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Total has resigned from its role as operator of five exploration blocks in the Foz do Amazonas Basin, 120 kilometers offshore Brazil. The area may contain as many as 14 billion barrels of petroleum. Environmentalists, however, have tried to prevent oil exploration in the area, which is home to a sizeable reef. A new operator will be appointed for the job in a period of six months.
Total has stopped its operations at the Dan Bravo oil production platform in the Danish North Sea, after the Greenpeace activists climbed aboard to protest future oil and gas exploration, four Greenpeace activists swam 500 metres to climb on to the Total operated oil platform affecting the output production. Total declines to mention that how much production had been affected.
Norway-based private equity company HitecVision-backed NEO Energy has completed the acquisition of UK North Sea assets from Total Oil UK and Total E&P North Sea UK. The acquisition included a portfolio of operated and non-operated assets. The transaction comprises a material and cash generative portfolio of assets in four producing areas of the UK North Sea. It adds production of approximately 23,000 boepd and reserves of 51 MMboe to Neo Energy’s portfolio.
Oil producer Apache Corp and its joint venture partner Total SA made their third oil discovery offshore Suriname, sending Apache’s shares up 14% in after-market trading. The third major find was at the Kwaskwasi-1 well drilled offshore Suriname, which comprises 1.4 million acres. The Suriname operations are just across the border from where Exxon Mobil led discoveries off Guyana that are estimated to hold more than 8 billion barrels of oil.
French energy group Total will book an exceptional impairment charge of $8 billion mainly on its Canadian oil sands and liquefied natural gas projects. Overall, the exceptional asset impairments that will, therefore, be taken into account in the second quarter of 2020 amount to $8.1 billion, including $7 billion on Canadian oil sands assets alone, this will increase its gearing ratio by 1.3%.
French oil company Total, along with its partners BP and ENI, it had made a gas discovery at a well off the coast of Egypt. The discovery had been made at the Bashrush well on the North El Hammad licence, located eleven kilometres (6.8 miles) off the Egyptian coast. ENI and BP both have 37.5% stakes in the North El Hammad licence, while Total has a 25% stake.
Total has agreed to sell its Lindsey refinery in Lincolnshire, northeast England, to Prax Group. The refinery has an annual production capacity of 5.4 million tons. Since the sale of the British retail network in 2011, the Lindsey refinery hasn’t been part of Total’s downstream system. It is expected to be put to better use within the Prax Group, an independent player with a growing UK network.
Indian Oil Corp. has formed an equal joint venture with France’s Total to manufacture and market high-quality bitumen derivatives and specialty products for India’s growing road-building industry. The joint venture will set up manufacturing units across the country and also explore the possibility of catering to other South Asian markets. The joint venture would commence by taking over an existing plant of Total at Jodhpur in Rajasthan.
Mozambique LNG is one of several projects being developed in the country’s northern most province of Cabo Delgado after one of the biggest gas finds in a decade off its coast. Together, the projects are worth some $60 billion. The project includes direct/covered loans from eight credit agencies , 19 commercial banks, and a loan from the African Development Bank. Sealing the Total project financing is a win for Mozambique’s government as it tackles security challenges.
Qatar Petroleum has entered into a 'farm-in agreement with Total to acquire a 45% participating interest in blocks CI-705 and CI-706, located in the Ivorian-Tano basin, offshore the Republic of Cote d'Ivoire. The two blocks cover an area of approximately 3,200 square kilometres, and present multi-target hydrocarbon prospects in water depths ranging from 1,000 to 2,000 metres, 35 kilometres from shore and about 100 kilometres from nearby Foxtrot, Espoir and Baobab fields.
Total will no longer pursue the acquisition of Occidental’s assets in Ghana, following a snag in the sale of assets in Algeria. When Occidental Petroleum completed one of the largest oil mergers and acquisitions of the past few years, buying Anadarko Petroleum and assuming its debt in a transaction valued at a total of US$55 billion, Occidental had signed a binding agreement to sell Anadarko’s assets.
Equinor, Total and Shell intend to set up a joint-venture company and initially invest close to NOK 6.9 billion (USD 682.3m/EUR 629.4m), with some 57% of the amount going to Norwegian contractors. Northern Lights is part of the Norwegian full-scale CCS project which will include capturing carbon dioxide (CO2) from up to two industrial plants.
Following its rivals in the energy business, French energy major Total today revealed plans of cutting down carbon emissions, setting the aim of achieving net-zero emissions by 2050 or sooner. A statement from Chairman and CEO, Total read, “Energy markets are changing, driven by climate change, technology and societal expectations. Total is committed to helping solve the dual challenge of providing more energy with fewer emissions,”.
French supermajor Total yesterday informed that 14 workers including two of its staff have been diagnosed positive for the novel coronavirus in the Congo Republic. The energy major however denied operations at the site being affected. Congo has so far recorded 200 positive coronavirus cases and eight deaths since the very first case on March 15. Total said its pandemic plan was activated after the first case to ensure smoother operations.
French oil supermajor, Total has agreed to purchase Tullow Oil’s full stake in jointly-held onshore oil fields in Uganda for $575 million. Tullow Oil yesterday informed that it is looking to raise $1 billion this year in a bid to diminish its $2.8 billion of debt. The deal is now subject to the two companies inking a final tax agreement with the Ugandan authorities and a go-ahead from Tullow’s shareholders.
Sutton-based engineering, construction and services, Subsea 7 has landed a contract to deliver services to support Chevron's Anchor field operations, in the US Gulf of Mexico. The contract requires Subsea 7 to offer project management, engineering, procurement, construction and installation (EPCI) of subsea umbilicals, risers, and flowlines (SURF) components, flying leads, and jumpers. The Anchor oil and gas field is jointly owned by Chevron (62.86%) and Total (37.14%).
Oil supermajor, Total today informed about selling assets in Brunei, Sierra Leone and Liberia, valued at more than $400 million. While Total's wholly-owned subsidiary in Brunei, Total E&P Deep Offshore Borneo BV was soled to Shell, its marketing and services businesses in Liberia and Sierra Leone was sold off to Conex Oil & Gas Holdings Ltd.
Total's acquisition of Occidental Petroleum Corp’s assets in Ghana are being held up due to capital gains tax claim for about $500 million. Occidental is trying to get regulatory clearance for this deal and tax bill is an issue yet to be resolved. Selling Total its assets is a part of Occidental's plan to sell out at least $15 billion of assets by mid-2020.