Totalenergies Share Discussion Threads

[waldron] 23/5/2023 09:58

Upcoming events on TOTALENERGIES SE



May/26/23 Annual General Meeting

[maywillow] 23/5/2023 07:52

IRISH TIMES


Tullow faces new Kenya setback as Total, Africa Oil quit

Tullow is now left alone to get development off the ground


Paul Burkhardt
Tue May 23 2023 - 08:30

Total Energies and Africa Oil are abandoning a project in Kenya, increasing challenges for operator Tullow Oil following a years long effort to get the development off the ground.

Tullow found crude in the East African country more than a decade ago, but commercial extraction is yet to begin as it’s failed to find an additional partner and Kenya’s government has been slow to approve a development plan. With Total and Africa Oil now exiting, Tullow is left on its own to get the project under way.

The company’s two partners in the country will “issue notices of withdrawal from Blocks 10BB, 13T and 10BA in the South Lokichar Basin for differing internal strategic reasons,” Tullow said Tuesday in a statement. “As a result, Tullow’s working interest in these blocks will increase from 50 per cent to 100 per cent.”

The company’s shares sank as much as 3.9 per cent to 23.94 pence at the open in London.


Africa Oil released a separate statement, saying its “strategy has shifted to focus on production and high-potential exploration opportunities” elsewhere. Total didn’t immediately respond to a request for comment.

Tullow is continuing its search for a partner and said the change in shareholdings gives it “more flexibility” in that process. “Detailed farmout discussions continue with a number of companies,” it said, adding that it’s still hoping to secure a strategic partnership this year. - Bloomberg

[waldron] 15/5/2023 10:56

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) and its partners, have signed Production Sharing Contracts (PSC) on Blocks 6 & 8 with Staatsolie Maatschappij Suriname (Staatsolie), the State-owned oil company of Suriname.



Blocks 6 and 8 were awarded to TotalEnergies in the Suriname Shallow Offshore Bid Round 2020/2021. TotalEnergies will operate the two blocks with a 40% interest, alongside QatarEnergy (20%) and Paradise Oil Company (POC), a subsidiary of Staatsolie (40%).



Located in the southern part of offshore Suriname, close to the border with Guyana and with depths between 30 meters and 50 meters, the shallow water Blocks 6 & 8 are immediately adjacent to the operated Block 58 where several discoveries have been made and appraisal drilling is ongoing.



"TotalEnergies is pleased to expand its operatorship position in Suriname, a world class emerging basin, exploring for low technical costs and low GHG emission oil resources" outlined Kevin McLachlan, Senior Vice President Exploration, at TotalEnergies. "This new milestone further strengthens our strategic international partnership with QatarEnergy marking its first entry to Suriname".



About TotalEnergies



TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in nearly 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.

[the grumpy old men] 10/5/2023 14:09

Upcoming events on TOTALENERGIES SE



May/26/23 Annual General Meeting

[sarkasm] 04/5/2023 19:05

French oil giant Total is suing Greenpeace for $1.10 in damages

Total claims a report published by Greenpeace misrepresents the company's emissions

By
Aurora Almendral

Published7 hours ago


TotalEnergies, the French oil giant, filed a lawsuit against Greenpeace France and climate consulting company Factor-X over a report that claimed that Total had significantly underestimated its emissions from burning fossil fuels.

The report, released in November by Greenpeace France, said that Total massively undercounted the emissions it reported in 2019, which amounted to 455 million metric tons of carbon dioxide (CO2).

Greenpeace’s report alleged that Total’s emissions were four times higher, at 1.6 billion tons of CO2.


Total countered that Factor X, the Brussels-based firm contracted by Greenpeace to do the accounting, used flawed methodology that double-counted emissions.

Total’s civil complaint, served on April 28, claims that Greenpeace’s report contains “false and misleading information,” echoing the accusations Greenpeace levied at Total. Additionally, Total wants the court to recognize what it says were knowingly false claims by Factor-X, challenging the company’s expertise in carbon emissions accounting.

