French major TotalEnergies reports decline in quarterly earnings led by LNG and refining and chemicals
French major TotalEnergies reported a decline in second-quarter earnings led by the company’s liquefied natural gas and the refining and chemicals divisions, while exploration and production performed well.
French major TotalEnergies updates LNG and production and downstream indicators for next earnings
French major TotalEnergies has provided revised key indicators for the forthcoming second-quarter earnings where oil and gas production and the LNG, power and downstream businesses would be affected.
ADNOC investment decision for Ruwais LNG in UAE confirmed by Shell as three other players also take stakes
Shell Plc has confirmed its shareholding with four other partners in the new LNG export plant being developed in the United Arab Emirates by Abu Dhabi National Oil Company’s (ADNOC) at Al Ruwais.
Iran signs natural gas accord with Russia’s Gazprom seeking outlet for resources blocked by Ukraine sanctions
Russian natural gas giant Gazprom, seeking an outlet for supplies previously delivered to Europe before the Ukraine invasion, has signed an accord with Iran to supply the Gulf nation with pipeline gas from Russia.
Japanese trading house Mitsui expands shale-gas assets in Texas to boost LNG feed-gas for liquefaction plants
Japanese trading house Mitsui and Company Ltd, has purchased more shale-gas assets in Texas and plans to bring them to full-scale development and production as possible feed-gas supplies for LNG output.
Singapore countdown begins for wealth fund Temasek to accept Shell offer for LNG assets of Pavilion Energy
UK major Shell is said to be finalizing the acquisition of liquefied natural gas assets of Pavilion Energy, the natural gas company set up by Singapore’s wealth fund Temasek, to give the Asian island state energy security.
Chinese major CNOOC steps in to acquire Mozambique concession near where CNPC of China has LNG stake
China National Offshore Oil Corp. (CNOOC), the Chinese energy major with international and domestic LNG interests, has signed independent exploration and production agreement with the southeast African nation of Mozambique near where another Chinese major holds LNG project stakes.
Mozambique LNG stakeholder Oil India reports increased net profits helped by higher crude prices
Oil India Limited, the state-owned oil and natural gas company and a stakeholder in Mozambique LNG, posted 13.5 percent higher quarterly net profits while revenues also rose, helped by higher crude prices offsetting lower natural gas values.
The company, which traces its roots to the first discovery of the crude oil in India at Digboi in Assam in 1889, is the nation’s second-largest exploration and production company after Oil and National Gas Corp. (ONGC) and the net profits in the quarter to the end of March 2024 were its highest ever.
Oil India said fourth-quarter net profits came to 2,029 crore Indian rupees ($243.5M) compared with 1,788 crore rupees ($214.6M) in the prior-year quarter.
The company said quarterly earnings per share increased to 18.71 rupees from 14.61 rupees per share.
Mozambique plans
Serious moves had recently been underway to resume the TotalEnergies-led project development.
Oil India’s stake in Mozambican LNG is in the Area 1 Rovuma Basin licence operated by TotalEnergies and centred on the long delayed liquefaction plant construction on the Afungi Peninsula in Cabo Delgado province.
Other overseas stakes are held by Japan's Mitsui with 20 percent stake and three Indian companies, ONGC Videsh, Bharat PetroResources and Beas Rovuma Energy each have a 10 percent and Thailand's PTTEP owns 8.5 percent.
Oil India is involved in the Area 1 Block through its 40 percent shareholding in Beas Rovuma Energy.
In its earnings statement, Oil India said revenues for the quarter increased to 5,757 crore rupees ($691M), up from the 5,646 crore rupees ($677M) earned in the fourth quarter of 2023.
The company reported annual fiscal-year revenues of 22,129 crore rupees ($2.65 billion) versus 23,259 crore rupees ($2.79Bln) in the previous 2022-2023 fiscal year.
Annual fiscal-year net profits dropped to 5,551 crore rupees ($666M) from 6,810 crore rupees ($817M) in the previous year.
Earnings per share for the year declined to 51.20 rupees per share from 62.80 rupees per share.
Crude prices
The company, whose headquarters are in Noida in the state of Uttar Pradesh, said that global crude oil prices jumped during March, benefiting the company's bottom line.
Oil India's crude oil division accounts for more than 70 percent of total revenue and natural gas for much of the rest.
“We achieved a growth in our natural gas production during the fourth quarter by 3.21 percent over the corresponding quarter of FY23 and the company achieved the highest ever domestic natural gas production of 3.182 billion cubic metres,” India Oil said.
Annual crude oil revenues declined to 16,123 crore rupees ($1.93Bln) compared with 16,787 crore rupees in the previous fiscal year.
Natural gas revenues for the year came to 5,189 crore ($623M), down from 5489 crore rupees ($659M) in the previous year.
Mozambique confirms large terrorist incursion in Cabo Delgado to threaten or further delay onshore LNG project
Mozambican President Filipe Nyusi confirmed that Islamist terrorists had occupied the town of Macomia in a northern part of Cabo Delgado, Mozambique’s province where an onshore LNG plant is being constructed further south and may now face more delays.
TotalEnergies becomes significant gas operator in Malaysia after another deal for assets linked to Bintulu LNG
French major TotalEnergies has signed an agreement to acquire all of 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.
