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|
Saudi Aramco Buys Into Port Arthur LNG
The deal with project developer Sempra includes Saudi Aramco netting 5 mtpa of LNG offtake and a 25% equity stake in Phase 1 of the export terminal, which may reach FID later this year.
Santos P'nyang Farm-In Advances PNG LNG Expansion
Santos signed a binding letter of intent to acquire a 14.3% interest in Petroleum Retention License 3, which contains the P’nyang natural gas field in Papua New Guinea.
Mozambique Approves Rovuma LNG Development Plan
A final investment decision is expected later this year on the project, which will involve the construction of two trains with a combined annual capacity of more than 15 mtpa of LNG.
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15 May 2019
15 May 2019
14 May 2019