Factor X declined to comment in response to Total’s allegations.

Total’s suit seeks a judicial order to withdraw the report and cease all references to it, with a penalty of €2000 ($2,213) per day, and a symbolic €1 ($1.10) in damages.

A procedural hearing will take place on Sept. 7, and it will likely be another several months before a judge begins to rule on the merits of the case.

Why calculating emissions is tricky

Burning fossil fuels is the primary driver of human-caused climate change, and accounting for a companies’ emissions is a way to assign liabilities and responsibilities. However, carbon accounting is notoriously imprecise, and a shift in assumptions could dramatically change the final tally.

Total’s lawsuit against Greenpeace is a reversal of an exploding trend in recent years of climate activism through lawsuits, many of which have Big Oil at the receiving end. (Greenpeace France filed a lawsuit against Total last year, over greenwashing.)

For their part, oil companies have pushed back on litigation with appeals, often spurious, that make the legal processes longer and more expensive.

In a statement, Greenpeace France director Jean-François Julliard, suggested that the oil company’s lawsuit was part of an effort to silence them. “TotalEnergies wants to drag Greenpeace through a long legal process ... erase our reports and prevent us from denouncing their misleading and climate-killing practices,” Julliard said. “We will continue to lift the veil on their responsibility in global warming.”

[the grumpy old men] 04/5/2023 16:43

STOCKHOLM--Aker Solutions said Thursday it has been awarded a contract worth between 500 million and 1.5 billion Norwegian kroner ($46.5 million-$139.5 million) by TotalEnergies for subsea production systems at the Moho field offshore Republic of the Congo.

Operations will commence directly, with final deliveries scheduled for the first quarter of 2025.

The company said the contract will be booked as order intake in the second quarter of 2023.



Write to Dominic Chopping at [e-mail]



(END) Dow Jones Newswires

May 04, 2023 09:32 ET (13:32 GMT)

[florenceorbis] 03/5/2023 06:02

ADNOC Gas signs 3-year LNG supply agreement with TotalEnergies Gas and Power


By NS Energy Staff Writer 02 May 2023

Under the terms of the agreement, through its subsidiary, ADNOC Gas will supply TotalEnergies LNG, which will be delivered to various export markets around the world


ADNOC Gas plc (“ADNOC Gas” or the “Company”;), a worldclass integrated gas processing company, today announced a three-year supply agreement with the French multi-energy company TotalEnergies Gas and Power Limited a subsidiary of TotalEnergies, a French multinational energy company, for the export of liquefied natural gas (LNG).

The deal underscores ADNOC Gas’ position as a global LNG export partner of choice and cements TotalEnergies as a key strategic partner for ADNOC Gas in the LNG market, representing another important milestone as ADNOC Gas expands its global reach. Under the terms of the agreement, through its subsidiary, ADNOC Gas will supply TotalEnergies LNG, which will be delivered to various export markets around the world. The agreement demonstrates ADNOC Gas’ ability to meet growing global demand for LNG, a critical energy transition fuel.

Commenting on the agreement, Ahmed Alebri, Chief Executive Officer of ADNOC Gas, said: “Our new LNG supply agreement with TotalEnergies represents another significant milestone in our strategy to expand our global reach and strengthens our position as the LNG export partner of choice for leading global energy businesses. This agreement reflects our commitment to meeting the needs of our customers by offering supply security, price competitiveness, and flexibility. We look forward to continuing our long-term strategic partnership with TotalEnergies, building on our shared commitment to sustainability and the energy transition.” TotalEnergies has a longstanding presence in the United Arab Emirates (UAE) having operated in the country for more than 80 years.

“We are pleased to have signed this three-year contract with our long-standing strategic partner. These additional volumes will strengthen our global LNG portfolio, our ability to supply the growing Asian markets, and our ambition to accompany our customers in their energy transition.” said Thomas Maurisse, Senior Vice President LNG at TotalEnergies.

