Browsing: Total

• Tullow’s 2023 operating revenue surpasses expectations with strengthened Group financial position through a cut in debt.
• British firm has secured long-term capital through a $400 million debt from Glencore Energy.
• Explorer is projecting a $800 million free cash flow from 2023–2025 and a sustainable revenue flow outlook thereafter.

British exploration firm, Tullow Oil, has singled out Kenya oil project as one of its key areas in production growth for 2024, as it expects to deliver $800 million in operating revenue from 2023 to 2025.

This is captured in its financial results for 2023, where Tullow reiterated the delivery of its plan, which is achieving targeted results and a much-improved business. During the year, Tullow continued to evolve and built a strong and unique foundation to create material value, the company reported.

Several significant milestones were achieved in 2023, including the start-up of Jubilee South East which has given Ghana’s upstream …

• During the last three decades, Angola has established itself as a top-tier destination for big oil and gas companies.
• Natural gas is an essential intermediary in the energy transition, generating fewer emissions than petroleum and coal products.
• Angola’s regulator, the ANPG, aims to attract investment from sources other than the country’s traditional oil and gas producers.

While foreign oil firms steadily abandon African hydrocarbon resources and transfer capital spending to alternate energy sources, Africa is experiencing output reductions across significant assets. The fall in oil and gas output is primarily because Integrated Oil Companies (IOCs) are affected by lobbies urging them to withdraw from fossil fuels and invest in renewables.

Understanding the Decline in fossil fuel funding

Since loans are becoming more costly, it is becoming more difficult to borrow funds for investment in exploration, development, and production (E&P). Some financial firms are beginning to limit capital accessible for these …

The EACOP is a 1,443km pipeline that is been constructed at a value of 3.5 Billion USD. These funds are been directly injected into the economies of Uganda and Tanzania effectively increasing their FDI by over 60 % during the construction phase alone.

The magnanimous project is been constructed and operated through a shareholding approach among several stakeholders including the government of Uganda through the Uganda National Oil Company (UNOC), the government of Tanzania through the Tanzanian Petroleum Development Corporation (TPDC), France’s Totalenergies and China’s CNOOC.

It is expected that through the East African Crude Oil Pipeline, the region’s East Africa’s oil potential. It will effectively attract investors and companies to explore the region’s oil potential. Further still, as new infrastructure projects commence in line with the pipeline, it will greatly contribute to the enhancement of the central corridor between Uganda and Tanzania.…

As would be expected, Total rebutted the claims. Its first move was to make public the related project social and environmental studies and issue a statement in which it pledged transparency.

The company admits that; “The projects for the development of the oil and gas resources of the Lake Albert region and the cross-border pipeline are situated in a sensitive social and environmental context that requires special measures for the environment and the rights of the local communities.”

In a follow-up statement, the investors maintained that; “All the partners are committed to implementing these projects in an exemplary manner and taking into highest consideration the biodiversity and environmental stakes as well as the local communities’ rights and within the stringent environmental and social performance standards of the International Finance Corporation.”…

Within her first two months in the executive office. With Uganda, President Samia Suluhu Hassan and counterpart Yoweri Museveni inked an oil deal with Total and China’s CNOOC to start the construction of a $3.5 billion pipeline to export Ugandan crude oil to international markets.

Right after that, President Samia went on to Kenya where together with her Kenyan counterpart President Uhuru Kenyatta, she signed a pact to start working on a gas pipeline from Dar es Salaam to Mombasa.

In their subsequent speeches, the two leaders said the gas deal is part of a long-term project to share energy resources. Rebuilding wary diplomatic ties, Tanzania’s President Samia made it clear that the two countries will build more interconnecting infrastructure including roads and rail and that the gas pipeline was but a starting point.

“The Memorandum of Understanding (MoU) on Cooperation in Natural Gas Transportation means the countries’ ministers …

It is a sad day for Africa and Mozambique as Total SE the French energy company seal its $20 billion liquified natural gas (LNG) project in the security risk country rich in natural gas reserves, according to information from Total.

“Considering the evolution of the security situation in the north of the Cabo Delgado province in Mozambique, Total confirms the withdrawal of all Mozambique LNG project personnel from the Afungi site. This situation leads Total, as operator of Mozambique LNG project, to declare force majeure,” Total statement reads in part.

Mozambique as one of the few countries with natural gas reserves has been ravaged by frequent attacks executed by Islamic insurgents in Cabo Delgado province.

READ:Mozambique gas: Amid conflict, harmony gazes at Tanzania 

Various media sources, including Aljazeera, reported that the project has been stopped indefinitely due to an escalation of violence in the areas with LNG projects.

“The …

Mozambique—another African country endowed with plenty of natural gas reserves holding 100 trillion cubic feet (Tcf), has suffered another blow within the lucrative industry as security concerns forced French oil and gas giant company Total to postpone its work at a liquified natural gas (LNG) project in the country.

Internal conflicts have been occurring in Mozambique rather often. On March 27 Jihadis seized a town and allegedly attacked a convoy of fleeing civilians, which includes foreign workers, as fighting continued (Further Africa).

According to various media sources, including BBC, dozens of people are dead following an attack by Islamist militants on a town in northern Mozambique (Palma), where the LNG project is underway.

READ:Total’s Mayotte base not a threat to Mozambique’s Oil and Gas ambitions

According to information from Reuters, on Saturday Total said that none of the LNG project workers was among the victims.

However, according to BBC …

Oil and gas projects are very complex due to a variety of challenges that need to be overcome. Risk management and financial burden are some of the hottest issues currently on these projects.

Now imagine you add Covid-19 and insurgent movements near the project area.

“The French oil and gas company Total is considering setting up a logistical base for its Mozambican operations, not only in part of Mozambique, but on the French Indian Ocean possession of Mayotte, according to a report (…)” as per the digital news portal Club of Mozambique.

It shouldn’t come as a surprise at all.

Being part of the French territory, Mayotte offers the best option for Total as a preferential hub for their project in Mozambique. France operates a military base in Mayotte, in the form of a detachment of its Foreign Legion, making the island a super safe place.

Mayotte is very well …

The government of Uganda made a deal with Total that will guide the involvement of Uganda National Oil Company (UNOC) in the crude oil export pipeline.

According to the agreement, Uganda National Oil Company (UNOC) will hold a 15 per cent stake in the project. It also shows in detail how the National Oil Company will finance its operation and participation of the over 1,400km Uganda-Tanzania pipeline.

In a press statement issued by Total, the company said that the agreement to allow the participation of UNOC in the pipeline project was reached between President Yoweri Museveni and Patrick Pouyanne, Total’s chairman and chief executive officer.

The managing director of Total E&P Pierre Jessua, said the decision is a major milestone that will lead to the Final Investment Decision (FID) for Uganda’s oil projects in the coming months.

“We now look forward to concluding a similar HGA (Host Government Agreement) with …