.L, TTE.PA) joined industrial firm Air Liquide (AI.PA) formed an alliance with other companies to decarbonize an industrial basin in France's Normandy region and achieve the European Union's target of net-zero emissions by 2050, according to a Monday release.

The two French companies, alongside chemicals groups Yara International (YAR.OL) and Borealis and ExxonMobil's Esso, signed a memorandum of understanding to jointly examine a potential carbon capture and storage infrastructure from their industrial facilities to ultimate storage in the North Sea of Europe.

The initial phase involves assessing the technical and economical feasibility of the project, which is estimated to cut emissions by up to 3 million tons per year until 2030, equivalent to emission from 1 million passenger cars.

Air Liquide will use expertise from its Cryocap capture and liquefaction project implemented at its plant in Port Jerome, Normandy, its executive vice president, Francois Jackow, said. Similarly, TotalEnergies is set to use the know-how from its involvement in the Northern Lights and Aramis carbon storage projects in the North Sea, President of Refining & Chemicals Bernard Pinatel said.

The partnership will procure funding from European, French and regional schemes, to finance the decarbonization project, and add other interested industrial parties to the joint venture.

[grupo guitarlumber] 09/7/2021 19:25

TOTALENERGIES SE (TTE)

Cours en temps réel. Temps réel Euronext Paris - 09/07 17:38:24

37.45 EUR +0.94%

SOME WAY TO GO TO REACH 56 EUROS


Already positive, the research from JP Morgan and its analyst Christyan Malek still consider the stock as a Buy opportunity. The target price has been raised from EUR 51 to EUR 56.

[waldron] 08/7/2021 10:48

Shell, TotalEnergies Join Satellite Effort to Track Methane

Aaron Clark, Bloomberg News


(Bloomberg) -- Royal Dutch Shell Plc, Chevron Corp. and TotalEnergies SE are joining a satellite-based effort to track methane emissions from offshore oil and gas platforms.

The project will rely on observations from GHGSat Inc. satellites, which use infrared sensor technology to identify the potent greenhouse gas as it absorbs sunlight bouncing off the surface of the Earth. Tracking offshore emissions would fill a crucial gap in the effort to halt leaks because nearly 30% of the world’s oil and gas production is offshore.

“Measuring offshore emissions properly is important: we need to improve the accuracy of the global methane stock take, replacing estimates with precise data,” GHGSat Chief Executive Officer Stephane Germain said in a statement. “Offshore producers are looking for ways to confirm their reported emissions.”

Halting methane emissions from the fossil fuel industry is viewed as some of the lowest hanging fruit in the fight against global warming because fugitive leaks are both wasted product and a source of reputational damage for operators. Methane, which is the primary component of natural gas but can also be released during coal and oil production, traps roughly 84 times more heat than carbon dioxide in the short term.

Despite advances that have allowed for greater detection of onshore methane plumes through satellite observation, tracking offshore emissions has proven more difficult because water absorbs sunlight when viewed directly from above. GHGSat said its satellites would take measurements from more acute angles and focus on points where the sun’s light reflects most strongly off the sea -- known as the ‘glint spot.’

TotalEnergies said in a statement that it would combine the satellite observations with local measurements from a drone-mounted spectrometer. The Paris-based energy company has been working with GHGSat since 2018 to detect and prevent methane leaks.

The effort will “strengthen our position as a pioneer in developing methane emissions monitoring technologies,” TotalEnergies Chief Technology Officer Marie-Noëlle Séméria said in the statement.

Each of the offshore project’s three industrial participants will have six of their facilities observed, which include assets in the North Sea and the Gulf of Mexico, according to GHGSat.

In February, GHGSat satellites identified leaks from at least eight natural gas pipelines and unlit flares in Turkmenistan that Germain said could have lasted for several hours and would have the same planet-warming impact as 250,000 internal-combustion cars running for a similar amount of time.

(Updates with company comment in sixth and seventh paragraphs.)

[la forge] 07/7/2021 23:21

courtesy of

xxnjr
7 Jul '21 - 22:59 - 17877 of 17877
0 1 0
Seems FT Lex share the same reservations.

"To do well in financial markets you need two types of skillsets: hard and soft. Royal Dutch Shell struggles with the latter, notably communications.....

