Total Trims Loss, To Further Cut Capital Spending
French oil giant Total SA reported a $1.63 billion fourth-quarter loss on Thursday and said it would cut billions more in spending, rocked by low oil prices that forced it Continue Reading
Total signs agreement with Iran
French energy company Total said it signed a framework agreement to purchase crude oil from Iran during the Iranian president’s trade visit to Paris. Total Chairman Patrick Pouyanne met with Continue Reading
France bows to Obama and backs down on climate ‘treaty’
France has offered a key concession to the US on the eve of historic climate talks in Paris, saying a new global climate accord will not be called a “treaty” Continue Reading
France secures more LNG from United States
French energy company ENGIE, formerly GDF Suez, signs purchase agreement to secure liquefied natural gas from export terminals in the United States. File photo by Stephen Shaver/UPI PARIS, Oct. 28 (UPI) — French energy company ENGIE, formerly GDF Suez , said it signed a deal to secure liquefied natural gas from proposed export facilities in the United States. "ENGIE is committed to guarantee the supply of its European customers with clean and reliable energy," Pierre Chareyre, the company’s executive vice president in charge of LNG, said in a statement. "Importing U.S. LNG will participate to strengthen the security of supply of Europe." ENGIE said it signed a five-year sales and purchase agreement with Cheniere Marketing International to secure LNG from the planned Sabine Pass and Corpus Christi export terminals in the United States . A special permit is needed to send natural gas to companies without a U.S. free […]
French day-ahead power prices up on lower nuclear output, higher demand
French day-ahead power prices climbed Wednesday as nuclear generation fell and domestic demand was forecast to rise during peak times Thursday, sources said. Baseload power for Thursday delivery was last heard before midday local time at Eur50/MWh, up Eur2.75 from Tuesday’s close of Wednesday baseload. Thursday peakload gained Eur2.50 day on day at Eur57.50/MWh. Epex Spot settled the auction for day-ahead baseload above the OTC at Eur50.71/MWh and for peakload power at Eur58.87/MWh. Article continues below… European Power Daily’s uniquely comprehensive package of news and pricing information, provides you with daily updates on new policies, projects, power deals, acquisitions, solicitations, alliances, regulatory decisions and evolving trading markets in Europe. It also produces market assessments from the UK, Germany, Switzerland, France, The Netherlands, Belgium, Spain and the Czech Republic. Temperatures Wednesday were forecast 2 degrees Celsius above the seasonal high/low of 14/7 C and seen steady Thursday, according to CustomWeather. […]
Total CEO sees very strong global oil demand in 2015
Total’s Chief Executive Officer Patrick Pouyanne attends a panel at the MEDEF union summer forum on the campus of the HEC School of Management in Jouy-en-Josas, near Paris, France, August 27, 2015. Total Chief Executive Patrick Pouyanne said he saw global oil demand growing by a very strong 1.7 million barrels per day (bpd) or even more this year. "World oil demand is expected to grow 1.7 million bpd in 2015. My traders told me more than that," he told the Oil & Money conference in London on Wednesday. (Writing by Dmitry Zhdannikov, editing by Louise Heavens)
U.S. FERC alleges Total manipulated natgas market in 2009-2012
People walk past the entrance of French oil giant Total headquarters in the financial and business district of la Defense in Courbevoie near Paris October 21, 2014. U.S. federal energy regulators on Tuesday alleged traders at French energy company Total SA manipulated the natural gas market in the southwest United States between June 2009 and June 2012. The staff alleged the scheme involved making "largely uneconomic trades for physical natural gas during bidweek designed to move indexed market prices in a way that benefited the company’s related positions." This is the latest case in which FERC has alleged manipulation of the power or natural gas markets using loss leader trading – in this case physical trades – to benefit a position in a benchmark or other financial index. In recent years, FERC has alleged violations of similar types of trading manipulation by JPMorgan Chase & Co, which paid $285 […]
Energy Regulator Alleges Total Manipulated U.S. Natural Gas Market
American regulators have accused French oil company Total SA of manipulating the price of natural gas in the U.S. southwest, the latest move in a widening crackdown on energy-market machinations. From 2009 to 2012, the French company’s Houston-based subsidiary made money-losing gas purchases intended to move prices in a way that helped it make money on other trading positions on at least 38 occasions, the Federal Energy Regulatory Commission said. According to the regulators, the alleged scheme was conducted by traders on the Total Gas & Power North America West Desk, led by supervisors Therese Nguyen and Aaron Hall. FERC didn’t reveal how much money it believed Total made from the trades, or whether consumer bills were affected. The French oil company issued a written denial, saying it was convinced that no Total employee “committed any of the FERC’s allegations.” Total said it is “fully cooperating with the U.S. […]
Total Cuts Oil Output Target as Low Prices Expected to Persist
Total SA, Europe’s second-biggest oil company, scaled back its production target for 2017 as it announced a further round of investment cuts and project delays to protect its dividend. Total expects to produce 2.6 million barrels of oil equivalent a day, compared with a previous forecast of 2.8 million barrels a day, the company said Wednesday before holding an investor day in London. The measures are a sign that oil majors are extending their belt-tightening into next year and 2017 after companies from Chevron Corp. to Royal Dutch Shell Plc announced large spending cuts for 2015. "We are preparing the group to face low oil prices for a long time," Total Chief Financial Officer Patrick de La Chevardiere told reporters in London. Total said the new measures will allow it to fund dividends by 2017 from the cash it generates pumping, refining and selling oil, without the need to […]
Bourbon to Idle Oil-Service Vessels as Losses Widen With Rout
Bourbon SA, a French supplier of ships and crew to oil and natural gas producers, is pulling as many as 35 vessels from operation in the second half of the year as overcapacity in the deepwater market leads to widening losses. “The drop in the oil price and the uncertainty of the price recovery will continue to affect the development of new deepwater fields and the level of activity in shallow-water fields,” the Paris-based company said in a statement Wednesday. Bourbon is the latest oil-services company to warn that the crash in crude prices will hurt business this year as customers delay or cancel exploration and development projects. Seadrill Ltd., the rig-operator controlled by billionaire John Fredriksen, said last week it expects the rout to force an industry consolidation that will leave only the largest offshore players intact. Bourbon’s first-half net loss widened fourfold to 19.2 million euros ($21.5 […]
Total Sells North Sea Assets for $905 Million
PARIS—French oil company Total SA TOT -0.19 % said Thursday that it has agreed to sell a gas pipeline and gas terminal in the North Sea to North Sea Midstream Partners for 585 million pounds ($905 million) as it battles against the oil price collapse. Total will sell the 362-kilometer Frigg U.K. Pipeline and the St. Fergus Gas Terminal. The company recently embarked on a restructuring plan to bring its extraction costs below market price, which includes cutting investment, selling assets and boosting production. It said in February that it plans to shed $5.5 billion worth of less-profitable assets this year in an attempt to raise overall profitability to offset the negative effects that low oil prices are having on its balance sheet. The company had long struggled with overcapacity in European refining. European demand for petroleum products has dropped 15% since 2008, the company said earlier this year, […]
France secures LNG from United States
French energy company EDF secures shipments of LNG drawn from U.S. basins. File Photo by UPI/Stephen Shaver HOUSTON, Aug. 12 (UPI) — French energy company EDF secured a deal for liquefied natural gas drawn from reserves in the United States, Cheniere Energy announced. Cheniere and EDF signed a sales agreement for up to 26 cargoes of LNG from its Sabine Pass export terminal through 2019. "Volumes will be sourced from Cheniere Marketing’s LNG supply portfolio, which includes rights under a sale and purchase agreement with Sabine Pass Liquefaction, LLC to purchase any LNG produced from Sabine Pass in excess of that required for other customers," Cheniere said in a statement. Cheniere has designated several dozen cargoes for sale to date, with delivery expected to begin next year. A special permit is needed to send natural gas to companies without a U.S. free trade agreement. Though France has no such […]
Exclusive: Total seeks buyer for half of Texas refinery
General view of the Total’s oil refinery at La Mede near Marseille, southern France, April 16, 2015. French oil major Total S.A. ( TOTF.PA ) is selling a 50 percent stake in its sole U.S. refinery in Port Arthur, Texas, and has retained investment bank Lazard to advise on the deal, according to a source familiar with the matter. The French oil major, which has been trying to reduce its downstream exposure for three years, intends to remain operator of the 225,000 barrel-per-day plant, which it has owned for more than 40 years, the source said. The move reflects Total’s efforts to shift more capital toward production, two people familiar with refining transactions added. Lazard and Total both declined to comment. The sale would be the latest step by a big oil company to move away from the downstream sector, which has long been considered a low-margin drag on […]
French Oil Strike Fizzles in Sign Jobs Worries Damping Militancy
A labor union that orchestrated a complete shutdown of France’s refineries in 2010 failed to gain support for a nationwide strike at oil plants this week in a sign its influence is waning. The Confederation Generale du Travail had called for a walkout at refineries, oil depots and import terminals to protest against a plan by Total SA to halt crude processing at La Mede plant in southern France. There was no labor action Thursday at refineries other than La Mede, where a three-week strike has idled operations, Total said. “The CGT is losing ground in its traditional bastions of power like energy and chemicals,” Bernard Vivier, director of Paris-based researcher the Higher Institute of Labor , said in an interview. “France’s social climate isn’t one of revolt these days but rather of resignation.” The CGT, one of half a dozen unions representing oil workers in France, is protesting […]
French Oil Strike Fizzles in Sign Jobs Worries Damping Militancy
A labor union that orchestrated a complete shutdown of France’s refineries in 2010 failed to gain support for a nationwide strike at oil plants this week in a sign its influence is waning. The Confederation Generale du Travail had called for a walkout at refineries, oil depots and import terminals to protest against a plan by Total SA to halt crude processing at La Mede plant in southern France. There was no labor action Thursday at refineries other than La Mede, where a three-week strike has idled operations, Total said. “The CGT is losing ground in its traditional bastions of power like energy and chemicals,” Bernard Vivier, director of Paris-based researcher the Higher Institute of Labor , said in an interview. “France’s social climate isn’t one of revolt these days but rather of resignation.” The CGT, one of half a dozen unions representing oil workers in France, is protesting […]
Total Workers Call for Wider French Strike After Refinery Halted
A labor union representing Total SA workers has called for a France-wide strike July 2 at refineries, oil depots and crude import terminals to protest a plan to stop processing the fuel at the La Mede plant in southern France. The La Mede refinery near Marseille has been idled since June 11 due to a strike by about 15 workers led by the CGT union, which called for the additional disruptions Thursday, according to a spokesman for Total. Talks with all unions on the plan for the site continue, he said. In calling for a wider strike, the CGT wants to protest the planned “death” of crude refining at La Mede, it said in a statement Monday. The union also called for blockades of Total service stations around the country every Thursday during the summer months. Total plans to convert the unprofitable plant to produce biofuels as well as […]
Total’s Refinery Revamp Underscores Industry Pressures
ENLARGE French energy company Total SA said on Thursday it plans to pump more than $600 million into two struggling refineries and cut 180 jobs. Photo: Reuters PARIS—French energy company Total SA said on Thursday it plans to pump more than $600 million into two struggling refineries and cut 180 jobs, in a sign of the coming pressures on European refiners. Total said it will invest about $428 million to upgrade its Donges refinery in western France and pour $214 million into transforming the La Mède refinery near Marseille into a biofuel plant. At La Mède, the company will cut staff to 250 from 430 through early retirements and transfers. The changes come at a moment of transition for European refiners who have experienced good times for the past several months after years of losses. Spain’s Repsol SA, Portugal’s Galp Energia and Italy’s Eni SpA have all reported strong […]
Total moves ahead with North Sea development
Total cleared for development of two reserve fields west of the Shetland islands. Image courtesy: Total French energy company Total said Wednesday its plans for North Sea oil and gas development were backed by a British government expecting sector revitalization. The company said it could confirm the British Department of Energy and Climate Change approved field development plans for the Edradour oil and Glenlivet gas projects west of the Shetland Islands. "The approval of the field development plans by the U.K. government allows Total and its partner DONG [Denmark’s largest energy company] to continue to develop the project according to the concepts outlined in 2014," Total said in a statement. "The project is expected to add reserves of more than 65 million barrels of oil equivalent." A budget plan outlined last week in London is aimed at boosting exploration for new oil and gas reserves in British territorial waters. […]
Paris imposes car restrictions to fight pollution
On Wednesday last week Paris was covered in a thick haze obscuring the Eiffel Tower The French authorities have introduced measures to combat a sharp increase in pollution affecting Paris and other cities in northern France. On Monday the number of cars on the road in Paris will be cut in half – only motorists with odd-numbered plates will be allowed to drive. Public transportation will be free as well car-sharing and bike-sharing programmes. Similar measures were put in place last year when pollution soared in Paris. The city saw a severe spike in smog on Wednesday last week and briefly had the world’s dirtiest air, AP news agency reported quoting Plume Labs, a monitoring company. The mayor’s office announced at the weekend that alternating number plate measures would be implemented on Monday, with exceptions for electric or hybrid vehicles as well as emergency vehicles. About 750 police officers […]
French Refineries at Risk as Demand Weakens, Industry Lobby Says
(Bloomberg) — French refiners may close more than one plant as fuel demand weakens, following losses of as much as 3.5 billion euros ($3.8 billion) over the past six years, an industry lobby group said. Should Total SA, which operates five of France’s eight refineries, halt production at one of its sites, more closures would probably follow, Francis Duseux, president of the Union Francaise des Industries Petrolieres, which represents oil companies in the country, told reporters on Tuesday in Paris. “Unfortunately I don’t think it will be finished,” said Duseux, the former head Exxon Mobil Corp.’s French unit. “It will not stop at one refinery except if the state intervenes.” French refineries lost hundreds of millions of euros last year as the 22 euros a metric ton average margin for processing crude was below the break-even level, UFIP said. While Total has yet to unveil details of a refinery […]
Areva Warns of $5.6 Billion Loss
ENLARGE Delays on the Olkiluoto-3 nuclear power plant in Finland have contributed to Areva’s losses. The power plant was scheduled to come online in 2013. Photo: Associated Press PARIS—Engineering firm Areva SA said it expects its 2014 net loss to widen to about €4.9 billion, or $5.6 billion, from a year earlier, as delays to a reactor project in Finland and low demand for nuclear projects continue to hammer the company. The French firm’s latest profit warning follows three successive years of reported losses stemming from delays to a nuclear reactor project in Finland and a big write-off after a mine acquisition went sour. The company was also hampered by the aftermath of the 2011 Fukushima disaster in Japan, when many utilities shelved or delayed plans for nuclear power plant construction. Areva, which is 85%-owned by the French state, on Monday said preliminary financial information shows a full-year net […]
France’s Total Plans to Cut Jobs, Sell Assets After Big Loss
Total Chief Executive Patrick Pouyanne. ENLARGE Photo: Associated Press PARIS— Total SA plans to eliminate 2,000 jobs by 2017 and sell assets worth $5.5 billion this year as the French oil and gas group adapts its business to a world of sharply lower oil prices. The company, one of Europe’s biggest oil producers, said it would freeze the hiring of new staff at its production, refinery, and petrochemicals operations as part of plans to cut costs by $4 billion this year. Total said its aim is to reduce costs so it can turn a profit with an oil price of $70 a barrel compared with $110 a barrel last year. Crude prices have fallen by more than half to around $50 a barrel since last summer. The announcements came as Total swung to a net loss of $5.66 billion in the three months to end-December from a net profit […]
Total to sell $5bn of assets as it cuts UK refinery capacity
Total said capacity at the Lindsey refinery in Lincolnshire would be halved France’s Total said on Thursday it would sell $5bn of assets this year and cut capacity at Britain’s Lindsey oil refinery as the European energy group reported billions of dollars in asset writedowns and slashed capital spending. The more than 50 per cent plunge in international oil prices sent adjusted net income for the fourth quarter of last year 17 per cent lower, to $2.8bn, against the same period in 2013. Total’s shares fell 1 per cent in early trading in Paris. The result was at the top end of analysts’ forecasts. However, the company took a $6.5bn impairment charge on its Canadian oil sands business, US shale gas and troubled European refining operations. That charge and other one-off items led to a headline loss of $5.7bn for the quarter, against a profit of $2.2bn the previous […]
Total to cut capital spending by 10% amid oil price rout
A Total SA petrol station is seen in Paris, France Total , the French oil and gas giant, plans to reduce group-wide capital spending by 10 per cent this year and speed up billions of dollars in asset disposals, under an accelerated cost-cutting plan led by new chief executive Patrick Pouyanné . The move comes as thousands more job cuts were announced in the energy industry on Tuesday, with Baker Hughes , the oilfield services provider being acquired by Halliburton in a $26.8bn deal, saying that it would lay off 7,000 employees. Global crude prices have tumbled nearly 60 per cent since June to trade at less than $49 a barrel, as a result of weaker growth in demand for oil, booming US shale production and Opec’s decision in November not to cut output. In a Financial Times interview, Mr Pouyanné — appointed to the top role at Total […]
France to rank cars for pollution, wants to phase out diesel fuel
PARIS Nov 28 (Reuters) – France wants to gradually phase out the use of diesel fuel for private passenger transport and will put in place a system to identify the most polluting vehicles, Prime Minister Manuel Valls said on Friday. Next year, the government will launch a car identification system that will rank vehicles by the amount of pollution they emit, Valls said in a speech. This will make it possible for local authorities to limit city access for the dirtiest cars. "In France, we have long favoured the diesel engine. This was a mistake, and we will progressively undo that, intelligently and pragmatically," Valls said. About 80 percent of French motorists drive diesel-powered cars. Valls said taxation would have to orient citizens towards more ecological choices, notably the 2015 state budget measures to reduce the tax advantage of diesel fuel versus gas. The government has announced it will […]
France suspends delivery of Mistral warship to Russia
France has been under pressure to cancel its contract with Russia for Mistral war ships French President François Hollande has suspended the delivery of the first of two Mistral helicopter carriers to Russia “until further notice”, in a toughening of his stance over the controversial arms sale. Mr Hollande, who has been under pressure from western allies to scrap the €1.2bn contract amid escalating tensions with Russia over Ukraine , did not go so far as to cancel the contract, but made its suspension indefinite. “The President of the Republic considers that the situation in the east of Ukraine still does not permit the delivery of the first BPC (helicopter carrying and command vessel),” a statement from Mr Hollande’s office said. More On this story On this topic IN Europe “He has therefore decided that it is appropriate to suspend, until further notice, examination of the request for the […]
Total New CEO Will Contend With Slump in Production, Oil
Print Back to story The successor to Christophe de Margerie, the outspoken Total SA (FP) boss who died in a Moscow plane crash, will have to contend with a slump in the company’s output and the failure of its exploration strategy. Patrick Pouyanne, currently the company’s refining chief and long-touted as a potential successor, will be nominated as chief executive officer at a board meeting in Paris today, Les Echos reported, without saying where it got the information. The new CEO must see through a round of cost cuts as lower oil prices and weak returns from refining eat into profit at France ’s largest company by sales. De Margerie, killed Oct. 20 when his private jet struck a snowplow on a Moscow runway, had sold older fields and sought to pare investments in new projects as part of a pledge to investors last month to cut $2 billion […]
Russia Loses Oil Ally in De Margerie After Moscow Crash
Christophe de Margerie’s last act as chief executive officer of Total SA (FP) left no room for doubt about his feelings toward Vladimir Putin’s Russia . In a Moscow speech hours before the plane crash that took his life two days ago, De Margerie said U.S. and European Union sanctions on the country were “unfair and unproductive,” and that he opposed efforts to render it “isolated from the major global economic and political process.” Appearing before a receptive audience that included Prime Minister Dmitry Medvedev and a host of Russian executives, he cited his work as co-chair of a Franco-Russian business body alongside Gennady Timchenko — a commodities billionaire who was one of the first targets of U.S. sanctions. De Margerie’s death removes from the scene a businessman who rarely shied away from geopolitical debates and became one of Russia’s most outspoken allies in its efforts to avoid economic […]
French Oil Giant Boss Dies in Moscow Executive-Jet Crash
Print Back to story Total (FP) SA’s Christophe de Margerie 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. The 63-year-old chief executive officer died at Moscow’s Vnukovo Airport in the crash that also killed three crew members, Total said in a statement. The driver of the snowplow was drunk, Russia ’s Investigative Committee said today in a statement on its website. During a 40-year career that began in Total’s finance unit, de Margerie oversaw far-flung operations for the French petroleum giant from Indonesia to the Middle East to Kazakhstan . Earlier this year he helped negotiate the Paris-based company’s entry into Russian shale under a Siberian drilling venture with OAO Lukoil; the company also is a partner in the vast Russian gas development […]
CEO of French Oil Giant Total Dies in Moscow Plane Crash
By David Gauthier-Villars PARIS–French oil company Total SA said Chairman and Chief Executive Christophe de Margerie died Monday in a plane crash at a Russian airport. The French executive, who enjoyed close relations with numerous world leaders, including Russian President Vladimir Putin, was 63 years old. Mr. de Margerie and the three crew members on board were killed when their Falcon 50 business jet gathered speed to take off at Moscow’s Vnukovo airport amid low visibility, and ran into a snow-removal truck maneuvering on the runway, according to airport authorities. A Total spokeswoman said Mr. de Margerie was in Moscow to attend a gathering of the Russian government’s foreign investment advisory council. Mr. de Margerie’s sudden death opens a period of uncertainty at Total, one of France’s largest companies, which had no obvious succession plan in place. In May, Total shareholders had approved a resolution increasing the age cap […]
Total to divest $10 billion in assets during 2015-17
Total SA plans to divest $10 billion in assets during 2015-17 in an effort to improve cash flow and enforce stricter financial discipline. The announcement follows the realization of the company’s goal to divest $15-20 billion in assets during 2012-14, including the recent sale of 10% interest in Azerbaijan’s Shah Deniz field and the South Caucasus pipeline to Turkish Petroleum Corp. for $1.5 billion ( OGJ Online, May 30, 2014 ). Last week, Total received an offer from French specialty chemical company Arkema to acquire global adhesives affiliate Bostik for $2.25 billion. Organic investment within the company is expected to decrease to $26 billion this year from $28 billion in 2013. By 2017, it hopes to reduce investment to $25 billion. Total is targeting $15 billion in free cash flow for 2017, which it believes will be aided by the launch of 15 major projects expected to boost production […]
Paris imposes partial motoring ban in battle to control pollution
France has enforced a partial motoring ban in Paris and surrounding areas from Monday morning as it battles to control dangerously high pollution levels. The move, the first of its kind since 1997, comes as a spell of unusually warm and windless weather has exacerbated the level of pollution in the French capital – now at its highest in 16 years, according to the European Environment Agency (EEA). More than 30 departments in France have been hit by maximum-level pollution alerts since Thursday. The ban from Monday will be enforced on private vehicles with petrol or diesel engines whose number plates end in an even number. It will then apply to vehicles with number plates ending in an odd number on Tuesday. Cars carrying three passengers or more will be exempt, as will taxis, buses, emergency vehicles and refrigerated lorries. All other lorries will be banned. “Our primary goal […]
Paris takes drastic measures to fight toxic smog
PARIS (AP) — Paris is taking drastic measures to combat its worst air pollution in years, banning around half of the city’s cars and trucks from its streets in an attempt to reduce the toxic smog that’s shrouded the City of Light for more than a week. Cars with even-numbered license plates are prohibited from driving in Paris and its suburbs Monday, following a government decision over the weekend. Around 700 police were patrolling the morning rush hour handing out tickets to offenders. Taxis and commercial vehicles aren’t covered by the ban. It was the first time since 1997 that the emergency measure was taken. If the pollution persists, odd-numbered vehicles will be banned on Tuesday. Public transport has been made free for a fourth day to help deal with the pollution.
No fare, pollution: French public transport free
Air pollution that has turned Paris skies a murky yellow is giving a break to millions of French travelers – all public transportation in the Paris region and two other cities is free for the next three days. Nearly three-quarters of France is under alert in what the European Environment Agency says is the worst air pollution since 2007. Subways, buses and trains are free Friday through Sunday in the entire Paris region, as well as the cities of Caen and Rouen. Bike-shares are also free, as are one-hour sessions for electric car shares. Meteorologists say unusually warm days followed by cool nights have worsened the situation. An environmental group brought a complaint earlier this week denouncing the "inertia of the government" that it says has put lives in danger.
Greenpeace Pours Coal Outside French Presidential Palace
Activists from environment group Greenpeace Wednesday poured five tons of coal in front of the gates of Elysee Palace in a protest against Franco-German energy policy ahead of a meeting between French President Francois Hollande and German Chancellor Angela Merkel. Greenpeace parked a truck in the rue du Faubourg Saint-Honore and started to pour the coal on the street outside the French president palace a little before 0600 GMT. The police quickly intervened and ordered the 10 activists to leave while cleaning staff evacuated the coal and the truck from the street, said Sebastien Blavier, who is in charge of nuclear matters at Greenpeace France. The truck also contained two barrels with 2,000 liters of water that Mr. Blavier said was pumped from a groundwater deposit near a nuclear plant northern France and is mildly radioactive. Greenpeace didn’t pour the water in the street. Officials at […]
Total fails to grow output in 2013, sees 2014 decline
France’s Total failed to increase its oil and gas production in 2013 — despite a plan to return to growth for the year — and does not expect output in 2014 to exceed last year’s level due to the loss of a big chunk of production from Abu Dhabi. Total’s output slipped in the fourth quarter to 2.284 million barrels of oil equivalent/day due to the impact of field shut-ins in Libya and disruption to operations in Nigeria. For 2013 as a whole, output averaged 2.299 million boe/d, down from exactly 2.3 million boe/d in 2012, despite Total forecasting production growth for the year in February 2013. Total was impacted particularly in the fourth quarter by the shut-in of fields in eastern Libya due to the blockade of oil export terminals by protesters and rebels. Article continues below… Platts 7th Annual Global Crude Oil […]
Total’s Profit Dented by High Costs, Falling Refining Margins
Total SA was hit by the same mix of declining refining margins and high exploration costs that have slammed its European peers in the fourth quarter, causing its earnings to slide. The French oil major said on Wednesday that fourth-quarter net profit totaled €1.61 billion ($2.18 billion), down 31% from €2.34 billion a year earlier. When adjusted for changes in inventories, the figure dropped 19% to €2.47 billion from €3.04 billion, below the expectations of nine analysts polled by The Wall Street Journal. Total’s oil and gas output has been dented by geopolitical disruptions and technological hurdles. Weak refining conditions in Europe—where margins have dropped due to lower consumption and mounting competition from cheaper refiners in the U.S. and Middle-East—are also biting into operating income. During the quarter, the company’s hydrocarbon output fell to 2.28 million barrels of oil equivalent a day, from 2.29 million barrels a day […]
Total's Profit Dented by High Costs, Falling Refining Margins
Total SA was hit by the same mix of declining refining margins and high exploration costs that have slammed its European peers in the fourth quarter, causing its earnings to slide. The French oil major said on Wednesday that fourth-quarter net profit totaled €1.61 billion ($2.18 billion), down 31% from €2.34 billion a year earlier. When adjusted for changes in inventories, the figure dropped 19% to €2.47 billion from €3.04 billion, below the expectations of nine analysts polled by The Wall Street Journal. Total’s oil and gas output has been dented by geopolitical disruptions and technological hurdles. Weak refining conditions in Europe—where margins have dropped due to lower consumption and mounting competition from cheaper refiners in the U.S. and Middle-East—are also biting into operating income. During the quarter, the company’s hydrocarbon output fell to 2.28 million barrels of oil equivalent a day, from 2.29 million barrels a day […]
Total Plans More Drilling After Oil Exploration Failures
Total SA (FP) began life as Cie Francaise des Petroles, or CFP, almost a century ago. Thirty years since changing its name, the French oil giant is fighting to prevent its “Can’t Find Petroleum” moniker from coming back. Three years and $7.3 billion into an exploration drive, Chief Executive Officer Christophe de Margerie still finds large discoveries elusive. Better drilling results — at least 12 “high-impact” wells are planned this year — are critical to bolster output and profit. Total will say tomorrow adjusted net income fell 11 percent last year to 11.1 billion euros ($15.1 billion), according to the average estimate of 22 analysts surveyed by Bloomberg. “Total has been quite disappointed with its exploration,” said Theepan Jothilingam, an oil industry analyst at Nomura Holdings Inc. “There will be a reassessment of returns on capital that has been spent on the effort. Questions will be raised in 12 […]
French minister supports allowing 'clean' shale gas fracking
A split over France’s ban on shale gas development has emerged within the government, with one minister supporting an experimental type of "clean fracking." French Minister for Industrial Renewal Arnaud Montebourg, a member of President Francois Hollande ‘s Socialist Party, is calling on the president to reconsider his opposition to hydraulic fracturing due to what he calls the emergence of environmentally safer methods to extract natural gas trapped in shale rock. Despite Hollande’s public reiteration in July of opposition, on environmental grounds, to any exploitation of shale gas during his tenure, Montebourg has renewed his efforts to push for a change in policy — touting a potential of a type of fracking that uses fluoropropane, rather than a mix of water and chemical additives, to break apart underground rock formations. Other ministers, including Housing Minister Cecile Duflot of the Green Party, or EELV, and […]
French minister supports allowing ‘clean’ shale gas fracking
A split over France’s ban on shale gas development has emerged within the government, with one minister supporting an experimental type of "clean fracking." French Minister for Industrial Renewal Arnaud Montebourg, a member of President Francois Hollande ‘s Socialist Party, is calling on the president to reconsider his opposition to hydraulic fracturing due to what he calls the emergence of environmentally safer methods to extract natural gas trapped in shale rock. Despite Hollande’s public reiteration in July of opposition, on environmental grounds, to any exploitation of shale gas during his tenure, Montebourg has renewed his efforts to push for a change in policy — touting a potential of a type of fracking that uses fluoropropane, rather than a mix of water and chemical additives, to break apart underground rock formations. Other ministers, including Housing Minister Cecile Duflot of the Green Party, or EELV, and […]
Total’s Five French Oil Refineries Resuming Work as Strikes End
All five of Total SA (FP) ’s refineries in France are resuming operations after employees at Gonfreville voted to return to work, the last to come back after a strike that began two weeks ago, the CGT union said. All facilities are resuming activity, Eric Sellini, a CGT union representative, said by phone today. The 247,000 barrel-a-day refinery at Gonfreville in northern France, Total’s largest in the country, is the third site since yesterday where staff have ended industrial action. Officials at Paris-based Total haven’t returned two phone calls and an e-mail seeking comment on the plant’s status. European diesel traded near the highest in two months this week, boosted by the strikes, which began on Dec. 13. “We estimate that France will have lost about 5.1 million barrels of distillates and 2.5 million barrels of gasoline production during those strikes,” Olivier Jakob , managing director of Petromatrix GmbH […]
Foreign Minister Fabius Concerned Tehran Won't Drop Ability to Build a Bomb
France’s foreign minister voiced doubts that Western powers will reach a final nuclear deal with Iran, questioning Tehran’s willingness to abandon its ability to build an atomic bomb. Laurent Fabius has propelled France to the forefront of nuclear talks by taking a tough stance on Iran, which insists its nuclear program is for civilian and scientific use only. To reach a lasting agreement, six Western powers are pressing Tehran to adopt measures that unwind its nuclear capabilities to the point that a weapon is no longer within reach. That goal has been partly overshadowed by disagreements over how to implement a preliminary accord that temporarily freezes Iran’s nuclear program in exchange for limited relief from biting sanctions. "We have to implement honestly the first phase," Mr. Fabius said in an interview with The Wall Street Journal. "Then my main concern is the second phase. It is unclear if the […]
Foreign Minister Fabius Concerned Tehran Won’t Drop Ability to Build a Bomb
France’s foreign minister voiced doubts that Western powers will reach a final nuclear deal with Iran, questioning Tehran’s willingness to abandon its ability to build an atomic bomb. Laurent Fabius has propelled France to the forefront of nuclear talks by taking a tough stance on Iran, which insists its nuclear program is for civilian and scientific use only. To reach a lasting agreement, six Western powers are pressing Tehran to adopt measures that unwind its nuclear capabilities to the point that a weapon is no longer within reach. That goal has been partly overshadowed by disagreements over how to implement a preliminary accord that temporarily freezes Iran’s nuclear program in exchange for limited relief from biting sanctions. "We have to implement honestly the first phase," Mr. Fabius said in an interview with The Wall Street Journal. "Then my main concern is the second phase. It is unclear if the […]
Israelis Embrace French President for Iran Position
JERUSALEM — President François Hollande’s trip to Israel and the Palestinian territories, like all state visits, was planned months ago. But coming days before France and other world powers prepared to resume the nuclear talks with Iran in Geneva, the three-day visit that started on Sunday could not have come at a more opportune time for Israel — or for France, according to some Israeli officials. The warm greetings exchanged by the French and Israeli leaders gave an international boost to Prime Minister Benjamin Netanyahu of Israel, who has been conducting a campaign against a deal he calls “dangerous” even before the final details have been negotiated. At the same time, a senior Israeli official said, the country’s praise for Mr. Hollande’s tough stance at the nuclear talks “will provide a boost to France and even more motivation for it to stay the course.” For years, France has been […]
French Leader Assures Israel He Will Keep Pressure on Iran
JERUSALEM — As France and other world powers prepared to resume talks with Iran this week on its disputed nuclear program, the French president, François Hollande, arrived in Israel on Sunday for a three-day visit and was warmly embraced by Prime Minister Benjamin Netanyahu, who has been conducting a lonely campaign against a deal he calls “bad” and “dangerous.” At a red-carpet welcoming ceremony at Ben-Gurion International Airport, Mr. Netanyahu thanked Mr. Hollande for his “resolute stance” on both Syria and Iran, and Mr. Hollande assured Israel that France “will not tolerate nuclear proliferation.” He pledged to keep up the pressure on Iran until it was clear that Iran had given up its quest for nuclear weapons, and declared in Hebrew, “I will always remain a friend of Israel.” Talks in Geneva on Nov. 9 between Iran and six world powers — France, the United States, Germany, Britain, Russia […]
German Growth Slips as French Economy Contracts
FRANKFURT — The euro zone economy marked time in the third quarter of the year, growing just 0.1 percent from the second quarter, disappointing hopes that the region was finally recovering after five years of recession or very slow growth. The economy of the 17-country currency bloc stagnated as output slowed in Germany, Europe’s largest economy, and declined in France, the second largest, Eurostat, the statistical agency of the European Union, reported from Luxembourg. On an annualized basis, Europe’s 0.4 percent growth compares poorly with the United States’ annualized 2.8 percent third-quarter growth and the 1.9 percent Japan reported Thursday. China, the world’s fastest growing major economy, expanded at a robust 7.8 percent rate in the third quarter. The overall European Union, made up of 28 countries, grew 0.2 percent from the second quarter, and 1 percent on an annualized basis, Eurostat said. There was some positive news, as […]
French energy company Total investing in Canadian oil project
PARIS, Nov. 1 (UPI) — French energy company Total said it decided to proceed with an investment in an oil sands project in Canada, that is expected to yield 180,000 barrels per day. Total said it expected to spend more than $13.5 billion in the four years it should take to develop the Fort Hills oil sands mining project in Alberta, approximately 55 miles north of Fort McMurray. “With an expected mine life in excess of 50 years based on current planned production rates, Fort Hills represents more than 3 billion barrels of resources and strengthens Total’s global portfolio by adding geographic diversity and long-plateau production with limited geosciences risk,” Yves-Louis Darricarrere, president of upstream operations for Total, said in a statement. Total has been involved in Canadian operations for 15 years. Last year, it was associated with the production of about 12,000 barrels of oil per day in […]