 Denmark: TotalEnergies, Mitsui and CarbonCuts in the run for coastal CO2 storage permits
offshore energy.biz
The Danish Energy Agency has received two applications in the tender for permits to explore and use the subsurface for CO2 storage in three coastal areas in Denmark, launched at the beginning of 2025.
The tender, opened on January 9, covers three areas near the Danish coast – Jammerbugt, Lisa and Inez, which are among several that have been designated by the Geological Survey of Denmark and Greenland (GEUS) as their geological conditions are particularly suitable for storing CO2 underground.
By the March 6 deadline, CarbonCuts submitted its application to investigate the possibility of storing CO2 underground in the coastal areas, while the second one came from TotalEnergies EP Danmark and Mitsui & Co.
A strategic environmental assessment of the areas has already been performed to ensure that storage can be carried out in an environmentally sound manner. For the permits to be granted, the subsoil must be thoroughly investigated to determine whether CO2 storage can be carried out safely and environmentally soundly in the areas.
The Danish Energy Agency will review the applications in the coming period and assess the applicants’ technical and financial capacity as well as the work programs they offered. Before a permit is granted, the Minister for Climate, Energy and Utilities Lars Aagaard must present a report to the Danish Parliament’s Climate, Energy and Utilities Committee on which permits are to be issued.
“Denmark has good geological conditions and is an attractive place to investigate further in relation to CO2 storage. This confirms the interest and the 2 applications that the Danish Energy Agency has now received,” said Head of CO2 Storage (CCS) at the Danish Energy Agency, Henrik Sulsbrück.
“CO2 storage is a crucial part of the solution to the climate challenges we are facing, and is for the benefit of us all. And at the same time, Denmark has the necessary framework that ensures that CO2 storage can be carried out responsibly – both in relation to safety, nature and the environment.”
In February 2023, the Minister of Climate, Energy and Utilities granted three exploration permits for offshore CO2 storage, and in June 2024 three exploration permits for underground storage of CO2 on land. The Danish Energy Agency is currently processing an application for a fourth permit on land.
The permit to investigate the subsurface is initially granted for up to six years with the possibility of extension to a total of ten years. If the area meets all environmental requirements and is found suitable for storing CO2, the permit holder has priority to apply for a permit to store, which can last for up to 30 years with the possibility of extension.
After this, the project will move into the shutdown phase, where storage is closed and the CO2 in the subsurface is subsequently continuously monitored.
The projects are covered by the Environmental Assessment Act, and activities in the exploration phase, such as deep drilling, must undergo an environmental and habitat screening, just as a potential storage project will have to undergo a full environmental assessment (EIA).
Of note, INEOS E&P and Wintershall Dea at the end of 2022 secured a permit for the Greensand Pilot Injection Project. In February 2023, the partners received the first full-scale CO2 storage permit for the Danish North Sea.
Denmark marked a world first on March 8, 2023, with the first-ever injection of CO2 in the North Sea as part of the project. |
Elliott Takes Short Position in TotalEnergies
Energy Intelligence Group
Published:
Fri, Mar 7, 2025
Author
Tom Daly, London
Editor
Chris Raine
New York-based activist investor Elliott Management has taken a short position worth around €700 million ($759 million) in French giant TotalEnergies, a regulatory filing showed on Friday |
TotalEnergies SE
57.58 EUR +0.11 (0.19%)
Feb 26, 09:59 GMT+1 |
Financial announcements & roadshows
03/26
2025
Ex-dividend date for the 2024 third interim dividend
04/30
2025
1st quarter 2025 Results |
Petronas Lures Newcomers BP and Eni to Malaysia
Energy Intelligence Group
Published:
Wed, Feb 19, 2025
Author
Damon Evans, Singapore
Editor
Deb Kelly
energy intelligence
Petronas has signed technical evaluation agreements (TEAs) with global heavyweights BP, Eni, Inpex, Pertamina, PTT Exploration and Production (PTTEP) and TotalEnergies as part of a strategic move to unlock frontier basins and drive exploration in Malaysia. |
Thanks EI for mentioning potential listing
TotalEnergies shares to be listed on the New York Stock Exchange, announces Patrick Pouyanné: panic in Paris
last updated: 2025/february/11th
Opinions and reflections on current events | 2025 update
In the presentation of the group’s results on Wednesday, February 5, 2025, Patrick Pouyanné, Chairman and CEO, clarified his strategy for listing TotalEnergies shares on the New York financial market:
TotalEnergies shares will be listed continuously in Paris and New York, with a link established via the exchange rate.