.....The share price jumped more than 3 per cent, though good cheer faded quickly. One reason for this was that Shell previously said such substantial payouts would not be made until debt had been reduced. At first-quarter results, Shell reiterated that once net debt dropped to $65bn the stated payouts from cash flow could begin. Suddenly Shell has retired that “milestoneR21;. This will confuse analysts and investors awaiting proof of balance sheet rectitude. The clarity of Lex’s hindsight is unparalleled, correct 10 times out of nine. Few would have predicted that the Brent oil price would triple to more than $75 a barrel since Shell slashed its dividend by two-thirds. That jump alone probably added more than $20bn to operating cash flow. Yet last year, our simple sums suggested that big oil companies could get through the bear period without hammering dividends.


Total of France held on. No surprise that the market has rewarded its shares with a period of outperformance.



Shell’s confusing communication strategy extends to carbon reduction. The group has more experience at evaluating climate change than many peers. Yet some analysts rightly carp that its strategy here remains muddled. To keep investors on side during this transition, Shell knows it must pay them more — and get its message straight."

[ariane] 07/7/2021 16:35

FORBES

Jul 7, 2021,10:40am EDT|100 views
Is Clean Energy Fuels Stock Worth A Look After Recent Sell Off?


Clean Energy Fuels (NASDAQ: CLNE), a company best known for collecting and transporting renewable natural gas that is produced from the animal waste collected at dairy farms and related sources, has seen its stock rally by about 10% over the last month driven by interest from Reddit traders. However, the stock has corrected a bit, declining by about 7% over the past week and by around 15% over the last two weeks.

The recent decline comes on account of share issuances as well as news that the company’s largest shareholders, Total Energies, reduced its stake by over 10 million shares. So is the stock likely to correct further, or is a rally looking more likely? Per the Trefis Machine learning engine, which analyzes historical stock price data, CLNE stock has a 52% chance of a rise over the next month. See our dashboard analysis on CLNE Stock Chances Of Rise for more details.

So is CLNE stock a buy for longer-term investors? Although Clean Energy Fuels’ performance over the last several years has been quite mixed, with the company posting little or no revenue growth, we think that things are poised to only get better from here. Sales are projected to grow by about 10% each year over 2021 and 2022, per consensus estimates, driven by growing demand for the company’s renewable natural gas, which can be used to power heavy-duty trucks and buses while effectively producing negative greenhouse gas emissions.

The company is looking to improve its RNG production, from just about 40% of its total fuel supply mix last year to 100% over the next five years by investing in its RNG value chain. Clean Energy Fuels is also poised also benefit from favorable regulation as well as deals with top energy companies such as Total, and BP, and retail behemoth Amazon. Although the stock trades at a relatively high 7x forward revenue, the company’s leading position in the RNG space, the sizable market opportunity, as well as potential regulatory tailwinds under the Biden Administration could make the stock worth considering.


Clean Energy Fuels (NASDAQ: CLNE), a company best known for supplying natural gas, has seen its stock price rally by over 270% over the last 12 months, with the stock now trading at levels of close to $8 per share, although it remains down from levels of around $18 seen in February. This compares to the S&P 500 which is up by just about 37% over the last 12 months. The rally comes despite a weak financial performance, with the company recording no growth between 2017 and 2019 as sales stood at levels of around $340 million, with sales declining to about $290 million in 2020. Clean Energy Fuels has also remained largely unprofitable over its 14 years as a public company. However, the markets are valuing the company much more richly, with its P/S multiple, based on trailing sales, rising from 0.9x in 2017 to about 5.4x currently. So is Clean Energy Fuels stock still a buy? We think it is, for a couple of reasons.



Clean Energy Fuels is best known for its fueling network of over 540 stations across the United States, engaged in the supply of compressed natural gas, liquified natural gas, and renewable natural gas. However, much of the company’s surging valuation likely comes from its focus on expanding its RNG business. RNG is produced when organic waste from landfills, dairy farms, and other sources decomposes and releases methane gas, which is then further processed and purified. RNG is viewed as a clean fuel and is classified as a carbon-negative in states such as California, considering its feedstock such as dairy cow waste is a key source of greenhouse gas emissions, and by using this it takes more carbon out of the environment than it produces. This makes the fuel very attractive from an environmental standpoint and governments are incentivizing this via potentially lucrative federal and state-level renewable credits.


