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  • Tue, Oct. 18, 12:45 PM
    • Oil producers such as ExxonMobil (NYSE:XOM), Chevron (NYSE:CVX) and Royal Dutch Shell (RDS.A, RDS.B) must prepare for radical change as adoption of new technologies like electric cars could happen faster than originally anticipated, according to a new report from Fitch Ratings.
    • "Widespread adoption of battery-powered vehicles is a serious threat to the oil industry," and an acceleration of the electrification of transport infrastructure could create an "investor death spiral" as investors flee the oil patch, Fitch warns.
    • Tesla's (NASDAQ:TSLA) upcoming Model 3 will start at $35K before rebates and begin production in late 2017 and is aimed at a broader market, GM's Chevrolet Bolt starts at $37.5K before government incentives and will be available later this year, and other automakers are offering affordable all-electric vehicles, as Fitch estimates battery costs have plunged by 73% since 2008.
    • Fitch notes that some oil majors have taken steps to diversify their offerings, including Total (NYSE:TOT), which has invested in batteries via its $1.1B purchase in May of Saft Groupe and bought a 60% stake in solar panel maker SunPower in 2011.
    | Tue, Oct. 18, 12:45 PM | 229 Comments
  • Tue, Oct. 18, 9:45 AM
    • Total (TOT +0.8%) announces a natural gas discovery in the northeast part of the Martin Linge field in the North Sea, in an area that had been considered unlikely to contain reserves.
    • Norway's energy regulator says initial estimates show the potential for 388M boe in the area, and tests on the well produced gas at a rate of 84M cf/day.
    • The Norwegian government approved the development plan for the Martin Linge field in 2012, and TOT said at the time that development would represent a $4.2B investment.
    | Tue, Oct. 18, 9:45 AM | 1 Comment
  • Fri, Oct. 14, 10:17 AM
    • The first batches of oil have been shipped for export from Kazakhstan's giant Kashagan field in the Caspian Sea, after $50B in investments and more than 15 years in development.
    • Kazakhstan's Energy Ministry says 26.5K metric tons of crude were loaded for export into the pipelines, but reaching stable production will take “some time” as commissioning work continues both offshore and onshore.
    • “Restarting production even in this low oil price environment is good because it means beginning to see some returns on that massive investment,” says IHS Energy's Andrew Neff.  “The real payoff will be phase 2,” which has the potential to increase output to 1M bbl/day.
    • The consortium developing Kashagan comprises China National Petroleum (NYSE:PTR), ExxonMobil (NYSE:XOM), Eni (NYSE:E), Royal Dutch Shell (RDS.A, RDS.B), Total (NYSE:TOT), Inpex and KazMunaiGas.
    | Fri, Oct. 14, 10:17 AM | 1 Comment
  • Wed, Oct. 12, 8:57 AM
    • Work to bring the giant Kashagan oilfield in Kazakhstan onstream is progressing as planned and some crude has already been processed and put in storage, according to the country's energy minister, who adds that Kazakhstan will not reduce oil output in line with OPEC plans.
    • Kashagan, which cost ~$50B to develop and has suffered many delays, is initially expected to produce 75K bbl/day, rising to 150K-180K bbl/day in November and December this year.
    • The consortium developing Kashagan comprises China National Petroleum (NYSE:PTR), ExxonMobil (NYSE:XOM), Eni (NYSE:E), Royal Dutch Shell (RDS.A, RDS.B), Total (NYSE:TOT), Inpex and KazMunaiGas.
    | Wed, Oct. 12, 8:57 AM | 5 Comments
  • Fri, Oct. 7, 4:05 AM
    • Total (NYSE:TOT) has agreed to sell its specialty chemicals unit Atotech to Carlyle  (NASDAQ:CG) for $3.2B as the French oil major disposes of non-core assets to weather a slump in crude and preserve payouts to shareholders.
    • Total is also working on the sale of some "mature" offshore oil fields in the North Sea and Africa this year, and plans to sell businesses in its Italian marketing and services division in 2017.
    | Fri, Oct. 7, 4:05 AM | 3 Comments
  • Tue, Oct. 4, 6:27 PM
    • Ivory Coast's government signs an agreement creating a consortium headed by France's Total (NYSE:TOT) to build a liquid natural gas import terminal that could begin receiving gas shipments by mid-2018.
    • The project aims to conceive, build and operate a floating storage regasification unit with initial capacity of 100M cf that gradually would be raised to 500M cf, the energy ministry says.
    • TOT would be the operator of the ~$200M project; other members of the consortium include Royal Dutch Shell (RDS.A, RDS.B), Ivory Coast state oil company Petroci, Azerbaijan's SOCAR and Golar LNG (NASDAQ:GLNG).
    | Tue, Oct. 4, 6:27 PM
  • Fri, Sep. 30, 8:51 AM
    • Nigeria’s government can take the local units of Chevron (NYSE:CVX) and Total (NYSE:TOT) to trial for illegally exporting crude oil, a judge at the Federal High Court in Lagos rules.
    • Nigeria is taking several international oil companies - including Royal Dutch Shell (RDS.A, RDS.B), Eni (NYSE:E) and Petrobras (NYSE:PBR) - to court for allegedly failing to declare more than 57M barrels of crude exports during 2011-14; the government says the oil was worth ~$13B.
    • Trials against oil companies will begin on Oct. 26, the judge says.
    | Fri, Sep. 30, 8:51 AM | 12 Comments
  • Thu, Sep. 29, 6:17 PM
    • Kazakhstan's Energy Ministry says production will resume at the Kashagan offshore oil field by early October, with initial output of 75K bbl/day and rising to 150K-180K bbl/day in November and December.
