RUSSIA EXTENDS WITH TOTAL

PLATTS - The Russian government is extending a production sharing agreement with France's Total for development of the Kharyaga oil field by 13 years to the end of 2031, in the latest sign that many Western majors' operations in Russia are continuing despite sanctions on the oil sector.

The PSA on Kharyaga was signed in 1995. A government order signed Saturday requests that energy minister Alexander Novak sign an extension which will be valid from January 1, 2019 to December 31, 2031.

Total did not provide immediate comment on the extension or its plans for the project.

Total holds a 20% stake in Kharyaga. Other shareholders in the project include operator Zarubezhneft, which holds a 40% stake, Norway's Equinor, which holds 30%, and Nenets Oil Company with 10%.

Since Western sanctions against Russia came into force in 2014, Total has reduced its stake in Kharyaga. In 2016 Total transferred a 20% stake and operatorship of the project to Zarubezhneft. This was not seen as linked to the sanctions, which did not target projects like Kharyaga, and focused instead on future production.

At the time Total said that "a more substantial role for Zarubezhneft alongside our continued involvement will allow us to extract maximum value from Kharyaga for many years to come."

Local media put the transfer down to Total failing to meet associated gas utilization targets at the project and delaying construction of a gas processing unit.

Total's other assets in Russia include an 18.9% stake in Novatek. It also holds a 20% stake in Novatek's Yamal LNG project, and a 49% stake in Novatek's Termokarstovoye gas and condensate field.

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Earlier: 

2018, June, 27, 11:00:00 TOTAL: GAS DEMAND UP REUTERS - French oil and gas company Total SA expects the global natural gas market to grow far faster than that for crude oil over the next two decades thanks to booming demand for the cleaner-burning fuel in Asia, an outlook that underpinned Total’s recent big investments in the space, Chief Executive Patrick Pouyanne said.

2018, May, 25, 10:30:00 NOVATEK - TOTAL AGREEMENT: $25.5 BLN NOVATEK - At the 22nd Saint Petersburg International Economic Forum, in the presence of the President of Russia Vladimir Putin and the President of France Emmanuel Macron, Chairman of the Management Board of PAO NOVATEK (“NOVATEK”) Leonid Mikhelson and Chairman and Chief Executive Officer of TOTAL S.A. (“TOTAL”) Patrick Pouyanné signed a binding agreement on the terms to enter the Arctic LNG 2 project. Русский | English

2018, April, 30, 09:50:00 TOTAL NET INCOME $2.6 BLN TOTAL - Oil prices continued to rebound in the first quarter 2018. Brent rose to an average of $67 per barrel, supported by strong demand, OPEC-non-OPEC compliance and geopolitical tensions. Conversely, as a result of this increase, refining margins were weaker (-34%). In this context, the Group's adjusted net income and DACF continued to increase, achieving growth of 13% and 16%, respectively, compared to a year ago, in line with announced sensitivities. Cash flow after organic investments increased to $2.8 billion, up by more than 50% from a year ago, thanks to good operational performance and continued spending discipline. Return on equity was 10%.

2017, December, 4, 22:40:00 NOVATEK - TOTAL - SIEMENS FOR VIETNAM NOVATEK - PAO NOVATEK (“NOVATEK” and/or the “Company”) announced today that its subsidiary NOVATEK Gas and Power Asia Pte Ltd signed a Memorandum of Understanding (MOU) with Total Gas & Power Business Services S.A.S and Siemens Aktiengesellschaft. Русский | English

2017, October, 30, 11:25:00 TOTAL NET INCOME $7.6 BLN "Total reported adjusted net income of $2.7 billion this quarter, a 29% increase compared to a year ago while the Brent price increased by 14%. This solid performance was also reflected in a return on equity of close to 10% and strong cash flow generation: excluding acquisitions-divestments, the Group generated $2.1 billion of cash flow after investments in the third quarter 2017 and $5.2 billion in the first nine months. The Group took full advantage of the favorable environment thanks to the performance of its integrated model and its strategy to reduce its breakeven point.

2017, 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.

2017, 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.