Contents
Offering American investors simplified access to TotalEnergies shares
.
What are the consequences of TotalEnergies’ listing on the New York Stock Exchange?
TotalEnergies shares are less valued than those of its American competitors.
Positive reaction from the markets
TotalEnergies is on the verge of passing under the American flag
TotalEnergies Shares Frequently Asked Questions (FAQ): New York Listing and Strategy
We are interested in your opinion on the upcoming listing of TotalEnergies on the New York Stock Exchange:
Offering American investors simplified access to TotalEnergies shares.
49% of the group’s institutional investors are in the United States. They must use ADRs (American Depositary Receipts), which have higher transaction costs and are not appreciated by investment funds.
“We are subject to SEC regulation, and ADRs can hinder some investors,” explained the CEO. With this new strategy, TotalEnergies hopes to attract more American investors by facilitating access to its shares and improving its share price.
TotalEnergies shares to be listed in New York soonTotalEnergies is to be listed on the New York Stock Exchange soon
What are the consequences of TotalEnergies’ listing on the New York Stock Exchange?
No, TotalEnergies shares will not soon be leaving the Paris Stock Exchange, but they are well on their way by putting American and French shareholders on an equal footing. In addition, Patrick Pouyanné announced:
TotalEnergies should not pay corporate tax in France for 2024 due to refining losses.
Undoubtedly, the company’s disengagement from France is well underway, and the government is concerned about it, but it is already very late. For a long time, the political and media world has designated TotalEnergies as the scapegoat for all climate and societal ills.
Environmental activists systematically disrupt shareholders’ general meetings yearly, and the French authorities do nothing to prevent the disorder.
If France does not like TotalEnergies, it is normal for the company to seek closer ties with its most trusted shareholders, who are now mostly American.
TotalEnergies shares are less valued than those of its American competitors.
Concretely, the listing in New York can only be positive for the shareholder:
Exxon Mobil TotalEnergies Chevron Corporation
stock price 109.88 58.62 152.99
Earnings per share 7.85 7.43 10.05
PER (Price earning ratio) 14 8 15
Valuation of TotalEnergies and its American competitors
If TotalEnergies shares were valued at the same levels as their counterparts in the United States (PER of 14), the theoretical share price would be €104.02, an increase of 77%. Therefore, the company should adjust its listing position in the interest of French and foreign shareholders. The PER (Price earning ratio) is the result of dividing the ” share price ” by the ” net profit per share.”
Positive reaction from the markets
The upside potential of TotalEnergies upcoming listing announcement in New YorkEvolution of the TotalEnergies share price
TotalEnergies shares were up 1.67% today at €58.98.
TotalEnergies is on the verge of passing under the American flag
TotalEnergies on the verge of passing under the American flag: our analysis
TotalEnergies Shares Frequently Asked Questions (FAQ): New York Listing and Strategy
Will TotalEnergies be listed on the New York Stock Exchange?
Why is TotalEnergies adopting this listing method?
What is the difference between a dual listing and the strategy chosen by TotalEnergies?
What impact for current shareholders?
Will American investors be able to buy TotalEnergies shares directly?
What impact on the TotalEnergies share price of a listing in New York
We are interested in your opinion on the upcoming listing of TotalEnergies on the New York Stock Exchange:
Tell us in the comments. THANK YOU.