While about 40% of the Clean Energy Fuels gas sold in 2020 came from RNG, it is targeting a 100% mix of RNG at all its fuel stations within the next five years.


Major corporations have also shown a lot of interest in the RNG space with Clean Energy Fuels recently signing deals to build renewable natural gas fuel facilities and infrastructure with energy giants Total (NYSE: TOT) and BP (NYSE: BP).


While RNG is used predominately in the transportation sector, powering heavy vehicles, it could eventually be used for electricity generation and even as a raw material for hydrogen production, giving it a massive addressable market.

The outlook for Clean Energy Fuels financials is also looking better. Sales are projected to grow by about 10% each year over 2021 and 2022, per consensus estimates, with the company also likely to break even in 2022. Now although a 5x plus forward revenue multiple is somewhat high, the company’s leading position in the renewable natural gas space, the sizable market potential, regulatory tailwinds under the Biden Administration, and the recent correction make the stock worth a look.

Looking for a balanced portfolio to invest in? Here’s a high-quality portfolio to beat the market, with over 150% return since 2016, versus 85% for the S&P 500. Comprised of companies with strong revenue growth, healthy profits, lots of cash, and low risk, it has outperformed the broader market year after year, consistently.

[grupo guitarlumber] 07/7/2021 14:09

NS ENERGY


TotalEnergies set for oil growth despite conflicting energy transition strategy


By James Murray 07 Jul 2021

The French multinational recently rebranded to pull itself away from its traditional business practices that focused on oil and gas developments in order to become more of an all-encompassing energy company

Total oil energy transition



TotalEnergies is set to experience oil growth in the near term despite its conflicting strategy as part of the ongoing energy transition.

The French multinational recently rebranded from Total SE to TotalEnergies following an almost unanimous decision by the company’s shareholders.

The rebranding comes as the firm aims to pull itself away from its traditional business practices that focused on oil and gas developments in order to become more of an all-encompassing energy company.

But, unlike its peers, TotalEnergies is forecast to see material growth in its oil production over the near term, according to analysis by data and analytics firm GlobalData.

“TotalEnergies has made significant strides to investing more heavily in its low carbon, renewables business, however, unlike most other major European oil and gas companies, TotalEnergies is forecast to see a rise in its oil production over the near term,” said Conor Ward, oil and gas analyst at GlobalData.

“Most of the European majors have made the commitment to pull back on oil developments and push their focus more towards gas and low-carbon technologies, while TotalEnergies is proving to still be committed to large scale oil developments and, within the next five years, oil production is forecast to grow.”


TotalEnergies set for steady growth in crude oil and condensate production despite energy transition strategy

Despite its ageing fields declining, TotalEnergies is forecast to experience steady growth in crude oil and condensate production through to 2025 from 1.2 million barrels per day (bpd) to 1.23 million bpd.

The largest portion of this growth is expected to come from its recently approved Ugandan assets surrounding Lake Albert in the west of the country, where TotalEnergies holds a 66.6% stake in a 230,000-bpd project.

“The company has a significant amount of crude oil and condensate production, which could come from unsanctioned projects such as Cameia in Angola, North Platte in the US, and Gato Do Mato in Brazil,” said Ward.

“However, based on the decision taken in Uganda and the company’s recent acquisition in Block 20 Angola, these projects may suffer delays if the company seeks to reduce its crude oil production.”

TotalEnergies has suggested it does not intend in the short term to reduce its scope 1 and 2 emissions, which are created by its own operations and purchases of energy.

GlobalData said this means many of the company’s projects currently on hold have a higher chance of going ahead than if it had planned to reduce those emissions in the coming years.

But the firm is planning to reduce its net scope 1 and 2 emissions from 2025 onwards and reach net zero by 2050.

“For the company to continue investing in low carbon and renewable technologies, the increase in oil production and continued investment in major oil developments sends a clear signal that these types of projects continue to showcase attractive economic returns that may help the company deliver its longer-term strategic transformation goals,” said Ward.

“It remains unlikely that the company can continue to develop large scale oil projects given its long term environmental, social and corporate governance (ESG) commitments.”