    • The $50B Kashagan field in the Caspian Sea already was years behind schedule when it achieved first oil production in 2013, but operations were halted just a month later when a leak in a pipeline forced the whole project to shut down.
    • The partners in the project include Eni (NYSE:E), Royal Dutch Shell (RDS.A, RDS.B), Total (NYSE:TOT), ExxonMobil (NYSE:XOM), China National Petroleum (NYSE:PTR), Inpex and Kazakh state-held KazMunayGas.
    | Thu, Sep. 29, 6:17 PM | 27 Comments
  • Wed, Sep. 28, 3:19 PM
    • The energy sector (XLE +4%) bursts to the top of the leaderboard after OPEC announces a planned production cut to 32.5M bbl/day at the informal OPEC meeting in Algiers.
    • Among individual energy stocks: XOM +3.8%, CVX +2.7%, RDS.A +2.8%, BP +3.4%, TOT +2.4%, PBR +4.5%, COP +6.4%, MRO +8%, MPC +1.4%, PSX +1.9%, VLO -0.1%, EOG +6.2%, PXD +6.4%, OXY +4.5%, DVN +7.9%, CLR +8.3%, APA +6.2%, NOV +8.1%, SLB +3.3%, BHI +3.6%, HAL +4.3%, KMI +3.4%, ENB +2.6%, EPD +1.9%, ETP +2.9%.
    | Wed, Sep. 28, 3:19 PM | 74 Comments
  • Fri, Sep. 23, 8:20 AM
    | Fri, Sep. 23, 8:20 AM
  • Thu, Sep. 22, 3:47 PM
    • Total (TOT +2.5%) will continue to cut capital spending and operating costs while raising production, CEO Patrick Pouyanné tells investors.
    • Pouyanné says TOT plans to cut its investment to $15B-$17B in 2017, down from an expected $18B-$19B this year, and sets up a target to cut costs by more than $4B in 2018, up from more than $2.4B expected this year and more than $3B targeted in 2017.
    • Despite increased cost-savings and lower investment, the CEO says TOT will lift output by 5%/year until 2020 and by 1%-2% annually thereafter, as it counts mainly on the projects it has invested in before oil prices collapsed and it started cutting on investment.
    • The announcement, while not a surprise, will raise investor interest in TOT, which has not performed significantly better than peers despite its operational outperformance, Macquarie says.
    | Thu, Sep. 22, 3:47 PM | 2 Comments
  • Tue, Sep. 20, 3:19 PM
    • Nigerian officials say the government is suing several major oil companies for $12.7B of oil that allegedly was exported illegally to the U.S. during 2011-14.
    • The Federal High Court in Lagos begins hearings next week in cases filed against Nigerian subsidiaries of Chevron (NYSE:CVX), Royal Dutch Shell (RDS.A, RDS.B), Eni (NYSE:E), Total (NYSE:TOT) and Petrobras (NYSE:PBR).
    • The officials say the government alleges that the companies did not declare more than 57M barrels of crude oil shipments.
    | Tue, Sep. 20, 3:19 PM | 19 Comments
  • Tue, Sep. 13, 2:33 PM
    • Total (TOT -3.5%) is considering selling down its 51% stake in the Martin Linge offshore oil and gas field in Norway’s North Sea, Bloomberg reports.
    • TOT's holding is worth ~$1B, and the company also is offering some smaller producing assets to potential buyers as part of the deal, according to the report.
    • The field is scheduled for first production in 2018; TOT is the operator, while the remaining stake is held by Statoil (STO -3.9%) and state-owned Petoro.
    | Tue, Sep. 13, 2:33 PM | 2 Comments
  • Fri, Sep. 9, 4:50 AM
    • Total (NYSE:TOT) is taking full control of the Barnett Shale in Texas after Chesapeake Energy's (NYSE:CHK) recent decision to exit the once prolific gas field to clean up its finances.
    • Under terms of the deal, Chesapeake will pay $334M to Williams Cos. (NYSE:WMB), the gatherer of 80% of the gas from Barnett Assets.
    • Total will then pay $420M to restructure the gas-gathering agreement and $138M to be released from three other contracts.
    | Fri, Sep. 9, 4:50 AM | 10 Comments
  • Tue, Sep. 6, 2:19 PM
    • Suncor Energy (SU +0.4%) agrees to sell a 34.3% stake in a $1B bitumen storage facility under construction north of Fort McMurray in Alberta to the Fort McKay First Nation for $350M.
    • The aboriginal group will buy the stake once the facility becomes operational in 2017; the deal is subject to the group obtaining suitable financing.
    • SU will own and operate the East Tank Farm being built to serve its $13.5B Fort Hills oil sands project, whose partners include SU, Total (TOT +1.4%) and Teck Resources (TCK +5%).
    | Tue, Sep. 6, 2:19 PM | 25 Comments
  • Wed, Aug. 31, 12:58 PM
    • Total (TOT -1.5%) and Italian renewable energy group Erg have hired banks in seeking to sell Italy's TotalErg petrol station network, in a deal that could be valued at up to €700M ($781M) depending on which assets are sold off, Reuters reports.
    • Italy's petrol station network is swollen with ~21K stations across the country, 2x the number in France and nearly 3x that in Britain, and a draft bill in parliament seeks to cut the number of stations to bring them into line with demand.
    • A sale of TotalErg, which controls ~2,600 service stations in Italy, would come after a similar move by Royal Dutch Shell in 2014 sold a network of 830 pump stations in Italy to Kuwait Petroleum.
    | Wed, Aug. 31, 12:58 PM | 2 Comments