Pascal
Specialist in finance and taxation from my professional activity and university formation, I share my knowledge and experience on the Juristique website. I regularly publish economic indexes such as SYNTEC index, BT01, ILAT, construction and rent reference indexes, and banking tools like SWIFT Codes or CNAPS Codes for international wire transfers.
Published: 2025/feb/06 |
EI
WHY DO YOU BELIEVE TOTALENGERIES MIGHT SEEK A RERATING ON THE NYSE
Is there a writeup somewhere implying such a possibility |
Does the prospect of a primary listing on the NYSE lead to a significant re-rating for TE (if this takes place).
Or is this too rudimentary a view of the share price prospects..?. |
TotalEnergies to Supply India's GSPC with LNG
by Rocky Teodoro
|
Rigzone Staff
| Monday, February 17, 2025 | 8:00 AM EST
TotalEnergies to Supply India's GSPC with LNG
TotalEnergies will supply GSPC with LNG for ten years starting in 2026.
Image by Suphanat Khumsap via iStock
TotalEnergies SE has closed a long-term deal to supply India’s state-owned Gujarat State Petroleum Corporation Limited (GSPC), with 400,000 tons of liquefied natural gas (LNG), amounting to six cargoes per year.
Under a sale and purchase agreement between the two companies, TotalEnergies will supply GSPC with LNG for ten years starting in 2026, the French multinational energy firm said in a news release.
The LNG will be sourced from TotalEnergies' global portfolio and delivered to terminals on India's west coast, primarily serving GSPC's industrial customers, according to the release.
TotalEnergies said it will also supply Indian households for domestic use, businesses, and service stations for vehicles running on compressed natural gas (CNG), such as auto-rickshaws.
“We are delighted to have been chosen by GSPC to supply them with LNG in India. This new deal underscores TotalEnergies' leadership in the LNG domain and commitment to India’s energy transition and security of supply,” Gregory Joffroy, TotalEnergies Senior Vice President for LNG, said.
“This agreement marks a major step towards reinforcing GSPC’s strategy to secure competitive LNG on a long-term basis, helping to bridge the growing natural gas demand-supply deficit in Gujarat and across India. Partnering with TotalEnergies, one of the largest LNG players in the world, aligns with GSPC’s strategy to build up its long-term portfolio and become a leading Indian player in gas trading”, Milind Torawane, GSPC Managing Director said.
“This deal will further strengthen GSPC’s portfolio and its operations in the gas value chain, leveraging GSPC Group’s transmission and distribution infrastructure,̶1; Torawane added.
According to the release, GSPC, one of the largest gas trading companies in India, is involved in the entire gas value chain, including LNG terminals, gas transmission, gas distribution and power generation. In Gujarat, GSPC and its group companies supply one-third of the natural gas demand in the state, serving 2.3 million households and 20,000 industrial and commercial clients, as well as operating over 800 CNG stations.
Renewable PPA Signed in France
Last month, TotalEnergies signed a power purchase agreement (PPA) to supply renewable electricity to STMicroelectronics sites in France.
TotalEnergies will provide the global semiconductor firm with renewable power produced by two wind and solar farms of 75 megawatts (MW) it operates. The contract, which started in January and has a length of 15 years, represents an overall volume of 1.5 terrawatt-hours, the company said in an earlier statement.
"We are delighted to sign this agreement with STMicroelectronics, which demonstrates our ability to provide long-term and innovative clean firm power solutions tailored to our customers' needs," Sophie Chevalier, TotalEnergies Senior Vice President for Flexible Power, said. "TotalEnergies aims to be a preferred partner to support tech industry players towards their decarbonization efforts, and this agreement showcases our commitment and capabilities”.
“This first PPA in France marks yet another important step towards ST’s goal of becoming carbon neutral in its operations (Scope 1 and 2 emissions, and partially scope 3) by 2027, including the sourcing of 100% renewable energy by 2027,” Geoff West, STMicroelectronics EVP and Chief Procurement Officer, said. “PPAs will play a major role in our transition, and we have already signed several to support ST’s operations in Italy and Malaysia. Starting in 2025, this PPA with TotalEnergies will provide a significant level of renewable energy for ST’s operations in France, which includes R&D [research and development], design, sales and marketing and large-volume chip manufacturing”.
