France’s Total in profit
Oct 30 (LNGJ) - French energy major Total reported a tumble in net income to $202 million in the third quarter from $2.80 billion in the same three months of 2019. This followed second-quarter 2020 write-downs that led to a loss of $8.36Bln.
LNG sales by Total rose 20 percent in the third quarter to 6.6 million tonnes from 5.5MT in the prior-year quarter. Nine-month LNG sales amounted to 23.2MT, up 27 percent from the 18.3MT logged in the third quarter of 2019. “Upstream carries the Group’s results with adjusted net operating income of $1.1 billion, notably thanks to low production costs, despite lower LNG prices and lower production,” said Chairman and Chief Executive Patrick Pouyanné.
French major Total makes progress on LNG with Mozambique assets and Nigeria expansion
French energy major Total will make a final investment decision on the Nigeria liquefied natural gas expansion project to build a seventh Train by the end of the year and said that its acquisition of Mozambique LNG assets fits well into its growth strategy.
