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Tag Archives: Total

Iran makes $6 billion deal with Total, CNPC

total SA, Iran

According to the Wall Street Journal, Iran plans to sign a preliminary $6 billion deal with Total SA on Tuesday to help develop an onshore gas field. The move by Total is the first return by a Western energy company since sanctions were lifted this year. Total was long one of the most active Western oil companies in Iran, and ...

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Oil at lowest in almost seven years on OPEC inaction, strong dollar

An oil pump jack can be seen in Cisco, Texas, August 23, 2015.  REUTERS/Mike Stone

LONDON  – Oil prices fell to their lowest in nearly seven years on Monday after OPEC’s meeting ended in disagreement over production cuts and without a reference to its output ceiling, while a stronger dollar made it more expensive to hold crude positions. The Organization of the Petroleum Exporting Countries (OPEC) failed to agree in its policy meeting on Friday ...

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Oil majors see low prices persisting for months ahead

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ABU DHABI – The global oil glut is likely to take longer than expected to clear and may depress oil prices for many more months if not years despite steep investment cuts and project cancellations around the world, executives from oil majors said on Tuesday. The views from the top ranks of Exxon Mobil, BP and Total were given at ...

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Total beats expectations thanks to record refining margins

View of the logo of French oil giant Total in front of the oil refinery of Donges, near Nantes, December 20, 2013. REUTERS/Stephane Mahe

PARIS – French oil and gas company Total’s reported better than expected third-quarter profit on Thursday after high margins in its European refining business and increased production softened the blow of prolonged low oil prices. A lower-for-longer outlook for oil prices took its heaviest toll yet as oil companies reported a dramatic drop in income in the third quarter, with ...

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Total’s trenchant new boss fits era of oil austerity

A logo is pictured at French oil and gas company Total gas station in Marseille, February 11, 2015.   REUTERS/Jean-Paul Pelissier

PARIS – Total’s boss is known as a fixer; a straight-talking cost cutter who has emerged as the right person to steer the French oil and gas company through one of the industry’s worst downturns in decades. The 52-year-old Patrick Pouyanne could not be more different from his predecessor, the flamboyant Christophe de Margerie, who died last October in a ...

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Oil bosses fight ‘bad guy’ image ahead of climate talks

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PARIS – Oil and gas industry bosses pledged on Friday to curb gas flaring as they sought to boost their image in the climate change debate ahead of a United Nations summit later this year, but disagreed on putting a price on carbon emissions. The leaders of 10 companies that produce 20 percent of the world’s oil and gas recognized ...

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Saudi Arabia targets Russia in battle for European oil market

A worker walks past a pump jack on an oil field owned by Bashneft company near the village of Nikolo-Berezovka, northwest from Ufa, Bashkortostan, January 28, 2015. REUTERS/Sergei Karpukhin

LONDON/MOSCOW – From global majors such as Shell and Total to more modest Polish energy firms, oil refiners in Europe are cutting their longstanding use of Russian crude in favor of Saudi grades as the world’s top exporters fight for market share. Russia has for years been muscling in on Asian markets where Saudi Arabia was once the unchallenged dominant ...

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Shell, Total get first foreign gas stations in Iran

View of French oil giant Total headquarters in the financial and business district of la Defense in Courbevoie near Paris October 21, 2014.   REUTERS/Charles Platiau

TEHRAN, Iran (AP) — Iran’s state TV is reporting that Royal Dutch Shell and France’s Total will be the first foreign companies to be allowed to operate gasoline stations inside Iran. The Press TV English-language channel quotes the head of Iran’s filling stations union, Bijan Haj Mohammadreza, as saying 100 new licenses have been issued to each company. Until now, ...

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Oil refiners aim for trader mentality to survive

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BRUSSELS – Europe’s oil refiners are adopting the wily and flexible ways of traders to ensure survival as the sector faces further shrinkage, delegates at an industry conference said. Hard times have pushed them to pick and choose from a wider range of crudes, ferry feedstock between their own refineries to get the optimal mix of products and seek out ...

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Uganda’s ‘oil rush’ town stuck in the slow lane

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HOIMA, Uganda – Before the discovery of large amounts of oil in Lake Albert, Hoima was a forlorn and remote town in Western Uganda, whose main sources of income were farming and the trickle of tourists heading to nearby national parks. A decade later, an oil-fueled boom is transforming the town nearest the lake, with smart new office blocks and ...

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