total sa-spon adr (TOT) Key Developments
Total Enters into Farm-In Agreement with InterOil Corporation
Dec 6 13
Total announced the signature of a farm-in agreement with InterOil Corporation that gives it a 61.3% interest in Petroleum Retention License 15 in Papua New Guinea. Total and InterOil Corporation retain the flexibility to farm-down an aggregate of up to a 19.3% interest to a strategic partner. The common objective of Total, who will operate the project, and InterOil, is to complete the delineation of the two discoveries and to continue to explore for new resources in the license area. Depending on the results, this could lead to a final investment decision by 2016 for the development of the fields and the construction of a liquefaction plant located onshore on the Gulf of Papua. In addition, Total has an option to take an interest in Petroleum Prospecting Licenses PPL 236, PPL 237 and PPL 238 in the same area. Total will pay $470 million for a 42% interest with a contingent payment estimated by Total at approximately $590 million. The transaction remains subject to the approval of the Papua New Guinea government.
Amyris, Inc. and Total Form Fuels Joint Venture
Dec 5 13
Amyris, Inc. and Total announced the formation of Total Amyris BioSolutions B.V., a 50-50 joint venture that now holds exclusive rights and a license under Amyris's intellectual property to produce and market renewable diesel and jet fuel from Amyris's renewable farnesene.
Chevron Planning To Sell Asset; Buyers Reportedly Interested
Dec 2 13
Chevron Corporation (NYSE:CVX) is planning to sell its exploration permits in the region off the far north-west coast, Browse Basin. According to the news report, bids for the assets have closed and Chevron is now sifting through offers for the acquisition of part or all of its exploration permits in the basin off the far north-west coast, representing a further rejig of interests in the area. It added that Chevron's sale of these permits may not result in a complete departure. Possible bidders include Royal Dutch Shell plc (ENXTAM:RDSA), Inpex Corporation (TSE:1605), Total SA (ENXTPA:FP), and Santos Limited (ASX:STO). Woodside Energy Ltd., PetroChina Co. Ltd. (SEHK:857), and Osaka Gas Co., Ltd. (TSE:9532) may also be interested.
ONGC Videsh Bid For Oil And Gas Blocks In Sri Lanka
Dec 2 13
ONGC Videsh Limited has expressed interest to acquire stake in three oil and gas blocks out of 13 offered in Sri Lanka, Telegraph reported. The ONGC international arm has bid for blocks - M4, M5 and M6 in the Mannar basin of the island nation, a senior oil ministry official informed the daily. The official was quoted by the Telegraph as saying, "It is a very good move keeping in minds that of the economic value and strategic importance to India". International oil firms China National Petroleum Corporation, Total SA (ENXTPA:FP) and Eni SpA (BIT:ENI) and others have been actively participating in the bidding for the Sri Lankan blocks. The blocks will be given to the respective bidder in the first quarter of 2014, sources added.
Total SA, Arkema SA, and Sobegi Open New Gas Treatment Unit for Lacq Project
Nov 29 13
Total SA, Arkema SA, and Sobegi, have has announced the opening of new gas treatment unit for the Lacq Cluster Chimie 2030 project. The new gas treatment unit is the cornerstone of the industrial redeployment of the Lacq site in response to the depletion of the natural gas field. With the support of the French government and local communities, Total, Sobegi and Arkema have invested more than EUR 154 million in Lacq Cluster Chimie 2030, a project to transform the Lacq platform into a center of manufacturing excellence. The new gas treatment unit will produce at low flow the gas remaining in the Lacq field for another 30 years, supporting local industry for the long term. The project is designed to supply manufacturers on the platform with cost-competitive power, steam and sulfur feedstock daily. In addition, it consolidates the competitiveness of the Lacq platform and makes it even more attractive to new investors, such as Japan's Toray.