Money Buzz! Europa

Tag: total

  • Eni found new gas in the Mediterranean Sea offshore Egypt

    Eni found new gas in the Mediterranean Sea offshore Egypt

    Eni have successfully drilled the first exploration well in the North El Hammad license, in the conventional Egyptian waters of the Nile Delta, on the prospect called Bashrush.

    The discovery further extends to the west the gas potential of the Abu Madi formation reservoirs discovered and produced from the so-called “Great Nooros Area”.

    The new discovery is located in 22 meters of water depth, 11 km from the coast and 12 km North-West from the Nooros field and about 1 km west of the Baltim South West field, both already in production.

    The well discovered a single 152 meters thick gas column within the Messinian age sandstones of the Abu Madi formation with excellent petrophysical properties.

    The well will be tested for production.

    In the North El Hammad concession, which is in participation with the Egyptian Natural Gas Holding Company (EGAS), Eni through its affiliate IEOC holds 37.5% interest, the role of Operator, BP holds the 37.5%, and Total holds the 25% of the Contractor interest.

    Eni has been present in Egypt since 1954, where it operates through IEOC Production.

  • Total confirms the sale of UK North Sea non-core assets to NEO Energy

    Total confirms the sale of UK North Sea non-core assets to NEO Energy

    Total confirmed its commitment to completing the sale of its UK North Sea non-core assets, first announced in July 2019.

    Reflecting recent significant market volatility, Total and Norway-based private equity investor HitecVision have successfully renegotiated the financial terms of the deal to respond to the current environment – while Petrogas is no longer part of the transaction.

    Total and NEO Energy have developed detailed transition plans to deliver a smooth handover of operations upon completion, while allowing NEO to focus on embedding planned operating efficiencies and growth plans as rapidly as possible.

    Subject to regulatory approvals, the parties expect to complete the transaction by the third quarter 2020.

  • Total discontinues the acquisition of Occidental Petroleum’s assets in Ghana

    Total discontinues the acquisition of Occidental Petroleum’s assets in Ghana

    In August 2019, Total and Occidental Petroleum entered into a Purchase and Sale Agreement (PSA) in order for Total to acquire Anadarko’s assets in Africa.

    Under this agreement, Total and Occidental have since completed the sale and purchase of the Mozambique and South Africa assets.

    The PSA provided that the sale of the Ghana assets was conditional upon the completion of the Algeria assets’ sale. Occidental has informed Total that, as part of an understanding with the Algerian authorities on the transfer of Anadarko’s interests to Occidental, Occidental would not be in a position to sell its interests in Algeria.

    Given the extraordinary market environment and the lack of visibility that the Group faces, and in light of the non-operated nature of the interests of Anadarko in Ghana, Total has decided not to pursue the completion of the purchase of the Ghana assets and, as a consequence, to preserve the Group’s financial flexibility.

    “This decision not to pursue the completion of the purchase of the Ghana assets consolidates the Group’s efforts in the control of its net investments this year and provides financial flexibility to face the uncertainties and opportunities linked to the current environment,” said Patrick Pouyanné, Total Chairman and CEO.

  • Total announces the first 2020 interim dividend of €0.66/share

    Total announces the first 2020 interim dividend of €0.66/share

    Total Board of Directors met on May 4, 2020, and declared the distribution of the 2020 first interim dividend at €0.66/share, stable compared to the 2019 first interim dividend.

    This interim dividend will be paid in cash exclusively according to the following timetable:

    In 2020ShareholdersADS holders
    Ex-dividend dateSeptember 25September 23
    Payment dateOctober 2October 16

    Furthermore, the Board of Directors decided on February 5, 2020, to propose to the Shareholders’ Meeting on May 29, 2020, the distribution of a 2019 final dividend of €0.68/share.

    The Board of Directors of May 4, 2020, decided to offer the shareholders, subject to approval at the Shareholders’ Meeting on May 29, 2020, the option to receive the 2019 final dividend in cash or in new shares of the Company with a discount, each choice being exclusive of the other.