The three-year contract is expected to commence in 2023 and will run through 2025, reinforcing both companies’ positions as key players in the global LNG market.

Source: Company Press Release

[waldron] 01/5/2023 13:15

Total’s CEO Blames Stock Discount On European Listing

By Tsvetana Paraskova - May 01, 2023, 7:16 AM CDT

The primary listing on a stock market in Europe is the main reason for the discount at which TotalEnergies’ stock trades relative to the market value fundamentals of its U.S. competitors, TotalEnergies’ chief executive Patrick Pouyanné has said at meetings with investors in recent months.

However, TotalEnergies does not consider moving its primary listing to the United States, Pouyanné has said during recent meetings with investors, the Financial Times reports, citing sources familiar with the discussions.

“Culturally it was too difficult” to move TotalEnergies to the U.S., one of the largest shareholders in the French energy firm told FT.

CEO Pouyanné has said that “if Total was US-listed it would be much better but, of course, it is impossible for Total to move its listing so it’s not on the cards,” another shareholder told FT.

According to analysts, the U.S. supermajors, ExxonMobil and Chevron, are valued on the market at around six times their cash flows, while TotalEnergies is valued at around 4x the cash flow, with UK-based BP and Shell valued even lower, at around 3 times their cash flows.

Two years ago, Shell’s executive leadership discussed relocating to the U.S. in order to boost the company’s valuation, FT reported earlier this year.

According to the FT’s sources, the supermajor’s new chief executive, Wael Sawan, was part of a team of top executives that two years ago considered moving Shell’s headquarters to the U.S. and listing the company there, too.

The relocation idea was ultimately dropped, but the FT notes that Shell’s chief executive remains worried about the difference in valuation between Shell and its U.S. peers.

Indeed, there has been a stark difference in the valuations of European and U.S. Big Oil majors. According to analysts, there are two primary reasons for this: the first is the greater clout that ESG investing has in Europe, and the other is that neither ESG-focused nor traditional investors seem to be particularly convinced of European Big Oil’s transition plans.

By Tsvetana Paraskova for Oilprice.com

[adrian j boris] 30/4/2023 06:10

The Board of Directors, meeting on April 26, 2023 under the chairmanship of Patrick Pouyanné, Chairman and Chief Executive Officer, reviewed the documents related to the Ordinary and Extraordinary Meeting of Shareholders of TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE) and particularly the request from a group of shareholders representing less than 1.4% of the Company's capital to add an advisory resolution to the agenda of the Annual Shareholders' Meeting. The draft resolution calls on the Company to set targets "aligned with the Paris Climate Agreement" for Scope 3 indirect emissions related to the use of energy products sold to its customers.



The proposed resolution does not provide a credible response to the challenges of climate change and would be contrary to the interests of the Company, its shareholders and its customers.



The indirect emissions reported by TotalEnergies under Scope 3 correspond to the direct (Scope 1) emissions of the consumers of these products: the Company's customers, who decide to use the products.



For example, emissions from jet fuel sold by the Company are first recorded in the Scope 1 emissions of the airline that uses the fuel. They are also recorded in the Scope 3 indirect emissions of the aircraft's engine manufacturer, the plane manufacturer, the airport and TotalEnergies. Scope 3 emissions are not cumulative, but overlapping. An absolute reduction target for Scope 3 for a company like TotalEnergies, without reducing the corresponding Scope 1 of energy users, is in reality not relevant in reducing global GHG emissions.



By focusing on indirect emissions of greenhouse gases related to the use of energy products that TotalEnergies sells to its customers (Scope 3), the adoption of this resolution would lead to holding the Company liable for these emissions, whereas the use of these products is the decision of its customers. TotalEnergies does not make airplanes, cars, cement or steel, but rather supplies energy products that are used or converted by other industries to make products and goods. The company therefore cannot be held responsible for the reduction of emissions related to the use of products by its customers



Obviously, TotalEnergies acts to contribute to the transformation of energy demand and thus to help its customers reduce their scope 1. Through its multi-energy strategy, TotalEnergies is adapting its offer to provide a wider range of energy products, including decarbonized products, for example by developing sustainable aviation fuels, and supports its customers in their decarbonization plans. But it is the concerted actions of all the players in the energy value chain that can bring a shift in the way energy is used: through public policies aimed at orienting energy consumption, sectoral initiatives of energy-consuming companies, technical and technological developments, ...