[grupo] 06/7/2021 18:42

John Kilduff says oil prices won't go to $100/barrel, targets $80-$85 instead
Jul. 06, 2021 11:39 AM ETCrude Oil Futures (CL1:COM)By: Brian Stewart, SA News Editor

[sarkasm] 06/7/2021 17:34

what a grey day for the oilies ETC


Bp
310.8 -4.15%



Royal Dutch Shell A
1,459.2 -2.07%


Royal Dutch Shell B
1,421.6 -1.99%


[France] TOTALENERGIES SE (TTE)
37.905 EUR -2.08%

[la forge] 06/7/2021 12:25

Oil prices rise to six-year highs after OPEC+ talks yield no production deal

Published Mon, Jul 5 20216:52 PM EDTUpdated 4 Min Ago

Pippa Stevens
@PippaStevens13


Oil jumped to its highest level in six years after talks between OPEC and its oil-producing allies were postponed indefinitely, with the group failing to reach an agreement on production policy for August and beyond.

On Tuesday, U.S. oil benchmark West Texas Intermediate crude futures advanced 1.6%, or $1.22, to $76.38 per barrel. At one point, WTI crude hit as high as $76.98, which was the highest price since November 2014.

International benchmark Brent crude rose 0.2%, or 16 cents, to $77.32 per barrel — the highest since late 2018.

Discussions began last week between OPEC and its allies, known as OPEC+, as the energy alliance sought to establish output policy for the remainder of the year. The group on Friday voted on a proposal that would have returned 400,000 barrels per day to the market each month from August through December, resulting in an additional 2 million barrels per day by the end of the year. Members also proposed extending the output cuts through the end of 2022.

The United Arab Emirates rejected these proposals, however, and talks stretched from Thursday to Friday as the group tried to reach a consensus. Initially, discussions were set to resume on Monday but were ultimately called off.

“The date of the next meeting will be decided in due course,” OPEC Secretary General Mohammad Barkindo said in a statement.

OPEC+ took historic measures in April 2020 and removed nearly 10 million barrels per day of production in an effort to support prices as demand for petroleum-products plummeted. Since then, the group has been slowly returning barrels to the market, while meeting on a near monthly basis to discuss output policy.


“For us, it wasn’t a good deal,” UAE Minister of Energy and Infrastructure Suhail Al Mazrouei told CNBC on Sunday. He added that the country would support a short-term increase in supply, but wants better terms if the policy is to be extended through 2022.

Oil’s blistering rally this year — WTI has gained 57% during 2021 — meant that ahead of last week’s meeting many Wall Street analysts expected the group to boost production in an effort to curb the spike in prices.

“With no increase in production, the forthcoming growth in demand should see global energy markets tighten up at an even faster pace than anticipated,” analysts at TD Securities wrote in a note to clients.

“This impasse will lead to a temporary and significantly larger-than-anticipated deficit, which should fuel even higher prices for the time being. The summer breakout in oil prices is set to gather steam at a fast clip,” the firm added.

— CNBC’s Sam Meredith contributed reporting.

[waldron] 06/7/2021 10:06

UPSTREAM


TotalEnergies in microalgae research pact with Veolia to produce biofuels

The four-year project will have a long-term goal of producing biofuels with a low carbon intensity



6 July 2021 8:18 GMT Updated 6 July 2021 8:20 GMT

By Josh Lewis
in Perth

French supermajor TotalEnergies is partnering with compatriot Veolia in a microalgae cultivation project with the long-term goal of producing biofuel.
.

TotalEnergies revealed Tuesday it was teaming up with Veolia in a four-year research project at the La Mede biorefinery, in France, aimed at accelerating the development of microalgae cultivation using carbon dioxide to produce biofuel.

The microalgae use sunlight and CO2 from the atmosphere or from industrial processes to grow through photosynthesis. When mature, TotalEnergies says they can then be transformed into biofuels with low carbon intensity.


“We are pleased to join forces with Veolia at our La Mede site to accelerate the assessment of microalgae cultivation systems using CO2, in the aim of producing next-generation biofuels,” TotalEnergies chief technology officer, Marie-Noelle Semeria said.

“Biofuels will enable TotalEnergies’ clients to reduce their carbon footprint, and thus contribute to the ambition of achieving carbon neutrality by 2050 together with the society.”

