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French energy giant Total signed mega contracts with Iraq worth $27bn to develop oil fields, natural gas and a crucial water project that officials said Monday will be key for the oil-rich country to maintain crude output. The deals were signed on Sunday with Prime Minister Mustafa al-Kadhimi in attendance, according to a Ministry of Oil statement. Total signed contracts with the ministry to develop the Ratawi oil field in southern Iraq, a gas processing hub to capture natural gas from five southern oil fields, and a much-needed project to treat Gulf seawater and inject it into reservoirs to maintain oil production levels. A fourth project was signed with the Ministry of Electricity to build a 1,000-megawatt solar power plant.
Solar power generation in the US increased by 26% year on year in 2020 according to data from TradingPlatforms.com.In total, last year just under 91,000m KWh of solar thermal and photovoltaic (PV) power was produced. Solar power generation in the US has risen dramatically over the last two decades. This gave solar power generation a CAGR of 53.99% from 2010-2020.
Uganda, Tanzania and French oil company Total are set to sign agreements Sunday on building a heated pipeline to carry crude oil from western Uganda to the Indian Ocean coast. Construction of the pipeline, which would be the world's longest at 897-miles, is expected to begin this year. Tanzania's new leader, President Samia Suluhu Hassan, is in Uganda to sign the documents, perhaps her most important executive action since her inauguration last month.
French oil and gas group Total said it would not stop producing gas on its Yadana fields in Myanmar as long as operations remained safe, in part to protect employees there who might otherwise risk repercussions from the military junta.Total has come under pressure from rights groups and Myanmar's parallel civilian government to review its operations amid allegations its payments on taxes were funding the military-controlled state.
Bloomberg) --Iraq is discussing a “giant” agreement with French oil giant Total SE to build large infrastructure installations, develop oil fields and produce gas, Oil Minister Ihsan Abdul Jabbar told Asharq News in an interview that aired on Saturday.The agreement is giant, and the volume of the investment exceeds $7 billion,” the minister said.
Total SE is planning to increase energy investment in Libya. Libya’s state-run National Oil Corp. and Total had a virtual meeting and have decided to increase Libyan production capacity and output to the highest levels. Total and Libya's ties go back to decades. Former also holds shares in some key oil fields in Libya, including the nation’s biggest - The El Sharara and the offshore Al Jurf deposit.
Recently at the Indian Energy Forum, BP Plc announced its plan to extend its business in India along with its major partner Reliance Industries Ltd. This is the third joint venture between Reliance and BP Plc with 51% and 49% shares respectively. Another attendee, TOTAL SE also stated that they find India as the largest market in the world of energy and is investing to set major energy projects in India.
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.