Drastically decreasing TotalEnergies' global Scope 3 emissions in absolute value, without an evolution of the overall structure of energy demand, would lead to a shift of this demand to other suppliers, notably the national oil companies of producing countries. This strategy would have no effect on lowering global greenhouse gas emissions, and therefore no positive impact on climate. The implementation of this strategy would be bad for shareholders as the Company would have to sell its oil and gas product marketing activities to other operators. The strategy would also be counter-productive for TotalEnergies' customers, for whom the Company must ensure a security of energy supply, while supporting them in their own decarbonization journey.



TotalEnergies has a consistent and effective strategy to be a major player in the energy transition



TotalEnergies' Board of Directors notes that it fully exercises its powers in defining the Company's priorities for the energy transition. For the third year in a row, the Board is consulting shareholders with regard to TotalEnergies' ambition for sustainability and the energy transition. The Sustainability & Climate - 2023 Progress Report, which will be submitted to an advisory vote at the next Annual Shareholders' Meeting, describes the implementation of the Company's strategy and the progress made in 2022 towards achieving its climate objectives for 2030. The report also enhances the Company's climate and sustainability ambition, notably by specifying -- as pledged by the Company -- the 2025 and 2030 targets for the main climate indicators and making a number of these targets more ambitious:

-- Concerning its Scope 1 & 2 emissions over which it has control at its
operated facilities, the Company has set a new emissions target in
absolute value of below 38 Mt CO2e (Scopes 1 & 2) by 2025 compared to
2015, thanks notably to a $1 billion worldwide energy efficiency program
for 2023-2024.

The Company has also pledged to reduce these emissions by
more than 40% by 2030 compared to 2015, in line with the objectives set
by countries committed to carbon neutrality by 2050.

As a reminder, the
Company has already reduced the Scope 1+2 emissions of its Oil & Gas
activities by almost 30% between 2015 and 2022.

-- TotalEnergies has strengthened its objective of lowering the lifecycle
carbon intensity of the energy mix sold to its customers from -20% to
-25% by 2030 in relation to 2015, and -15% by 2025, thereby contributing
to the reduction of its customers' scope 1 while selling them the energy
they need and ensuring security of energy supply. As a reminder,
TotalEnergies has already reduced the carbon intensity of its sales by
12% between 2015 and 2022, thanks to the growth in its sales of
electricity and gas and the drop in sales of oil products.


TotalEnergies is thus leading its peers in terms of decarbonizing its energies sales.



The proposed resolution undermines the Company's good governance



This consultative resolution does not facially infringe on the Board of Directors' powers. However, if adopted, it would introduce some confusion in the governance of the Company since it would lead the Board of Directors to take into account a different strategy from the one it has adopted. Nevertheless, the Board of Directors has decided to add this draft resolution to the agenda of the next Annual Shareholders' Meeting, in the interest of shareholder dialogue, but not to approve it for all of the reasons set out above.



Consequently, the shareholders of TotalEnergies SE will be invited to vote against the resolution submitted by the above-mentioned group of shareholders and to vote in favor of the resolution relating to the Sustainability & Climate - 2023 Progress Report submitted by the Company.



The documents prepared by the Company for the upcoming Annual Shareholders' Meeting will be available on the Company's website.


The notice of meeting for the Ordinary and Extraordinary Meeting of Shareholders of May 26, 2023 which will be held at 10:00 a.m. on Friday, May 26, 2023 at Salle Pleyel, 252 rue du Faubourg Saint-Honoré, 75008 Paris, France, will be published in the BALO legal gazette (Bulletin des Annonces Légales Obligatoires) on May 5, 2023.

