Oil supermajors returned more cash to shareholders than ever before last year as management teams reined in spending on new projects to free up cash for dividends and buybacks. There may be more to come.
TotalEnergies’ chief executive Patrick Pouyanné told investors his firm was “the most profitable” major of 2023 while implementing his energy transition strategy.
“We will continue to drill … because everybody is excited. We have another exploration potential well on the south of Venus and we continue to appraise what has been discovered.”
TotalEnergies SE (LON:TTE) raised its dividend and continued share buybacks, shrugging off a 31% drop in fourth-quarter earnings caused by weaker oil and gas prices and shrinking refining margins.
French supermajor TotalEnergies (LON: TTE) has signed a $199 million to take 75% ownership of the Tungsten Explorer drillship.
A Norwegian project to bury carbon under the seas is getting backing from Germany
“This agreement streamlines our Energy portfolio and is in line with the OMV Strategy 2030 of reducing oil and gas production over time,” said OMV CEO Alfred Stern.
TotalEnergies and BP were identified as amongst the highest risk developers given their substantial project pipelines but “limited or no operational capacity.”
“The reason we wanted to stay in is in the southern part of the block.” The operator is acquiring 3D seismic on the area, he said, backing up existing 2D seismic.
“We are making ongoing evaluations to determine the exact size of these fields and continuously improve our estimates to determine commerciality.”
Shell's Victory field has an estimated recoverable resource of 179 billion cubic feet of gas, equivalent to 7% of the UK’s annual natural gas consumption
The company went on to note that installation followed rigorous testing, resulting in Total qualifying the TCP jumper for permanent subsea applications.
Partners behind Denmark’s Tyra redevelopment have confirmed a final investment decision for new drilling set for later this year.
Thierry Desmarest, who transformed the French company now known as TotalEnergies SE (LON:TTE) into one of the world’s largest energy companies, has died. He was 78.
Total is gaining a 10.5% stake in Block 2913B and 9.39% in Block 2912. The French company is the operator and has made a number of discoveries in the area, including the giant Venus find.
Ocean Installer CEO Kevin Murphy said the Girassol work was "our most significant project award from TotalEnergies to-date".
European stocks gained on the first day of trading in 2024, with energy shares leading the advance as crude oil prices rose amid increased tensions over the Red Sea.
Azerbaijani Foreign Minister Jeyhun Bayramov told reporters Thursday there’s no risk to his country’s natural gas project led by France’s TotalEnergies despite escalating tensions between the two countries.
TotalEnergies (XPAR: TTE) has agreed to sell 25.5% of Seagreen, Scotland’s largest offshore wind farm, in a £552m deal with Thailand national oil firm PTTEP.
The three-year deal continues a strong run of orders for Petrofac in 2023, however the company still faces a range of financial pressures.
Production has resumed at the Shetland Gas Plant nearly two weeks after an outage brought the facility to a standstill.
Unite signs third recognition deal with an offshore operator following prior agreements with TotalEnergies and CNOOC.
The Department of Mineral Resources and Energy (DMRE) approved the seismic on November 16. The plan also requires approval from the Department of Forestry, Fisheries and the Environment.
There is “positive discrimination for the communities hosting the operations. At the peak it is expected that about 160,000 people will be employed. Out of these 14,000 persons will be directly employed in the oil and gas sector”, he said.
Shetland Gas Plant co-owner Kistos (LON: KIST) expects the facility to reopen within the next two weeks, the company said today.