France's Total renews Cyprus offshore gas search deal

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.


Shell, Total get first foreign gas stations in Iran

TEHRAN, Iran (AP) — Iran's state TV is reporting that Royal Dutch Shell and France's Total will be the first foreign companies to be allowed to operate gasoline stations inside Iran.

The Press TV English-language channel quotes the head of Iran's filling stations union, Bijan Haj Mohammadreza, as saying 100 new licenses have been issued to each company.


Energy company Total profit slips in 2nd quarter

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.

New Rosneft deals highlight sanctions limits

The Wall Street Journal

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.

France clears 14 firms of bribery in UN oil-for-food program

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.

Oil chiefs to attend Russian investor conference


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 warns that Alberta tax hike could hurt oil sands investment

The Globe and Mail

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.

Cyprus signs deal with France's Total to extend gas search

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.

Water worries, colonial resentment feed Algerian fracking protests

The New York Times

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.


Total writes down value of Canadian, US oil fields amid loss

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.


Subscribe to Total