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2017-09-20 08:40:00

TOTAL BUYS RENEWABLE

TOTAL BUYS RENEWABLE

FTTotal has picked up a 23 per cent stake in renewable energy company Eren for €237.5m as the the French oil group looks to expand its capacity in the sector.

As part of the deal Total, which acquired an indirect stake by subscribing to a capital increase, will have the option to take control of Eren after a period of 5 years.

"By partnering with Eren, we are leveraging a team that has a proven track record in renewable power production, and we are investing in an additional asset to accelerate our profitable growth in this segment, in line with our ambition to become the responsible energy major," said Patrick Pouyanné, Chairman and CEO of Total.

Eren, which has a portfolio of wind, solar and hydraulic assets, will also will be renamed Total Eren upon completion of the transaction.

Total had signalled in July it was ready to make acquisitions and invest in new projects while global assets were still cheap and more recently agreed to buy $7.45bn of mature oil exploration and production assets from Danish conglomerate AP Moller-Maersk.

That deal highlighted the drive for consolidation in the European oil and gas industry, with companies managing the effects of lower oil prices by reducing their portfolios or seeking economies of scale.

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Earlier:

TOTAL - MAERSK DEAL: $7.45 BLN
August, 24, 13:40:00

TOTAL - MAERSK DEAL: $7.45 BLN

French oil company Total agreed Monday to buy Danish conglomerate AP Moller-Maersk's oil business for $7.45 billion, in a deal that will strengthen its position in the North Sea.

 
 TOTAL NET INCOME $2.5 BLN
July, 28, 09:35:00

TOTAL NET INCOME $2.5 BLN

"In a price environment that remains volatile, Total again delivered an excellent set of quarterly results with adjusted net income of $2.5 billion, a 14% increase compared to a year ago, and operating cash flow before working capital changes of $5.3 billion, a 33% increase, while Brent only increased by 9%. In the first half of the year, the Group generated more than $3.1 billion of cash flow after investments, excluding acquisitions and divestments.

 TOTAL INVESTMENT TO IRAN
June, 20, 14:15:00

TOTAL INVESTMENT TO IRAN

"It is worth taking the risk at $1 billion because it opens a huge market. We are perfectly conscious of some risks. We have taken into account (sanctions) snap-backs, we have to take into account regulation changes," Pouyanne said in an interview.

 TOTAL NET INCOME $2.8 BLN
April, 27, 20:00:00

TOTAL NET INCOME $2.8 BLN

"Supported by the OPEC/non-OPEC agreement, Brent prices remained volatile in the context of high inventories and averaged 54 $/b this quarter. In this environment, Total's adjusted net income increased by 56% to $2.6 billion in the first quarter 2017, in line with the strong recent quarterly results of 2016, due to good operational performance and a steadily decreasing breakeven. Excluding acquisitions and asset sales, the Group generated $1.7 billion of cash flow after investments, mainly due to a 63% increase in operating cash flow before working capital changes from the Exploration & Production segment and investment discipline."

 TOTAL WANTS IRANIAN GAS
March, 22, 18:35:00

TOTAL WANTS IRANIAN GAS

Total is seeking a 50 percent stake in a $4 billion project in Iran's giant South Pars gas field, the French energy firm said in a regulatory filing on Friday detailing talks held with Iranian officials on several projects in 2016.

 TOTAL NET INCOME $8.3 BLN
March, 22, 18:30:00

TOTAL NET INCOME $8.3 BLN

In this difficult environment, the Group demonstrated its resilience by generating adjusted net income of $8.3 billion and had the highest profitability among the majors due to the strength of its integrated model and commitment of its teams to reduce the breakeven.

 TOTAL & CNPC: IRANIAN DEAL
November, 8, 18:40:00

TOTAL & CNPC: IRANIAN DEAL

Iran wants $200bn of investment in its energy industry over the next five years in order to raise production. Until now the country has been struggling to persuade overseas energy companies to commit amid wrangling over the contract terms offered by Tehran.

 

 

 

 

Tags: TOTAL, RENEWABLE, EREN

Chronicle:

TOTAL BUYS RENEWABLE
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

TOTAL BUYS RENEWABLE
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

TOTAL BUYS RENEWABLE
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

TOTAL BUYS RENEWABLE
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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