French major TotalEnergies agrees to buy natural gas assets from Austria’s OMV linked to Malaysian LNG plant
.French major TotalEnergies has signed an agreement to acquire a 50 percent interest in Malaysian independent gas producer and operator Sapura-OMV Upstream, a Malaysian-Austrian joint venture and some of whose feed-gas assets are delivered to the Bintulu LNG plant.
Namibia oil and gas
Jan 10 (LNGJ) - TotalEnergies has signed an agreement to acquire bigger stakes in offshore oil and gas fields in the southwest African nation of Namibia along with partner and leading LNG produce QatarEnergy. The French major’s deal is with Impact Oil and Gas Namibia for an additional 10.5 percent participating interest in block 2913B and an additional 9.39 percent participating interest in block 2912, both operated by TotalEnergies in Namibia.
The deals would give TotalEnergies a 45.25 percent interest in block 2913B containing the Venus discovery and its light oil and associated gas and a 42.5 percent interest in block 2912. The Impact company will retain a 9.5 percent interest in each licence. “This transaction not only increases our share in the Venus discovery and remaining prospectivity on these blocks, but also represents a key step toward the development of Venus by consolidating the partnership and securing financing,” said Patrick Pouyanné, Chairman and Chief Executive of TotalEnergies.
French major and leading LNG player TotalEnergies to continue with Pouyanné at helm and his strategy
TotalEnergies, the French major with multiple energy and LNG projects under development, has pledged at a two-day meeting of the board to maintain a multi-energy strategy with current Chairman and Chief Executive Patrick Pouyanné at the helm.
The company said the board met on September 20-21 in Paris to review the strategic outlook in the context of “changing energy markets because of the energy transition and evolving geopolitical” events.
TotalEnergies has oil and gas interests from Argentina to Asia and is a leading global LNG market participants. Its immediate LNG plans include developing the huge onshore Mozambique LNG export project, expanding LNG production in Papua New Guinea and taking part in the liquefaction build-out in Qatar.
Relevance
The board noted the relevance of the company’s balanced multi-energy strategy considering the developments in the oil, gas and electricity markets.
“Thanks to refocusing the oil and gas portfolio on assets and projects with low breakeven and low greenhouse gas emissions, and to the diversification into electricity, notably renewable, through an integrated strategy from production to customer, the company is in a very favorable position to take advantage of changing energy markets and prices” the board said in a statement.
With a breakeven anchored below $25 a barrel of oil, TotalEnergies said it was a much more “efficient and profitable company today than it was 10 years ago” at the same oil equivalent price.
The board noted that the company managed to generate an additional $15 billion of cash flow in 2022.
“Thus, by end-2022, the company benefits from a fortress balance sheet and is positioned to both implement its transition strategy and to guarantee an attractive shareholder return policy,” the board added.
Continuity
The board said that while it was reaffirming its support for the “quality and the relevance” of the strategy, which will be presented to investors on September 27, the Board considers as appropriate to ensure the continuity of the company’s governance and leadership.
“The board, thus, considers that it is highly desirable that Patrick Pouyanné, Chairman and CEO, continues to drive this strategy’s deployment at the helm of the company,” the company declared.
“On the proposal of the Governance and Ethics Committee, it has therefore unanimously decided that the renewal of the mandate of Patrick Pouyanné will be proposed to the General Meeting in May 2024,” it said.
Jacques Aschenbroich, the lead independent director at the French major, underlined and also expressed his confidence in the current leadership.
“Since 2014, Patrick has done an extraordinary job leading TotalEnergies in a complex environment, delivering outstanding financial results and engaging the company in the energy transition quicker and stronger than its peers,” said Aschenbroich.
“The board unanimously looks forward to his continued leadership and his strategic vision,” stated Aschenbroich.
Mozambique LNG moves forward with survey in Cabo Delgado to assess humanitarian and security situation
The Mozambique liquefied natural gas project is moving forward with an independent survey taking place in Cabo Delgado Province of the southeast African nation to assess the humanitarian and security situation around the region were the liquefaction and export plant will be constructed.
Qatar chooses TotalEnergies for second expansion in the Gulf known as the North Field South LNG project
QatarEnergy has selected French major TotalEnergies as the first international partner for the second part of its LNG expansion known as the North Field South (NFS) liquefaction venture.
TotalEnergies posts three-fold surge in earnings and takes hit over stake in Russian LNG operator Novatek
French major TotalEnergies reported an almost three-fold surge in second-quarter adjusted net income to $9.8 billion compared with $3.46Bln in the prior-year quarter even after a $3.5Bln impairment charge related mainly to the potential impact of international sanctions on the value of its Novatek stake.
LNG leader TotalEnergies forced to defend itself against wild accusations over Russian LNG and energy role
TotalEnergies, the leading European oil and gas company and liquefied natural gas developer in Africa and elsewhere, has been forced to defend itself against wild allegations over its business role in Russian LNG and energy.
