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.
More than 100 young students have already joined a new graduate programme set up by Total. As part of the Total Young Graduate Programme, which was founded in April 2014, young graduates from more than 40 countries in Africa and the Middle East will be given the opportunity to discover working life through hands-on experience over an 18-month period.
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.
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.
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.
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 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.
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 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.
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.
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%.
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.
Faroe Petroleum has completed the sale of its share in a North Sea gas field to Total for £10million. The company sold its 10% interest in the undeveloped Glenlivet gas field as it looks to directing its focus on projects elsewhere in Norway and the UK.
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.
Philippe Sauquet has been appointed as the new president of refining and chemicals with Total, following Patrick Poyanne’s promotion to chief executive officer. His appointment follows the death of Total boss Christophe de Margerie earlier this month in Russia.
The chief executive and deputy of Russia’s Vnukovo airport have both resigned following the death of Total boss Christophe de Margerie. In a statement the airport said it had accepted the resignations of Andrei Dyakov and his deputy Sergei Solnstev.
French oil giant Total said it will continue to "move froward" following the death of chief executive officer Christophe de Margerie.
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.