The companies will set up a test platform to compare different innovative systems for growing microalgae and identify the most efficient ones.

TotalEnergies will bring its expertise in the cultivation and refining of biomass to produce advanced biofuels to the partnership, as well as its CO2 capture and utilisation technologies.

Veolia brings expertise in the water sector, to optimise management of the microalgae's aquatic environment, as well as expertise in the development of algal biomass as an effective solution for CO2 capture.

“With this project, Veolia can contribute its technical expertise in optimising and securing biological treatments to a more global context that will have a positive impact on the ecological transformation,̶1; said Veolia’s technical and scientific director, Philippe Seberac.

“This partnership is an excellent example of the ecological innovation capacities that Veolia wants to offer its customers in response to the climate change.”

The agreement with Veolia marks TotalEnergies’ latest research into using microalgae to create biofuels. It is also carrying out projects with a number of other partners, such as France’s CEA and China’s Qingdao Institute of Bioenergy and Bioprocess Technology, as well as the Netherlands’ Wageningen University.

TotalEnergies claims biofuels can lower CO2 emissions by at least 50% compared to fossil fuels and could play a vital role in the future in reducing global emissions, particularly in transportation.

The French giant is currently exploring two biomass conversion pathways — biotechnology, which is the pathway being pursued under the partnership with Veolia, as well as thermochemical conversion.

The biotechnology pathways sees microorganisms, such as yeast, bacteria or microalgae, covert both plant matter and inorganic carbon into target molecules, while thermochemical conversion enables biomass to be transformed into a wide range of molecules through the combined action of pressure, temperature and often a catalyst.

[waldron] 06/7/2021 09:46

Already positive, the research from JP Morgan and its analyst Christyan Malek still consider the stock as a Buy opportunity. The target price has been raised from EUR 51 to EUR 56.

[adrian j boris] 05/7/2021 20:25

Jul. 05, 2021 11:43 AM ETTotalEnergies SE (TTE)BP, CVX, E...1 Comment4 Likes

Summary

The energy sector has been under pressure for years.

Recovery from Covid was significant, but the turnaround started beforehand.

I’m bullish on Oil & Gas prices for the next couple of years.

TotalEnergies is one way of gaining exposure to Oil & Gas prices and offers a good dividend yield.

The company has promising plans for its transformation towards renewable energies.

[gibbs1] 04/7/2021 17:51

WORLDOIL.COM



OPEC’s latest standoff puts the oil cartel’s survival at risk

By Javier Blas on 7/4/2021


LONDON (Bloomberg) --A high-stakes game of oil diplomacy pits Saudi Arabia against long-time ally Abu Dhabi. And the result of their fight will shape not just the price of oil for the next year, but the future of the global energy industry.

The United Arab Emirates on Friday blocked an OPEC+ deal that cartel leaders Russia and Saudi Arabia hashed out to increase output, demanding better terms for itself. After two days of bitter negotiations, and with the UAE the only holdout, ministers halted the discussions until Monday, leaving markets in limbo as oil continued its inflationary surge above $75 a barrel.



Despite diplomatic talks continuing, the standoff appeared to continue on Sunday, with the UAE reiterating its demands.

Abu Dhabi is forcing its allies into a difficult position: accept its requests, or risk unraveling the OPEC+ alliance. Failure to reach a deal would squeeze an already tight market, potentially sending crude prices sharply higher. But a more dramatic scenario is also in play -- OPEC+ unity may break down entirely, risking a free-for-all that would crash prices in a repeat of the crisis last year.

As in all negotiations, there may be an element of bluff. Late last year, Abu Dhabi even floated the idea of leaving OPEC. While this time the UAE hasn’t repeated the threat, no one even at the heart of the talks is sure what could happen if negotiations fail on Monday.

An exit would almost certainly trigger a price war -- and in that scenario everyone loses. The bluff is to show your country is ready to take the pain better than the others.

But there’s also a more subtle poker game playing out, and in that hand, the UAE has some cards. The country wants to pump more oil after spending billions to increase production capacity. At some point, the others in the alliance will probably have to recognize Abu Dhabi’s new status, redrawing the terms of engagement to allow it to pump more.