To contact the author, email rocky.teodoro@rigzone.com |
TotalEnergies, Eni, BP, Inpex, Petronas and PTTEP: Industry heavy-hitters swoop on Malaysia
Amanda Battersby
Asia Bureau ChiefKuala Lumpur
Upstream
Published 17 February 2025, 04:55
Malaysia’s energy behemoth and guardian of the nation’s hydrocarbon resources, Petronas, started this week in style with the award of two exploration blocks from the Malaysia Bid Round (MBR) 2024.
A consortium of Japan’s Inpex, Petronas and Malaysian company SMJ Energy have picked up two contiguous blocks offshore Sabah – SB 306A and SB306B, which lies directly to the south. It is understood that Inpex will operate Block SB 306A.
The 8720-square kilometre Block SB 306 — as it was then designated — was offered in last year’s acreage release. The tract lies in water depths up to 200 metres off Lahad Datu on the east coast of Sabah.
In a world awash with information, Upstream helps readers filter out the noise and zero in on what matters in the international energy industry. For nearly three decades, we have been the go-to source for independent news and analysis of the major oil and gas projects shaping the industry and the people behind them. In recent years, we also have chronicled the industry’s efforts to transition to cleaner energy sources.
Editor-In-Chief
Leia Marie Parker |
Adani Total Gas to invest Rs 16,000 crore in CNG, LNG infra expansion over 7 years
By Kalpana Pathak
, ET Bureau
Last Updated: Feb 12, 2025, 11:51:00 PM IST
Synopsis
Adani Total Gas Ltd (ATGL) plans to invest ₹16,000 crore over the next seven years to expand its CNG station and pipeline network in India. Additionally, the company is expanding its EV charging infrastructure and has ventured into the LNG for transport and mining sector.
Adani Total Gas Ltd (ATGL), the equal joint venture of Adani Group and French energy giant TotalEnergies, will invest ₹16,000 crore in the next seven years to expand its network of CNG stations and pipeline network to tap into the country's growing appetite for natural gas, a senior company official said.
"We are very optimistic and hopeful on the natural gas consumption story and we will continue to invest to expand infrastructure," Suresh Manglani, executive director and CEO, ATGL told ET on the sidelines of the India Energy Week.
As of December 2024, ATGL has a compressed natural gas (CNG) station network of 605 stations and 9,22,000 domestic homes on pipe natural gas.
Its steel pipeline infrastructure has now increased to 13,000-inch kilometres.
The company also has 1,914 EV charging points across 22 states. It aims to reach around 3,000 charging points by March to April this year.
ECONOMICTIMES |
TotalEnergies signs 10-year LNG supply deal with India's GSPC
February 12, 2025 at 09:40 am
PARIS - French oil major TotalEnergies has signed a deal to supply the Gujarat State Petroleum Corporation with 400,000 metric tons of liquefied natural gas annually beginning next year, the companies said on Wednesday.
The deal with the Indian state-owned firm was announced on the sidelines of India Energy Week, and amounts to six LNG cargoes per year.
(Reporting by America Hernandez in Paris, Editing by Louise Heavens)
By America Hernandez |
TotalEnergies begins work on next Namibia project
The French multinational energy company completed drilling at the Tamboti-1X well and is beginning exploration at Marula-1X.
Robert Prendergast February 7, 2025
offshore technology.com
TotalEnergies has moved to the next well in its campaign in Namibia after discovering more oil resources in the Orange Basin.
Namibia has become an exploration hotspot over the past few years following significant discoveries including TotalEnergies’ Venus-1 ;well and Shell’s Graff-1, La Rona-1 and Jonker-1.
Since then, many oil and gas companies have started to engage in drilling activity.
