OPINION: Why European companies are fleeing Iran after US deal withdrawal

Tuesday, 22 May 2018

US Secretary of State Mike Pompeo’s statement on Monday put an end to bargains. Officially, Washington has begun its war on the Iranian regime. The weapons of economic sanctions threaten the entire regime and do not only restrain it. The French Total left the gas fields in the Gulf and moved on. Head of the Italian company ENI told the company’s board that they shut down their offices in Tehran and stopped searching for oil and gas. Airbus signed a contract to sell Iran 100 ...

Abdulrahman al-Rashed

Energy giant Total pulls out of gas development project in Iran

Thursday, 17 May 2018

In a massive blow to Iran’s economy, French oil giant Total confirmed that it has not accepted any gas exploration commitments in the southern Pars field. Total issued a statement on Wednesday on the future of its oil projects in Iran stating that the decision came after President Donald Trump’s announcement to withdraw from the JCPOA. Total, together with the other partner Petrochina, executed the contract related to the South Pars 11 (SP11) project, in full compliance with UN ...

Total set to develop natural gas resources in Oman

Sunday, 13 May 2018

French energy group Total said on Sunday it had signed a memorandum of understanding with the government of Oman to develop natural gas resources in the Gulf state. “Total and Shell as operator will develop several natural gas discoveries located in the Greater Barik area on onshore Block 6 with respective shares of 25 percent and 75 percent,” Total said in a statement. The project is expected to have initial production of around 500 million cubic feet of gas per day, rising to a ...

Deals worth $18 bln signed during Saudi Crown Prince visit to Paris

Tuesday, 10 April 2018

On the sidelines of the Saudi Crown Prince Mohammed bin Salman’s visit to Saudi Arabia, 20 economic agreements were signed with the French side totaling $18 billion. The most important agreements were reached in the energy sector between Saudi Aramco and French petrochemiocal giant Total. The first deal is worth $7.2 billion to establish a new petrochemical complex in partnership with SATORP, and the second is a $3 billion trade agreement. In the aviation sector, an agreement was signed ...

Abu Dhabi’s ADNOC signs $1.45 bln offshore deal with Total

Sunday, 18 March 2018

The state oil company of the energy-rich capital of the United Arab Emirates says it has signed a deal worth $1.45 billion with French oil giant Total SA granting it stakes in offshore fields. The Abu Dhabi National Oil Co. made the announcement in a statement Sunday. It said Total would be granted a 20 percent stake in the Umm Shaif and Nasr concessions and a 5 percent stake in the Lower Zakum concession, paying participation fees of $1.15 billion and $300 million, respectively. The oil firm ...

Lebanon signs deal with three international oil companies

Friday, 9 February 2018

Lebanon has signed a deal with an international consortium to start exploratory offshore drilling for oil and gas in what the country hopes will help boost its struggling economy. The signing ceremony was held on Friday in Beirut and was attended by President Michel Aoun and officials from the three oil companies, Italy's Eni, France’s Total and Russia’s Novatek. The agreement came two months after Lebanon’s government approved the licenses for the international consortium to ...

Lebanon gives go-ahead to first offshore energy exploration

Thursday, 14 December 2017

Lebanon’s cabinet approved a bid on Thursday by a consortium of France’s Total, Italy’s ENI and Russia’s Novatek, in the country’s much-delayed first oil and gas offshore licensing round, a government source told Reuters. Exploratory drilling is expected to start at the beginning of 2019, Energy and Water Minister Cesar Abi Khalil said in a statement. “Congratulations to the Lebanese people on the passing of the oil decree and on Lebanon entering the club of ...

Majnoon field: Iraq may offer Total, Chevron terms different from Shell

Saturday, 21 October 2017

Iraq may offer Chevron and Total terms to develop the Majnoon oilfield different from those it had given to Royal Dutch Shell, Iraqi Oil Minister Jabar al-Luaibi said on Saturday. Iraq will develop the Majnoon oil field in southern Iraq by its own means until it can find a foreign partner, Luaibi told reporters, adding that no company has been selected yet. Luaibi said on Oct. 9 that Chevron and Total are among the companies that have expressed interest in developing ...

ADNOC in ‘advanced discussions’ over offshore oil stakes

Monday, 7 August 2017

The United Arab Emirates' main state oil company is planning to split up its offshore oil operations and is in “advanced discussions” with multiple companies interested in stakes.The Abu Dhabi National Oil Company (ADNOC) said on Monday that more than a dozen companies are involved in the talks, and that they include both existing partners and new firms. It did not name them.International shareholders with existing stakes in offshore fields include BP, Total and Exxon Mobil.ADNOC ...

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