“The UAE will push hard at this juncture to use this meeting to get their excess capacity recognized and brought back online,” said Roger Diwan, oil analyst at consultant IHS Markit Ltd. “Compromise exists, but it is just how they bring their capacity, not if.”

OPEC Math

At the center of the dispute is a word key to OPEC+ output agreements: baselines. Each country measures its production cuts or increases against a baseline. The higher that number, the more a country will be allowed to pump. The UAE says its current level, set at about 3.2 million barrels a day in April 2020, is too low, and says it should be 3.8 million.

“This was an inevitable fight,” said Ben Cahill, a senior fellow at the Center for Strategic and International Studies in Washington. “The differences are real and the UAE will continue to make noise until it achieves a higher baseline.”

The current OPEC+ production deal ends in April 2022, when every country will be able to re-negotiate its baseline. But now Saudi Arabia and Russia, with the support of everyone else at OPEC+, want to extend the agreement to the end of next year. The UAE has rejected the idea of extending the broader accord unless its baseline is changed, effectively killing the proposal negotiated by Moscow and Riyadh.

There was no sign of progress as of Sunday morning in Abu Dhabi, with the UAE still refusing to agree to an extension on current terms.

“The UAE is for an unconditional increase of production,” but a decision to extend the deal until the end of 2022 is “unnecessary to take now,” Energy Minister Suhail Al-Mazrouei said in an interview with Bloomberg Television. “We still have eight to nine months in this agreement, and we’re talking about plenty of time for this to be discussed at a later stage.”

In April 2020, Abu Dhabi accepted its current baseline, but it doesn’t want the straitjacket to stay on for even longer. Abu Dhabi has spent heavily to expand production capacity, attracting foreign companies including French oil giant TotalEnergies SE. With Iran potentially returning to the oil market soon if it reaches a nuclear deal, patience for getting new terms is wearing out.

Claiming a higher baseline is different to having one. Often countries make outlandish declarations of how much oil they can produce -- just to get a better deal. Few take those assertions seriously.

But last year the UAE proved it had the extra barrels. During the price war, it pumped a record of 3.84 million barrels a day, according to OPEC estimates. Abu Dhabi says it produced more than 4 million. Before then, it had never produced more than 3.2 million and few believed it was able to produce much more. Now it can prove it has the barrels, that strengthens its hand in the negotiation.

The Emirate proposal would even benefit Saudi Arabia, which could also secure for itself a higher baseline. But Riyadh has rejected it. The biggest loser would be Russia, which would see a much lower output target. And Saudi Arabia needs Russia onside.

Aside from cartel arithmetic, geopolitical tensions are also in play.

The country’s de facto ruler, Crown Prince Mohammed bin Zayed, once enjoyed close relations with the Saudi Crown Prince, Mohammed bin Salman. But the relationship between the two heirs appears to have cooled in recent months. And Abu Dhabi is flexing its muscles beyond the oil market, with bold geopolitical moves from Yemen to Israel. In another sign of tension as the OPEC standoff intensified on Friday night, Saudi Arabia moved to restrict citizens’ travel to the UAE, citing the pandemic.

Bad Timing

OPEC has been here before. There’s often friction in member countries between the oil ministry, which deals with the cartel and commits to quotas, and the national oil companies, whose priority often is to expand production capacity. In this case, Sultan Al Jaber, the head of the Abu Dhabi National Oil Co., led the charge to increase capacity.

In the 1990s, it was Petroleos de Venezuela SA, the state-owned company of the Latin America country, which pushed ahead with an aggressive capacity expansion. With oil demand growing slowly in the 1990s, Caracas and Riyadh clashed, and the fight ultimately triggered a price war in 1998 that saw Brent crude plunge below $10 a barrel.

In the 2000s, Algerian national energy giant Sonatrach SpA did the same, but benefited from better timing: booming Chinese oil demand allowed it to lift production 60% from 1996 to 2006 with the tacit consent of OPEC.

Adnoc’s push was hindered by two factors: U.S. shale production and the coronavirus pandemic, both of which dented demand for OPEC barrels over the last five years. Al Jaber misread the market, or was unlucky with the timing.

Who wins the standoff this time may depend on luck, a bit of bluffing, and who fears he has the most to lose from OPEC unraveling.

