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2015-03-23 18:50:00

TOTAL SEEKS FOR RUSSIA

TOTAL SEEKS FOR RUSSIA

Total SA is seeking the equivalent of up to $15 billion in Chinese financing to fund its expansion in Russia, its chief executive said, as U.S. sanctions complicate the French oil giant's big bet there.

Total Chief Executive Patrick Pouyanné also told The Wall Street Journal that it expects oil-price volatility to continue through 2015 as oil supplies, driven partly by a rising tide of new production in the U.S., outstrip demand. "I think the price will not stabilize," he said. "The idea that you will stabilize something is wrong. Volatility is in the commodity business."

Mr. Pouyanné said Total is focusing on costs amid oil's price slump, though he sees little prospect for big oil-sector deals for the time being.

"Our anticipation is that the increase of supply will remain above the increase of demand in 2015," he said. "For me, I see this period as an opportunity to clean up the cost base of our company."

Low oil prices and U.S. sanctions on Russia are among many challenges facing Mr. Pouyanné. The 51-year-old former refining chief took over as CEO in October following the death of Christophe de Margerie in a Moscow plane crash.

Like Mr. de Margerie, Mr. Pouyanné is embracing investments in politically risky areas.

wsj.com

Tags: OIL, PRICES, RUSSIA, TOTAL, SANCTIONS,

Chronicle:

TOTAL SEEKS FOR RUSSIA
2018, June, 22, 13:10:00

THE LARGEST VENEZUELA'S OIL

U.S. EIA - Venezuela holds the largest oil reserves in the world, in large part because of the heavy oil reserves in the Orinoco Oil Basin. In addition to oil reserves, Venezuela has sizeable natural gas reserves, although the development of natural gas lags significantly behind that of oil. However, in the wake of political and economic instability in the country, crude oil production has dramatically decreased, reaching a multi-decades low in mid-2018.

TOTAL SEEKS FOR RUSSIA
2018, June, 22, 13:05:00

U.S. DEFICIT UP FROM $116.1 BLN TO $124.1 BLN

U.S. BEA - The U.S. current-account deficit increased to $124.1 billion (preliminary) in the first quarter of 2018 from $116.1 billion (revised) in the fourth quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit was 2.5 percent of current-dollar gross domestic product (GDP) in the first quarter, up from 2.4 percent in the fourth quarter.

TOTAL SEEKS FOR RUSSIA
2018, June, 22, 13:00:00

EUROPE'S NUCLEAR INVESTMENT : €50 BLN

WNN - There are 126 operational power reactors in 14 EU Member States, providing more than one-quarter of the bloc's total electricity production. In its Communication on the Nuclear Illustrative Program (PINC) published last year, the European Commission expects nuclear to maintain its significant role in Europe's energy mix up to 2050. This would require investment of some EUR40-50 billion (USD46-58 billion) in nuclear LTO by 2050.

TOTAL SEEKS FOR RUSSIA
2018, June, 20, 13:15:00

OIL PRICE: ABOVE $75

REUTERS - Benchmark Brent crude LCOc1 was up 50 cents at $75.58 a barrel by 0835 GMT. U.S. light crude CLc1 was 50 cents higher at $65.57.

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