TotalEnergies has completed the drilling at Tamboti-1X and is beginning spudding (the very first drilling operation for a newly discovered reservoir) at the Marula-1X exploration in Block 2913B (PEL 56), offshore Namibia.
TotalEnergies is the operator of Block 2913B in PEL 56, which covers approximately 8,215km² offshore Namibia, and owns 50.5% of the operation.
The joint venture partners are QatarEnergy (30%), Africa Oil’s Impact Oil and Gas (9.5%) and Namibia’s NAMCOR (10%).
Impact Oil & Gas announced the completion of the Tamboti-1X exploration well and the spudding of Marula-1X.
Africa Oil president and CEO Roger Tucker said: “The Venus project is progressing well, and we are very encouraged by the operator’s public statements on the commerciality and the quality of this field.”
He added that there is “also an exciting exploration programme with Marula-1X operations under way and the plan to start drilling [the] Olympe-1X well by the end of 2025.”
The drilling operations at Marula-1X are being carried out by a semi-submersible rig owned by Northern Ocean (NOL) and managed by Odfjell Drilling.
In other news, TotalEnergies recently dismissed tariff fears by unveiling plans to expand the company’s investment in the US liquefied natural gas market over the next decade. |
TotalEnergies: reasons to go higher?
By Hector Chaunu
Published on 06/02/2025 at 09h14
(Boursier.com) - TotalEnergies is gaining further ground (+0.5% to 58.30 euros) this Thursday, despite announcing lower fourth-quarter profits yesterday, due to the fall in oil prices and lower refining margins.
Despite these lower results, management is confident about the future and is pampering its shareholders.
The company plans to buy back 2 billion dollars of its shares per quarter this year, assuming ‘reasonable market conditions’, at a rate equivalent to that of 2024, while the quarterly dividend will increase by 7% to 0.85 euros.
TotalEnergies also forecasts net investment of between 17 and 17.5 billion dollars in 2025, of which $4.5 billion will be dedicated to low-carbon emissions, and expects hydrocarbon production to grow by more than increase by more than 3% this year, thanks to the ramp-up of new projects in the Gulf of Mexico and Brazil, with production of around 2.5 million barrels of oil equivalent per day in the first quarter.
Among the latest brokers' opinions, Goldman Sachs remains ‘neutral’; on the shares, but with an adjusted target of 61 to 64.
extract and translated from french using deepl |
TotalEnergies posts drop in fourth-quarter profit on weak oil demand
Updated / Wednesday, 5 Feb 2025 07:31
TotalEnergies' adjusted net income for the final three months of 2024 was $4.4 billion, down from $5.2 billion a year previously
French oil major TotalEnergies has today reported a 15% drop in fourth-quarter earnings, closing out a year marked by low oil prices and weak fuel demand that were partially offset by higher electricity sales and liquefied natural gas trading.
Adjusted net income for the final three months of 2024 was $4.4 billion, down from $5.2 billion a year previously but slightly higher than the third quarter's $4.1 billion.
The results beat expectations for $4.2 billion, according to a Visible Alpha consensus of six analysts.
Western oil majors are facing reduced economic activity and competition from new African and Asian refineries, which caused profit margins for converting crude oil into fuel products to collapse last year.
The trend is expected to continue in 2025.
Total's European refining margin for the fourth quarter was $25.90 per metric ton - half the $50.10 realised in late 2023 - while crude oil prices were nearly $10 per barrel lower than the previous year.
Last week Shell, Chevron and ExxonMobil all reported fourth-quarter earnings hard hit by the downturn in refining margins.
Total was able to end the year on a higher note thanks to its integrated LNG division, where traders captured higher profits due to market volatility and boosted earnings by 35% to $1.4 billion.
The company said it expects higher gas prices, upstream production and power sales in early 2025.
Total announced a 7% increase in the 2024 dividend to €3.22 a share, and for 2025 confirmed share buybacks of $2 billion per quarter.
rté |
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