[ariane] 30/4/2023 05:19

The 10 Most Incredible Oil And Gas Discoveries Of All Time


By Irina Slav - Apr 29, 2023, 6:00 PM CDT

To date, Azerbaijan has oil reserves estimated at some 7 billion barrels and produces over 800,000 bpd. Most of this is exported as the country’s domestic consumption is relatively minor due to its size.


#2 The start of American oil

In 1859, a man named Edwin Drake drilled the first-ever oil well in America. According to historical sources, it was also the first well that was actually drilled instead of dug out, as oil seeping up into the soil had been extracted until then.

The Oil Creek at Titusville, Pennsylvania, marked the official beginning of the American oil industry. The first well was less than 70 feet deep, and it triggered a gold rush that would eventually turn the U.S. into the world’s largest producer of oil.


#3 Oil Springs

The first results of the new gold rush—the rush for black gold—came just a few years after Drake’s Pennsylvania discovery. Four months after the discovery, another adventurous gentleman, Lyne Taliaferro Barret, began looking for oil in the eastern part of Texas in an area called Oil Springs.

As sometimes happens, the timing was not the best. Barret had not yet discovered oil when work on the well had to be stopped for reasons such as the Civil War and Texas’ secession from the Union. It resumed after the end of the Civil War, and Barret struck oil in 1866. This was the first oil well in Texas.


#4 The gusher era

If there’s one discovery that’s arguably more famous than those first two oil wells in America, that would be Spindletop: the first gusher. No more apt name has been created for one of the world’s biggest oil discoveries.

A geyser of crude oil erupted from Spindletop Hill in Texas on January 10, 1901, and the well ended up producing an amazing 100,000 barrels daily—a rate not exactly common in those days. If the Oil Springs discovery marked the start of oil in Texas, then Spindletop gave it the push that eventually made it the industry it is today.


#5 Oil in the Middle East

The first oil well in the Middle East was not, as one might expect, discovered in Saudi Arabia. That came later. Oil was first discovered in Persia, today’s Iran, thanks to a Brit, William Knox D’Arcy, who’d got a 60-year concession from the Iranian government.

D’Arcy funded the operation, which started in 1903, while the drilling was done by George Bernard Reynolds—an already prominent petroleum engineer. The Masjed Soleiman field was discovered in 1908, and it reached peak production in 1928.

Amazingly, the field still produces to this day, but 2023 is expected to be its last year. The discovery led to the creation of what we now know as BP, one of the biggest oil companies in the world. Related: Analysts See Oil Prices Rising To $90 By End-2023


#6 The rise of the desert kingdom

Three decades after the discovery of the Masjed Soleiman field, American engineers from Standard Oil struck oil in the desert peninsula known as Saudi Arabia. It was 1938, and nobody knew that a new star was being born.

The Dhahran discovery turned out to be the biggest in history up to that point, and it changed everything—not just for Saudi Arabia but for the world. From a largely nomadic people unconcerned about world affairs, the country turned into the world’s biggest oil producer and kept that crown for decades.

At the same time, the Dhahran discovery marked one more step on the Middle East’s way to becoming the world’s major oil supplier. It was followed by discoveries of oil in Iraq, Kuwait, and the UAE, some of which remain the biggest reservoirs in history to this day.


#7 The South American oil jewel

The Bolivar Coastal field was discovered in 1917 by Shell and still remains one of the largest in the world. By 1958, the field was producing more than 1.4 million barrels daily, and its reserves were estimated at 11.1 billion barrels.

The field was the first dip into the Maracaibo Basin—a huge oil reservoir largely located under Venezuela’s Lake Maracaibo. The reservoir under the lake contains a substantial part of Venezuela’s total oil reserves, which are the largest in the world.


