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.
The latest round of sanctions against Russia over its actions in Ukraine have major energy companies -- including BP and Total -- thinking again about the way they do business with Moscow, The New York Times reports.
Major oil companies including Chevron, BP and Total are cutting or delaying expensive megaprojects because costs are outstripping expected return, and they’re trading blame with oilfield services companies about what’s causing the cost inflation, The New York Times reports.
PARIS (AP) — French energy company Total SA is hooking up with Russia's largest private oil company to explore and develop a huge Siberian shale oil field, despite Western sanctions and anger over the Kremlin's role in Ukraine's crisis.
The deal signed Friday with Russia's Lukoil draws new attention to French economic ties with Russia, and the French government's reluctance to punish Moscow too heavily.
Total says in a statement that the two will set up a joint venture to develop the Bazhenov oil formation in western Siberia, believed to hold some of the world's largest shale oil deposits. It says Lukoil will have 51 percent of the venture and Total 49 percent.
French oil giant Total says it is setting a 2017 start date for the Kaombo ultradeepwater project off Angola after finding a way to slash the projected cost by $4 billion, down to $16 billion, The New York Times reports.
YANGON, Myanmar (AP) — Major oil companies including Total, Chevron, Woodside Energy and Shell have won bids for offshore oil and gas exploration blocks off Myanmar's western and southern coasts, the country's Energy Ministry said Wednesday.
An announcement on the ministry's website said 13 oil companies won bids to explore in 10 shallow water blocks and 10 deep water blocks in the Gulf of Martaban and Tanintharyi, off the western state of Rakhine.
At last weeks CERAWeek summit in Houston, executives from large companies including Chevron and Total urged oil suppliers to show restraint in the costs of new development, warning increasing extraction costs will not be sustainable for long, FuelFix reports.
LONDON (AP) — France's Total has agreed to explore for shale gas in Britain, making it the first major oil company to enter the country's market in the face of widely publicized environmental protests.
Total SA, Europe's third-largest oil producer, said Monday it acquired a 40 percent interest in two exploration licenses in eastern Britain.
Environmental activists oppose the extraction of fuel from shale, known as hydraulic fracturing, or fracking, saying it contaminates ground water. The process injects hundreds of thousands of gallons of water laced with chemicals into the ground to shatter the rock and free the gas.
The Interior Department is opposing legislation that would create pathways for natural gas pipelines across federal lands in the eastern United States, saying the move would limit public input on such projects, The Hill reports.
The Environmental Protection Agency is planning to release within days the controversial Waters of the U.S. rule, which is intended to clarify the agency's jurisdiction over bodies of water, The Hill reports. The rule is facing strong opposition from farm groups and Republicans.
Neither South Carolina nor Nevada appears to want nuclear waste stockpiled inside its borders, posing a challenge for Republican presidential candidates who may need to take a position on the issue while competing in those early primary states, National Journal reports.
North Dakota regulators says the clean-up of a Tesoro Corp. pipeline spill that left oil covering more than 7 acres of land in the northwest part of the state will take at least two and a-half more years, The Associated Press reports.
A smaller decline in last week’s rig count and a prediction from Goldman Sachs that U.S. producers would start ramping up production at current price levels was pressuring oil early Tuesday. West Texas Intermediate crude lost 43 cents to $59.29 a barrel in electronic trading on the Nymex, while in London Brent fell 45 cents to $65.07, Reuters reports.
Republicans and Democrats are continuing to battle in Maine over creation of a new state Department of Energy, as well as whether GOP Gov. Paul LePage should be able to appoint the head of the Efficiency Maine Trust, the Sun Journal reports.
Experts are offering fresh assessments that failures by the U.S. Army Corps of Engineers are primarily responsible for the flooding disaster that devastated New Orleans after Hurricane Katrina, The New York Times reports.
Hoping to raise more than $2 billion, China National Nuclear Power Corp. is planning to sell nearly 3.9 billion new shares in an initial public offering, the country’s biggest domestic IPO since 2010, The Wall Street Journal reports.