Total Acquires Engie’s LNG Assets, Becomes No. 2 in Global Market
Total announced on 13 July the closing of its acquisition of Engie’s portfolio of upstream liquefied natural gas (LNG) assets for an overall enterprise value of $1.5 billion following its agreement signed in November 2017. Additional payments of up to $550 million could be payable by Total in case of an improvement in the oil markets in the coming years.
Total is now the world’s second-largest player in the global LNG market. Total CEO Patrick Pouyanne said in a statement that the deal will give the company a worldwide market share of 10% percent. “… the group will manage an overall LNG portfolio of around 40 metric tonnes per annum (mtpa) by 2020. It also helps us to build a position in the US LNG market, with the 16.6% stake in the Cameron LNG project.”
In addition to the interest in Cameron LNG, the deal includes participating interests in other liquefaction plants, long-term LNG sales and purchase agreements, an LNG tanker fleet as well as access to regasification capacities in Europe.
|TOTAL's LNG PORTFOLIO BY 2020|
|Total Volume of LNG Managed||40 mtpa|
|Liquefaction Capacity Portfolio||23 mtpa, well distributed among the major LNG production areas of Middle East, Australia, Russia, US|
|Worldwide LNG Trading Contracts Portfolio||28 mtpa to supply each LNG market with competitive and flexible resources|
|Regasification Capacities as a key Supplier for the European Market||18 mtpa|
|Fleet||18 LNG carriers, of which two will be floating storage, and regasification units|
Equinor, Excelerate Perform First Ship-to-Ship LNG Transfer in The Bahamas
The transfer of LNG to Equinor’s Arctic Voyager marks the first ship-to-ship transfer in the island nation.
Shell, NNPC Invite Bidders on Bonga South West Deepwater Project
The announcement comes 7 months after the two received permission to begin the tendering process for the project offshore Nigeria, which is expected to carry a peak production of 225,000 BOPD by 2022.
How To Find the Right Data System for Equipment Inspections
Inspection data management system software can help companies bolster their mechanical integrity programs, but choosing the wrong software can have a lasting impact on a company’s operations. So, what goes into finding the right software for your needs?
Don't miss out on the latest technology delivered to your email every two weeks. Sign up for the OGF newsletter. If you are not logged in, you will receive a confirmation email that you will need to click on to confirm you want to receive the newsletter.
11 February 2019
30 January 2019
04 February 2019
28 January 2019