#8 The last big ones

Most of the massive oil field discoveries in the world were made before the late 1980s. Since then, discoveries of huge fields have been negligible in terms of numbers. In fact, the only really big oil discovery in the last 30 years was the Kashagan field in the Kazakh section of the Caspian Sea. The field has a maximum production capacity of 380,000 bpd, which was hit in 2019. Its development has not been free from trouble, cost overruns, and delays, but it continues to contribute a substantial part of Kazakhstan’s oil output.


#9 Guyana and the future

Guyana’s rise to prominence as a new oil hotspot harkens back to the days of the big oil discoveries. Exxon and Hess have tapped an estimated 11 billion barrels in oil reserves in the Stabroeck block, and they still keep striking oil there.

Guyana’s current production stands at 360,000 bpd, which is double what it was less than two years ago. For 2030, production is seen topping 1.6 million barrels daily.

Oil Discoveries FAQ


What was the largest oil discovery?

The largest oil discovery to date is the Ghawar Field, located in eastern Saudi Arabia. It is estimated to hold up to 75 billion barrels of oil reserves and has been in production since 1951. However, it's worth noting that new discoveries and technological advancements could potentially surpass this in the future.


What was the first major oil discovery?

The world's first major oil discovery was made in Pennsylvania, United States, in 1859. This discovery, known as the Drake Well, produced about 25 barrels a day and introduced the world to the potential of oil as an energy source. It sparked the first oil boom in the United States and was a precursor to the global oil industry.


Who first discovered oil in the world?

The first discovery of oil in the world is difficult to attribute to a single person or culture, as oil has been known and used for various purposes for thousands of years. The ancient Sumerians, for instance, used asphalt to waterproof their boats, and oil seepages were used for medicinal purposes in ancient Egypt and China. However, the modern oil industry is considered to have originated in the mid-19th century, with the first commercial oil well being drilled by Edwin Drake in Pennsylvania, United States, in 1859.


What is the deepest oil that has been found?

The deepest oil well in the world is the Z-44 Chayvo Well, located on Sakhalin Island in Russia. It was drilled by Exxon Neftegas Limited in 2005 and has a depth of 12.376 kilometers (7.716 miles). It is known as an "extended reach" or "horizontal" well because it extends out more than 11 kilometers (6.8 miles) horizontally beneath the sea floor. The oil is located within the Sakhalin-1 project area in the Sea of Okhotsk, near the coast of Siberia.

By Irina Slav for Oilprice.com

[sarkasm] 29/4/2023 15:03

Seems at present to be trending down like many oilies

[misca2] 29/4/2023 06:54

Suncor Energy to purchase TotalEnergies EP Canada for $4.1bn



By NS Energy Staff Writer 28 Apr 2023

The transaction, which includes TotalEnergies’ remaining 31.23% stake in Fort Hills and a 50% interest in Surmont, will add 135,000 barrels per day of bitumen production capacity and 2.1 billion barrels of reserves to Suncor’s oil sands portfolio


Canadian energy company Suncor Energy has signed an agreement with TotalEnergies to purchase the latter’s affiliate TotalEnergies EP Canada, for a total cash consideration of C$5.5bn (about $4.1bn).

TotalEnergies EP Canada owns a 31.23% stake in the Fort Hills oil sands mining project and a 50% interest in the Surmont in situ asset.

The acquisition will add 135,000 barrels per day of net bitumen production capacity and 2.1 billion barrels of proved and probable reserves to Suncor’s oil sands portfolio.

In addition to the cash consideration of C$5.5bn, Suncor will make additional payments of up to C$600m, conditional upon benchmark pricing and certain production targets.

The transaction is expected to be completed by Q3 2023, subject to the waiver of TotalEnergies EP Canada’s partners pre-emption rights and customary closing conditions.

Suncor Energy president and chief executive officer Rich Kruger said: “This transaction represents a major step in securing long-term bitumen supply to our Base Plant upgraders at a competitive supply cost.

“These are valuable oil sands assets that are a strategic fit for us and add long-term shareholder value.

