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|
Pembina Pipeline To Acquire Kinder Morgan Canada in $4.35-Billion Deal
Calgary-based Pembina Pipeline Corp. has entered into agreements to acquire Kinder Morgan Canada Ltd. and the US portion of the Cochin Pipeline system from Kinder Morgan for a total purchase price of approximately $4.35 billion.
Freeport LNG Train 1 Begins Production
Freeport marks the sixth major LNG export facility to start operations in the US. Commercial deliveries are expected to begin in September, with Osaka Gas and JERA taking half of the Train 1’s offtake capacity.
July Marks Record Month for Gas Deliveries To US LNG Export Facilities
The US EIA reports that natural gas deliveries producting LNG for export reached 6.0 Bcf/D in July. Deliveries to LNG export facilities have been the fastest growing among all natural gas consumption sectors this year.
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