Paris-based Total SA has inked a deal to provide liquefied natural gas (LNG) to another French company with global shipping operations.
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Occidental Petroleum Corp. (Oxy) on Sunday substantially increased its offer to take over Anadarko Petroleum Corp., and if completed, it already has an agreement in hand with Total SA to sell $8.8 billion of natural gas-rich African assets, including Anadarko’s proposed export project in Mozambique.
Total SA’s stake in Tellurian Inc.’s planned Louisiana liquefied natural gas (LNG) export project is nearing the $1 billion mark after the French major agreed to invest another $500 million in the facility.
BP plc continued the growth story on Tuesday, joining its Big Oil peers in reporting strong quarterly profits, rising output and lower costs following the historic downturn.
Total Petrochemical, a joint venture of South Korea’s Hanwha Group and France’s Total SA, plans to expand the Desean refining/petrochemicals integrated facility in South Korea to increase ethylene production capacity by 30% to 1.4 million tons/year. Daesan, one of Total’s six world-class integrated platforms and a strategic asset for Hanwha, includes a condensate splitter, steam cracker and polymers, styrene and aromatics units. “The extension will significantly increase the site’s flexibility, enabling it to process competitively priced propane feedstock, which is abundantly available, notably due to the shale gas revolution in the United States,” the company said. The expansion, expected to be completed by mid-2019, would add ethylene production for local demand and supply the nearby fast-growing Chinese market, a significant importer.
Tellurian Investments Inc. has attracted another investor to its mid-scale Driftwood LNG terminal proposed for Louisiana with the addition of France’s Total. Total is acquiring a 23% stake in Tellurian at $5.85/share for $207 million, further signaling a rising interest in LNG among major producers, analysts said.
The Federal Energy Regulatory Commission authorized modifications to Total Peaking Services LLC’s peak-shaving liquefied natural gas (LNG) plant in Milford, CT [CP15-557]. The modifications, which would include replacement of three vaporizers, would increase the plant’s sendout capacity to 105 MMcf/d from the current 90 MMcf/d to provide service to Total Peaking’s only customer, CNE Peaking LLC. The plant currently consists of a 1.2 Bcf capacity LNG storage tank, a gas liquefaction facility, two boil-off gas compressor units and three 30-MMcf/d submerged combustion vaporizers. The order also reaffirmed Total Peaking’s authorization to charge market-based rates for its storage and storage-related services.
French oil major Total SA has exercised its preferential rights to leapfrog over a prospective buyer and become sole owner and operator of the Barnett Shale leasehold it has co-owned with Chesapeake Energy Corp. since 2009. Meanwhile, Chesapeake is boosting its annual production growth target — even with the Barnett sale — and forecasting cash flow neutrality in 2018.
For the second consecutive month, the United States in June sent the most natural gas to Mexico through pipelines of any month on record, reaching 105.84 Bcf (3.53 Bcf/d), according to Energy Information Administration (EIA) data.
The Baker Hughes Inc. (BHI) U.S. land rig count gained again during the week ending June 10, and with increasing confidence, analysts following the drilling and services sector have been calling a bottom to the long-running activity decline.