“The acquisition also introduces flexibility and optionality into our long-range capital plan, providing us with further discretion in respect of the timing and scope of future oil sands developments.”

Upon closing of the transaction, Suncor will have complete ownership of the Fort Hills project, and 50% of the Surmont in situ project, while ConocoPhillips Canada holds the remaining 50%.

Together with the Firebag and MacKay River assets, the Fort Hills property will provide the company with long-term bitumen supply in the Fort McMurray region.

Surmont is a high-quality, producing asset that adds long-life production to Suncor’s oil sands portfolio, and has the potential for growth through cost-competitive expansion.

When the Base Mine life ends in the mid-2030s the combined bitumen production from the Fort Hills and Surmont would replace half of the current Base Mine bitumen production.

Furthermore, TotalEnergies will allocate at least 40% of the cash flow generated this year to its shareholders, either through share buybacks or a special dividend distribution.

[florenceorbis] 28/4/2023 08:44

TotalEnergies SE said its board of directors is recommending shareholders reject a draft resolution calling on the company to set targets for its indirect emissions generated in the value chain at its annual meeting.

"The proposed resolution does not provide a credible response to the challenges of climate change and would be contrary to the interests of the company, its shareholders and its customers," the French major said on Friday.

The resolution, drafted by a group of shareholders representing less than 1.4% of TotalEnergies' share capital, concerns the company's Scope 3 emissions, which are linked to the use of energy products sold to costumers.

"Drastically decreasing TotalEnergies' global Scope 3 emissions in absolute value, without an evolution of the overall structure of energy demand, would lead to a shift of this demand to other suppliers, notably the national oil companies of producing countries," the company said.

TotalEnergies currently has in place targets concerning its Scope 1 and Scope 2 emissions, which refer to the company's own direct emissions and to indirect emissions from purchased energy, respectively.

TotalEnergies is set to host the annual shareholders meeting on May 26.



Write to Giulia Petroni at [e-mail]



(END) Dow Jones Newswires

April 28, 2023 04:15 ET (08:15 GMT)

[florenceorbis] 28/4/2023 05:42

UPSTREAM

TotalEnergies picks rig for critical East Med probe

French supermajor targets September 2023 spud date for important exploration well

28 April 2023 3:00 GMT Updated 28 April 2023 3:00 GMT

By Iain Esau
in London

TotalEnergies has picked the offshore rig it will use to drill a strategically important exploration well this year in the East Mediterranean, Upstream understands.

The bulk of the French supermajor’s 2023 exploration budget is dedicated to establishing the size of its potentially enormous Venus oil discovery in Namibia’s Orange basin.

However, the company remains keen to drill critical prospects, in Suriname for example, that are big enough to make an impact in its proven-plus-probable resource base.

[florenceorbis] 28/4/2023 05:39

French collaborate on large hydrogen carrier development

Sam Chambers

April 28, 2023
0 27 1 minute read

The French brains behind the development of large LNG carriers are now gearing up to offer large liquid hydrogen carriers.

France’s GTT, which is the world leader in LNG containment systems, has teamed with TotalEnergies, ship designer LMG Marin and Bureau Veritas to develop a 150,000 cu m capacity liquid hydrogen (LH2) carrier concept design, roughly 100 times larger capacity-wise than today’s only existing hydrogen carrier.

The ability to transport by sea very large volumes of hydrogen in liquefied form at -253°C is one of the major technological challenges to be overcome to set up a reliable, efficient and competitive global carbon-free hydrogen value chain.

Vincent Rudelle, managing director of LMG Marin France, commented, “Out-of-the-box thinking is key to allow the transport of such quantity of liquid hydrogen onboard this unique vessel.”

Many other nations are developing their own large hydrogen carrier designs including in Japan, where Kawasaki Heavy Industries is currently the operator of the world’s only liquid hydrogen carrier, the Susio Frontier.

[florenceorbis] 28/4/2023 05:17

Amy Wong of Credit Suisse considers the stock a buy opportunity.

