Total Keeps Dividend Steady in 'Exceptional Circumstances'
French energy major Total promised to pay a steady cash dividend and said it can break even with low oil prices after the impact of the coronavirus outbreak and a collapse in fuel demand led to a 35% first-quarter profit fall.It also raised its climate ambitions, saying it aims to…
Total Cuts Capex, Mostly in E&P Business
French energy group Total announced plans on Monday to step up cost cuts and suspend its share buyback programme in order to deal with a slump in oil prices and the economic fallout from the coronavirus outbreak.Total CEO Patrick Pouyanne said that with prices of $30 per barrel, Total…
Total CEO: Governments Not Oil Firms Must Drive Carbon Curbs
It is up to governments to drive decarbonisation and consumers will have to pay more to achieve carbon neutrality, Total's chief executive said, adding the French firm has no intention of moving away from oil and gas production.Oil firms should not be seen as "villains" amid growing pressure from investors and climate activists…
Total Closes Mozambique LNG Purchase
Total has completed the acquisition of Anadarko's 26.5% stake in Mozambique's liquefied natural gas (LNG) project for $3.9 billion, the French oil major said on Monday."Mozambique LNG is a one of a kind asset that perfectly fits with our strategy and expands our position in liquefied natural gas…
Total CEO: Britain Must Stick by Brexit Mistake
The chief executive of French oil major Total believes that Britain should stick by its decision to leave the European Union even though he thinks it is a fundamental mistake that could be a real issue for the UK economy"It's a choice. It's democracy, we have to respect it. (But) I think it's a fundamental mistake…
Total Plans $5 Bln in Asset Sales
French energy giant Total will sell around $5 billion worth of assets, mostly from its upstream exploration and production business, as it seeks to focus on low breakeven projects that can weather weak oil prices, it said on Thursday.The company reported a 19% year-on-year drop in adjusted net profit to $2.9 billion in the second quarter…
Total to Discuss Anadarko Assets with Algeria
Total will meet Algerian authorities for talks over its plans to buy Anadarko's assets in the country and is not worried by media reports that Algiers would block the deal, Chief Executive Patrick Pouyanne said on Wednesday."We will meet Algerian authorities very soon," Pouyanne told shareholders at the company's annual meeting in Paris.
Occidental Agrees to Sell Anadarko Assets to Total
Texas-headquartered Occidental Petroleum has reached an agreement to sell Anadarko Petroleum's oil and gas assets in Africa to French oil major Total for $8.8 billion.The binding agreement with Occidental to acquire Anadarko’s assets in Africa (Algeria, Ghana, Mozambique, South Africa)…
Total Profits Take a Hit
French energy major Total said its net profit for the first three months of the year fell 4 percent to $2.8 billion compared with a year ago due to volatile oil prices and debt costs, despite record oil and gas output.The firm kept its investments, and cost savings target for the year unchanged…
Total to Invest in Novateks LNG Projects
The French oil giant Total intends to buy 10% shares of the transshipment points of liquefied natural gas in Murmansk and Kamchatka, which Novatek plans to build.Russian news agency TASS quoted the CEO of the French company Patrick Pouyanne as saying: "We have just announced that we are investing in Arctic LNG 2…
$13 Bln Papua LNG Project Pushes Ahead
France's Total and its partners signed a long-awaited deal with Papua New Guinea on Tuesday that will allow initial work to start on a $13 billion plan to double the country's liquefied natural gas exports.Developing the Pacific island nation's gas reserves is seen as crucial to its economy as LNG is its biggest export earner…
Total Buys 10% Stake in Arctic LNG 2
Total has agreed to buy a 10 percent stake in the Arctic LNG 2 project from Russia's Novatek, as the French energy group looks to build up its presence in the area to service a fast-growing Asian market.The companies said on Tuesday Total would also have the opportunity to buy a 10-15 percent direct interest in all Novatek's future LNG projects on
Record Production Lifts Total's Profits
French energy major Total said its net adjusted profit rose 10 percent in the final quarter of 2018, lifting its full year earnings by more than a quarter after record oil and gas production.Total said on Thursday that output reached an all-time high of 2.8 million barrels of oil…
Total Plans Biggest Exploration Drive in Years
Total is launching its biggest exploration campaign for years in 2019 as part of a turnaround plan that is ditching the company's focus on risky long-shots in favor of areas known to contain commercial levels of oil or gas.The French major aims to drill 23 wells this year, its senior vice president for exploration…
Total Green-lights Ikike Oil Project in Nigeria
French oil group Total will approve plans to proceed with the Ikike project in Nigeria in the coming months, and also aims to expand its liquefied natural gas (LNG) project in the country, CEO Patrick Pouyanne said on Monday.Total is one of the strongest players in the African oil sector…
Total to Raise Output in 2019
Oil major Total's output will rise to 3 million barrels of oil equivalent per day in 2019, Chief Executive Patrick Pouyanne said on Friday.The company has said its production rate stood at 2.8 million barrels of oil equivalent per day during the third quarter of this year.(Reporting by Benjamin Mallet; writing by Inti Landauro; editing by Richard L
Papua New Guinea Paves Way for LNG Expansion
A long-awaited project led by France's Total SA that will help double liquefied natural gas (LNG) exports from Papua New Guinea has come another step closer, with the government agreeing to set financial terms early next year.The LNG expansion, which analysts estimate will cost $13 billion…
Total and Sempra Energy Ink North America LNG Deal
French energy group Total and Sempra Energy have signed a memorandum of understanding on the north American liquefied natural gas (LNG) market, which could see Total acquire a further stake in the sector.The deal could see Total take a contract for approximately up to 9 million tonnes…
Total Will Invest More in Short Cycle Projects
French oil and gas major Total will invest more in short cycle projects, said its chief executive on Tuesday.Patrick Pouyanne was a speaking at an investment conference in Riyadh.(Reporting by Rania El Gamal, writing by Alexander Cornwell, Editing Saeed Azhar)
Total, Aramco Sign Deal to Start Jubail Petrochem Engineering Works
French energy group Total and Saudi Aramco signed an agreement on Monday to start engineering studies for the $5 billion construction of a petrochemical complex at the Jubail Satorp refinery on the eastern coast of Saudi Arabia.Start-up of the complex, which will include a mixed-feed cracker with capacity of 1.5 million tons per year of ethylene an
