Total

Oil & Gas

WGPSN wins major Total contract

31/03/2015

French oil major Total has awarded Wood Group PSN (WGPSN) a major multi-million dollar contract for a number of its UK assets. The move will see the company deliver engineering, procurement, construction and commissioning services to four offshore assets and two onshore facilities. Dave Stewart, UK managing director of WGPSN said: "Our knowledge and in-depth understanding of this key client's needs, and our strong commitment to working safely, collaboratively, innovatively and efficiently to maximise productivity of these assets, helped us to secure this contract. We look forward to continuing our long-standing partnership with Total in the UKCS."

Africa

Total Nigerian asset sales total $1billion

30/03/2015

Oil giant Total gas completed the sale of its stake in Oil Mining Lease (OML) 29 in Nigeria for $569million. Along with its exit from OML 24 and OML 18, it brings the French company's share of sale proceeds from these three onshore Nigerian blocks to more than $1billion. Patrick de La Chevardière, chief financial officer at Total, said: “The sale of these non-operated onshore blocks in Nigeria is yet another example of our strategy of dynamic portfolio management, achieved at attractive valuations".

Oil & Gas

West of Shetland gas developments get the go-ahead from UK Government

25/03/2015

A new gas project west of Shetland shows there is still a bright future for the UK North Sea industry, Energy Minister Matt Hancock said last night. He was speaking after French energy giant Total announced it had received Department of Energy and Climate Change approval for its £990million Edradour and Glenlivet field development plans (FDPs). The decision to invest was taken by Total last May. UK Government sanction for the FDPs allows Total, which has an 80% stake, and Danish partner Dong Energy (20%) to progress to development.

Market info

Total said to be considering sale of UK’s Frigg natural gas pipeline

20/03/2015

Total SA, Europe’s second-biggest oil company, is considering a sale of its gas pipeline in the UK North Sea as it seeks to offload assets amid a drop in oil prices, three people with knowledge of the matter said. The French company has reached out to several potential buyers for the Frigg network, which could fetch about $1 billion, two of the people said, asking not to be identified as the information is private. A sale may draw interest from pension funds seeking stable returns and energy-focused private-equity firms, they said.

Oil & Gas

Total spuds Shango exploration well

16/03/2015

Total has spudded exploration well 25/6-55 in the Norwegian North Sea. The well, named Shango, is in licence PL 627 in the northern part of the Utsira High around five kilometres from the Skirne field.

Europe

Stronger dollar softens oil price blow for European producers

12/03/2015

After taking a battering from the crash in crude prices, Europe’s oil and gas producers are gaining some relief from the relentless slide in the euro. France’s Total, Italy’s En and Repsol of Spain will benefit most from earning revenue from oil and gas sales in US dollars, the industry’s dominant currency, while paying a large chunk of salaries, rent and other costs in euros, according to data compiled by Bloomberg Intelligence.

Oil & Gas

Total chief exec warns of jobs losses unless taxes are cut

13/02/2015

Oil giant Total plans to sell North Sea assets and may consider Aberdeen job cuts unless prices rise and taxes are cut. Chief Executive Patrick Pouyanne said the firm was not proposing upstream redundancies, but that it was slashing UK investment, and may "need less staff" if it continues. He was speaking to journalists in London after the Paris-based company announced its net adjusted profit fell 17% to $2.8 billion in the quarter, compared with the same period a year ago.

Middle East

Total signs onshore concession agreement in Abu Dhabi

29/01/2015

Total has signed a new 40 year onshore concession agreement with the Supreme Petroleum Council of the Emirates of Abu Dhabi (UAE) and the Abu Dhabi National Oil Company (ADNOC). The deal will give the French company a 10% participating interest in the concession, which covers the 15 principal onshore oil fields of the region and represents more than half of the Emirate's production.

Oil & Gas

Total to cut spending by 10%

21/01/2015

French oil and gas giant Total will reduce spending by 10% this year under plans by its new chief executive Patrick Pouyanne. According to reports, the company plans to speed up billions of dollars of in asset disposals as part of the new cost-cutting plan. The move comes after a number of companies announced job reductions would be made including Baker Hughes, BP, Talisman Sinopec and Schlumberger.

Oil & Gas

French boost for troubled UK North Sea

16/01/2015

Better late than never as they say and yesterday’s announcement of start-up from Total’s West Franklin Phase 2 project more than a year behind schedule is a much-needed boost for the North Sea industry. Total said it had started gas and condensate production to supply 40,000 barrels of oil equivalent (boe) per day to the Elgin/Franklin hub. Michael Borrell, senior vice president exploration and production, Europe and central Asia, added: “With the start-up of the West Franklin Phase 2 project, Total consolidates the production capacity of its operated Elgin/Franklin hub.

Oil & Gas

Total starts production from West Franklin Phase 2 project

15/01/2015

Oil major Total has started gas and condensate production from the West Franklin Phase 2 project in the North Sea. The company said the project, in the Central Graben area, will supply 40,000 barrels of oil equivalent per day to the Elgin/Franklin hub. The project includes the drilling of three new production wells and the installation of two new platforms, the West Franklin wellhead platform and the Elgin B platform which will also be used to drill new wells on Elgin.

Other News

Image: Total snaps heavy waves on North Sea production platform

13/01/2015

Oil giant Total has posted images of huge waves hitting one of its production platforms in the North Sea. The French company captured the photographs from the K6CC platform in waters off the Netherlands. Although it is permanently manned, work is normally only performed on the facility during the day.

Oil & Gas

Total completes flare out in Nigeria

09/01/2015

Oil giant Total said it has completed the flare out of the Ofon field in Nigeria. The company said the associated gas is now being compressed, evacuated to shore and monetized via Nigeria LNG. The Ofon field is 65km from land and in water depths of 40 metres.

Oil & Gas

Total sees oil production from North Sea project

05/01/2015

Total has confirmed the start-up of oil production from one of its North Sea projects. The Eldesk II project on the PL 018 license of the Norwegian North Sea is producing oil in line with its schedule that was approved in 2011. The company said the venture increase oil recovery of the Eldsk field and has a production capacity of 70,000 barrels of oil inequivalent per day.

Market info

Total sells off remaining stake in GTT

09/12/2014

Total has entered into an agreement for the sale of its remaining stake in GTT (Gaztransport and Technigaz) to Temasek. The sale, which was netted the French company more than $650million, follows an initial transaction in February this year. The company said it initially reduced its shareholding from 30% to 10.4%.

Oil & Gas

Shetland gas plant held up

05/12/2014

French oil company Total has finally admitted its new £800million Shetland gas plant will not be completed this year. A company spokesman said it was likely to be ready during the first three months of the 2015, about nine months behind schedule. Following months of denial and a profit warning from main contractor Petrofac last month, Total issued a short statement yesterday.

Oil & Gas

Total backs trio of climate change schemes

20/11/2014

French oil giant Total is set to support a trio of initiatives which aim to tackle climate change. The company said it is consolidating its efforts by supporting three schemes backed by the Global Compact, the World Bank and the Climate and Clean Air Coalition (CCAC). Total backed the United Nation’s Global Compact’s call for companies “to factor” an internal carbon price into their investment decisions.

Europe

Total to hold emergency meeting after death of CEO

21/10/2014

Oil giant Total said a meeting will be held between its Governance and Ethics Committee and the board of directors following the death of CEO Christophe de Margerie. The 63-year-old died when his airplane struck a snowplow on a Moscow runway, ending a career in which he oversaw the biggest expansion of oil reserves at the French energy giant in at least 15 years.

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