The price target remains at EUR 70.

[adrian j boris] 27/4/2023 19:56

PARIS (Agefi-Dow Jones)--GTT, TotalEnergies, Bureau Veritas and LMG Marin announced Thursday that they have signed an agreement to develop a 150,000 cubic metre liquid hydrogen (LH2) carrier concept.


In detail, the oil group TotalEnergies will work on defining the specifications of the vessel, including its operational profile, while GTT will design the membrane containment system, the four partners said in a joint statement.


At the same time, the independent naval architecture and engineering firm LMG Marin will define a concept for the hydrogen tanker adapted to the specifications defined by TotalEnergies and taking into account the constraints linked to the membrane containment system.


For its part, the certification and quality control group Bureau Veritas will carry out a risk assessment and review the design in accordance with the latest regulatory requirements.


-Vincent Alsuar, Agefi-Dow Jones; 01 41 27 47 39; [e-mail] ed:LBO

[adrian j boris] 27/4/2023 14:42

8. Outlook



After briefly falling below $75/b in mid-March, oil prices rose above $80/b in April, notably due to the decision by some OPEC+ countries to reduce their production quotas to stabilize a market marked by fears of financial crisis and recession.



After several quarters of exceptionally high diesel cracks, European refining margins are easing down because of lower economic growth expectations and high products inventories fueled by Chinese exports and the quicker than anticipated reorganization of Russian flows following the European embargo. Demand for petroleum products could be supported in the coming weeks by the entry into the driving season in the US for gasoline, as well as the global recovery of air traffic for aviation fuel.



Given the evolution of oil and gas prices in recent months and the lag effect on price formulas, TotalEnergies anticipates that its average LNG selling price should be between $10-12/Mbtu in the second quarter 2023.



Given the high inventory levels at the end of winter, European and Asian gas prices are expected to remain stable in the second quarter before rebounding in the second half 2023, driven by restocking gas in Europe before winter and the demand recovery in China, in a context of limited LNG production growth. Futures markets anticipate prices in the range of $18/Mbtu for winter 2023-24.



For the second quarter 2023, TotalEnergies anticipates a hydrocarbon production around 2.5 Mboe/d, LNG sales that should benefit from the restart of Freeport LNG and a utilization rate in refineries up to more than 80% given the end of strikes in France.



The Company confirms its guidance for net investments between $16-18 billion in 2023, including $5 billion in low-carbon energies.



* * * *



To listen to the conference call with CEO Patrick Pouyanné and CFO Jean-Pierre Sbraire today at 13:30 (Paris time), please log on to totalenergies.com or dial [phone] or [phone]. The conference replay will be available on the Company's website totalenergies.com after the event.



* * * *

[adrian j boris] 27/4/2023 08:10

otalEnergies SE reported a rise in first-quarter profit despite a softening oil-and-gas price environment and confirmed an increase in the interim dividend.

The French energy major said that quarterly net profit came in at $5.56 billion, up from $4.94 billion for the same period last year. On an adjusted basis, net profit was $6.54 billion.

TotalEnergies' hydrocarbon production was 2.52 million barrels of oil equivalent a day in the quarter, down 11% on year. Excluding Russia's Novatek, production was up 1% on year as it benefited from start ups and ramp ups notably in Brazil and Nigeria, as well as the increase in OPEC+ production quotas.

In the second quarter, production is expected at around 2.5 million boe/d, benefiting from the restart of U.S. liquefied natural gas company Freeport LNG and a utilization rate in refineries up to more than 80% given the end of strikes in France.

Sales decreased to $62.60 billion in the first quarter from $68.61 billion for the year-earlier period.

The first interim dividend for 2023 was set at 0.74 European cents ($0.82) a share, an increase of more than 7% compared to 2022 and in line with the shareholder return policy, TotalEnergies said.



Write to Giulia Petroni at [e-mail]



(END) Dow Jones Newswires

April 27, 2023 03:01 ET (07:01 GMT)