NICOSIA, Cyprus (AP) — Cyprus says French energy company Total has renewed its license to search for oil and gas in waters off the eastern Mediterranean island nation's southern coast for another two years.
Deputy government spokesman Victoras Papadopoulos says the government approved the renewal agreement on Thursday.
PARIS (AP) — French energy giant Total SA says its net profit slid 4 percent in the second quarter as higher production helped offset a steep drop in the price of oil.
Total on Wednesday reported a net profit of $2.97 billion, down from $3.1 billion a year earlier. Underlying replacement cost profit, which strips out one-time items and changes in the value of inventories, fell 2 percent to $3.1 billion in the quarter.
Deals signed by Rosneft CEO Igor Sechin in St. Petersburg Friday –- including the sale of a Siberian field to BP and the purchase of a German refinery stake from Total -– illustrate the limits of Western sanctions against Russia, The Wall Street Journal reports.
PARIS (AP) — A French court has cleared 14 companies accused of bribing the Iraqi government under Saddam Hussein in exchange for contracts as part of the U.N. oil-for-food program.
French companies, including Renault Trucks, Schneider Electric and Legrand, and several managers were acquitted on Thursday of bribery, corruption and misuse of company assets. It was the second trial involving allegations that companies circumvented the embargo imposed on Saddam's government from 1990-2000.
Although Western bankers and other top business chiefs are staying away from the St. Petersburg International Economic Forum for a second year in a row, top officials from major oil companies like BP, Royal Dutch Shell and Total are planning to attend this week, Reuters reports.
Total CEO Patrick Pouyanne has warned the new provincial government in Alberta that any move to increase taxes on the energy sector could dent future investment in oil sands production, The Globe and Mail reports.
NICOSIA, Cyprus (AP) — Cyprus and French oil and gas company Total have signed an agreement to extend a search for natural gas off the east Mediterranean island's southern coast after disappointing results from an initial exploration round.
Cyprus' energy ministry said in a statement Wednesday that Total will continue its search in one of two areas where it's already licensed to drill.
The continuing protests against shale gas drilling in Algeria reflect population concerns about the use of water for fracking in a desert, as well as lingering anti-colonial resentment focused on French oil company Total, The New York Times reports.
PARIS (AP) — French energy producer Total wrote down the value of oil and gas fields in Canada and the United States and said it would slash investment after the collapse in market prices led to a net loss of $5.66 billion for the fourth quarter.
Total SA said Thursday its earnings were weighed down by $6.5 billion in charges, mainly against the value of oil sands in Canada and unconventional gas fields in the United States.
Pioneer Natural Resources is the second U.S. firm, after Enterprise Products, to begin exploring how to take advantage of the end of the U.S. oil export ban and could begin shipments by the middle of next year, The Hill reports.
Two competing initiatives designed to give Florida residents a constitutional right to rooftop solar energy are running out of time without enough signatures yet to make next November's ballot, the Naples Daily News reports.
SolarCity CEO Lyndon Rive joined Sen. Charles E. Schumer in Buffalo this week to call the five-year extension of a federal tax subsidy "super important" to the continued growth of the solar power industry, The Buffalo News reports.
Continued concerns about oversupply forced oil prices downward early Wednesday, nearing an 11-year low already reached once this week. London Brent fell 31 cents to $37.05 a barrel while U.S. crude remained unchanged at $37.50, Reuters reports.
A group of researchers at MIT, the University of California-Berkeley, and the University of Colorado have developed a new computer microchip that uses optical technology and creates the potential to make future computer data centers more energy efficient, the journal Science reports.
A Japanese court on Thursday rejected safety concerns and approved letting Kansai Electric Power, the country's second biggest utility, restart four nuclear reactors shuttered since the 2011 Fukushima disaster, Reuters reports.