[grupo guitarlumber] 01/7/2021 11:21

(MT Newswires) -- Equinor (EQNR) and its partners Petoro, Var Energi, and TotalEnergies' (TTE) Norwegian subsidiary have decided to proceed with the development of the Lavrans and Kristin Q discoveries in the Norwegian Sea, which constitute phase 1 of the Kristin South project, according to a statement Wednesday.

The companies estimate that capital expenditures will be about 6.5 billion kroner ($760.6 million) for the first phase of development. The expected production in phase 1 of the Kristin South project is 58.2 million barrels of oil equivalent, Equinor said. Production is scheduled to start in 2024 from two wells at Lavrans and one at Kristin Q and in 2025 from the two last wells at Lavrans.

A plan for development and operation will be submitted to the minister of petroleum and energy for approval.

Equinor shares slipped in recent premarket activity Wednesday, while TotalEnergies gained 0.4%.

[maywillow] 29/6/2021 13:48

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) and Uber are partnering today to accelerate the transition of Uber's drivers towards electric mobility, by providing support for vehicle conversion and easier access to charge points. This partnership targets France at first, with the possibility to extend it to other European countries.



Uber has set an objective to reach by 2025 50% of electric vehicles available on its French platform, which currently has 30,000 registered drivers, as part of its wider commitments to be fully electric across Europe and North America by 2030. Meanwhile, TotalEnergies is already strongly involved in charging services and infrastructures in major European cities and throughout France, particularly in Paris.



TotalEnergies will therefore issue to drivers, currently using the Uber app and equipped with electric or plug-in hybrid vehicles, a TotalEnergies card giving them access to charge points located within its service-stations and throughout the EV charging networks it operates. They will have access to 20,000 charge points in France by end-2021, and more than 75,000 by 2025. In addition, TotalEnergies and Uber will collaborate, based on drivers' habits and journeys, to determine the optimal locations for future hubs and charging sites.



These drivers will also be offered the opportunity to join "Club", TotalEnergies loyalty program, and benefit from the free Club assistance for a full year, which includes a wide range of services including the roadside assistance for their electric or plug-in hybrid vehicle.



Finally, drivers will have privileged access to an in-home offer with free administrative support, designed to encourage the installation of an electric charge point at home, whether they live in a condominium or in individual housing.



"We are delighted with this collaboration to support drivers -and beyond that, their customers- in their transition to more affordable, safer and accessible electric mobility. Our commitment is to provide them with services that meet their expectations, with the guarantee of an adapted charging network. We share with Uber the same ambitions to achieve carbon neutrality and to accompany cities in the transformation of mobility and the reduction of carbon emissions." said Guillaume Larroque, Managing Director of TotalEnergies Marketing France.



"This partnership with TotalEnergies is a cornerstone in our commitment to reach 50% electric vehicles by 2025 and to support VTC drivers in their transition to electric vehicles. The Company's expertise and the coverage of its charging network will help remove some of the obstacles that drivers may encounter and will allow them to make the transition to electric vehicles more serenely," said Laureline Serieys, General Manager for Uber in France.



Charging infrastructure: first obstacle to the transition to Electric Vehicle for drivers



The lack of charging infrastructure is often quoted by drivers as a major obstacle to the transition to electric vehicles. In Ile-de-France (France's largest region, which encompasses 12 million people, including Paris and all its surrounding cities), for example, charging stations are currently concentrated in the center of Paris and the inner suburbs, while only 12% of drivers using the Uber application live within the city, compared to 41% in the outer suburbs ("Départements" 77, 78, 91 and 95) and 22%, i.e. the majority, live in Seine-Saint-Denis (Département 93).



A driver travels an average of 250 kilometers per day. The autonomy of electric cars today allows them to cover this daily distance but having an efficient network of charging stations that are accessible under good conditions (location, recharging time, competitive prices) remains essential. A driver should never have to refuse a ride for fear of running out of battery.



____

About TotalEnergies



TotalEnergies is a broad energy company that produces and markets energies on a global scale: oil and biofuels, natural gas and green gases, renewables and electricity. Our 105,000 employees are committed to energy that is ever more affordable, clean, reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.

About Uber



Uber's mission is to create opportunity through movement. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 10 billion trips later, we're building products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities