Total

Total to sign Iran gas deal, biggest since sanctions lifted

Tehran - Muslimchronicle

French energy giant Total will finally sign its multi-billion-dollar agreement to develop an Iranian offshore gas field on Monday, the oil ministry said, in the biggest foreign deal since sanctions were eased last year. "The international agreement for the development of phase 11 of South Pars will be signed on Monday in the presence of the oil ministry and managersRead more

Opec needs to prolong cuts to eliminate surplus

New York - Arab Today

Opec and Russia will need to prolong their six-month deal to cut oil output if they plan to trim the global inventory glut that has kept a lid on prices, said Total Chief Executive Officer Patrick Pouyanne. "If they want really to have an impact on the market, which means to have the inventories going down because inventories are quiteRead more

Total confident despite volatile oil prices

Paris - AFP

French oil major Total said Thursday it planned to increase its dividend to shareholders as it expressed confidence earnings could withstand the current volatility in oil prices. Total said in a statement that its headline net profit soared 22 percent to $6.2 billion (5.8 billion euros) in 2016. However, the adjusted net profit, which is tracked by analysts because itRead more

Egypt signs oil, gas deals worth $220m

Cairo - Arab Today

Egyptian Oil Minister Tarek El Molla has signed three offshore oil and gas exploration and production deals worth a total of at least $220 million with France’s Total, Britain’s BP, and Italian oil major ENI’s Egyptian subsidiary IEOC, the ministry said on Wednesday. The deals include drilling for six wells and a signing bonus of $9 million and are theRead more

Total ‘happy to be first Western oil firm to do Iran deal’

Paris - Arab Today

The boss of French oil and gas company Total said that it would be happy to be the first Western oil company to reach an agreement with Iran, but he said a deal had not yet been signed. “Discussions are going on and we’ll see if we can sign in the coming days,” Patrick Pouyanne told CNN Money on theRead more

Iran signs major gas deal with France's Total

Tehran - Arab Today

Iran signed a deal with France's Total on Tuesday to develop a major offshore gas field, its first big contract with a Western energy firm since the lifting of sanctions. Total will lead a consortium also including China National Petroleum Corporation and Iran's Petropars to develop Phase 11 of the South Pars field. The firm's head of Middle East explorationRead more

France's Total steps up savings, output to beat forecasts

Paris - AFP

French oil major Total said Friday that accelerated cost savings and increased production led to better-than-expected earnings in the third quarter. Total said it would now shave $2.7 billion in costs this year, overshooting its earlier aim of $2.4 billion, and would invest around $18 billion, at the lower end of its target. Faced with stubbornly low oil and gasRead more

Total sells chemicals unit to US fund

Paris - AFP

French oil major Total said Friday it had sold its specialty chemicals unit Atotech that serves the electronics and metals industries to the US investment fund Carlyle for $3.2 billion (2.9 billion euros). No date was given for the closure of the deal, which is part of Total's efforts to sell off $10 billion in assets between 2015 and 2017Read more

Total launches gas project in Britain's Shetlands

London - AFP

French oil and gas company Total officially launched a project off Britain's remote Shetland Islands on Monday, hailed by London as a "vote of confidence" in the flagging Scottish North Sea oil and gas industry. The Laggan-Tormore fields are located 600 metres (1,970 feet) under water off Britain's northernmost outpost. They began production on February 7 and have since rampedRead more

French oil firm Total to buy Saft battery maker

Paris - AFP

French oil giant Total announced Monday a 950-million-euro ($1.1-billion) friendly takeover bid for high technology battery maker Saft as it seeks to expand its electricity and renewable energy business. The agreed bid targets all of Saft's shares at a price of 36.50 euros per share, representing a premium of 38.3 percent compared to Friday's closing price, the oil company saidRead more