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Tag: Total Energies

Oil and Gas

TotalEnergies cuts Q1 share buyback as oil, gas revenues drop

TotalEnergies announced on Wednesday that it will reduce its first-quarter share buybacks by 62 per cent, as low oil and gas prices offset strong fourth-quarter profits from fuel refining and gains from selling stakes in renewable assets. The French energy giant reported fourth-quarter adjusted net income of $3.8 billion (3.2 billion euros), down from $4.4 […]

Business

TotalEnergies to sell 10% stake in SPDC onshore assets

TotalEnergies has reached an agreement to sell its 10 per cent non-operated interest in Nigeria’s onshore oil project, formerly Shell Petroleum Development Company and now called the Renaissance Joint Venture, to Vaaris Resources. The company announced the deal on its website on Wednesday. This sale represents TotalEnergies’ second effort to divest the asset, after a […]

TotalEnergies to invest $6bn in Nigeria's Deepwater
Business

UK withdraws loan for TotalEnergies’ Mozambique power plant

The British government announced Monday it would no longer provide TotalEnergies with a loan intended for a gas project in Mozambique. According to France24, the French group had previously halted the project due to a jihadist attack in the area. This decision means the UK will withhold up to $1.15 billion in funding for the […]

Oil and Gas

TotalEnergies sells 40% stake in offshore licenses to Chevron

TotalEnergies EP Nigeria has agreed to sell a 40 per cent stake in two exploration licenses located offshore Nigeria to Chevron Corp. This transaction marks the second major collaboration between the two energy giants in six months as they work to unlock hydrocarbon resources in frontier basins. The French oil major signed a farmout agreement […]

Oil and Gas

TotalEnergies, Conoil seal offshore asset swap deal

TotalEnergies has reached an agreement with Conoil Producing Limited to execute an asset swap involving two offshore Nigerian blocks. As part of the deal, TotalEnergies will acquire a 50% operated stake in Oil Prospecting Licence (OPL) 257 from Conoil, while Conoil will assume TotalEnergies’ 40% participating interest in Oil Mining Lease 136. The energy company […]

Business

TotalEnergies, Sapetro secure PSC for Niger Delta oil blocks

The Federal Government, through the Nigerian Upstream Petroleum Regulatory Commission, has signed a Production Sharing Contract with TotalEnergies and South Atlantic Petroleum for Petroleum Prospecting Licences 2000 and 2001. The licences, awarded during the 2024 licensing round, cover about 2,000 square kilometres in the Niger Delta Basin. TotalEnergies will operate the blocks with an 80 […]

Oil and Gas

TotalEnergies posts N42.2b pre-tax profit for 2024

TotalEnergies Marketing Nigeria Plc reported a pre-tax profit of N42.2 billion for the year ended 31 December 2024, marking a 140.35% increase from the N17.5 billion recorded in 2023. The company’s full-year revenue surged by 63.83%, rising from ₦635.9 billion in 2023 to ₦1.04 trillion. White products, including Premium Motor Spirit, Automotive Gas Oil, and […]

News

TotalEnergies reaches 94% local content milestone – Director

Oil giant TotalEnergies EP has announced it has achieved over 94% local content. The firm’s Executive Director on JV Assets, Mr. Obi Imemba, shared this insight on Wednesday during a panel session on the sub-theme “Next Frontier for Nigerian Content: Divestment and Offshore Opportunities” at the ongoing 13th Practical Nigerian Content Forum in Yenagoa. The […]

TotalEnergies to invest $750m in LNG project in Nigeria
News

TotalEnergies to invest $750m in LNG project in Nigeria

French oil giant TotalEnergies has announced plans to invest $750 million in a Liquefied Natural Gas project in Nigeria, set to begin in 2025. The investment was revealed by the company’s Senior Vice President for Africa, Mike Sangster, during the France-Nigeria Business Forum in Paris on Friday. Sangster explained that the project, known as Ima, […]

News

Total Nigeria shares sell abive N500 in August

Total Nigeria closed above N500 in the stock market on August 19, 2024, sustaining a strong buy-side trend that had started since June. The stock has achieved another positive day at N511 per share with a gain of 19.68% so far in August. Recall that the stock hit a low of N321 with a volume […]

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