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Total Acquires Engie’s LNG Assets, Becomes No. 2 in Global Market

Total’s acquisition includes Engie’s interest in the Cameron LNG liquefaction project in Louisiana. Source: Cameron LNG.

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

 

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