TotalEnergies set to take FID on Namibia Venus project late next year, minister says
PARIS, May 13 (Reuters) - Namibia expects French oil major TotalEnergies (TTEF.PA), opens new tab to take a final investment decision on its Venus discovery in the African country in the fourth quarter of 2026, Namibia petroleum commissioner Maggy Shino said on Tuesday.
She told a conference in Paris that TotalEnergies was expected to submit its first oilfield development plans for approval in June or July.
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Telegraph
an hour ago
- Telegraph
Cost of Miliband's nuclear plant doubles to more than £40bn
The cost of the Sizewell C nuclear power plant has doubled to more than £40bn as ministers race to strike a funding deal with private investors and the French government. An official cost estimate for the scheme in Suffolk, which would generate enough electricity for 6m homes, was previously put at £20bn. But that has grown to £30bn at constant prices – or £41bn in today's money – with the Government set to shoulder at least half of the upfront cost, according to industry and Whitehall sources. The entire scheme will ultimately be paid for by households and businesses via their electricity bills, including through levies that will begin during construction. The power plant's rising price tag will trigger concerns about future increases as Hinkley Point C, a nuclear development in Somerset, has repeatedly overrun budgets and timescales. On Wednesday, Rachel Reeves, the Chancellor, underlined Labour's commitment to the mega project, arguing that she and Ed Miliband, the Energy Secretary, believed pushing ahead was 'the right choice for bills, the right choice for jobs and the right choice for growth'. As part of the spending review, Ms Reeves confirmed £14bn of funding for Sizewell C through 2029 – taking the Government's total promised investment to more than £17bn. The rest will come from a group of private investors, potentially including British Gas owner Centrica, as well as French state nuclear company EDF, which will build and part-own the plant. EDF is expected to put in up to £2bn of extra cash, enough to secure a stake of about 20pc. That will require sign-off at the highest levels, including from the company's board and the Elysée Palace. One potential investor suggested EDF would probably maintain a stake of at least 10pc to ensure market confidence. The company will also benefit from the deal through billions of pounds worth of equipment orders. However, the politics of backing the British plant are complicated in France, where critics believe EDF is already over-exposed to Hinkley Point C and want the state company to focus on projects at home. 'I am sure the French government will try to get something in return for agreeing to put a bit more money in,' the investor added. A final funding deal is expected to be signed off at an Anglo-French summit next month. Other potential investors in the frame include Amber Infrastructure Partners, Brookfield Asset Management and the Canadian pension fund CDPQ – run by former John Lewis boss Dame Sharon White in the UK. On Wednesday, the Government refused to comment on Sizewell C's cost. Whitehall sources insisted that the estimate had not 'doubled', but did not provide further information. Sources close to the process have told the Telegraph that the project is expected to cost £30bn in 2015 prices. This is an increase of 50pc compared with the original £20bn estimate. But the figure rises to £41bn when adjusted for inflation. The £30bn total includes about £10bn in equity that will be raised from investors and another £20bn of debt. 'Learning curve' It means that, on a like-for-like basis, the project is on course to be cheaper than Hinkley Point C, which uses a near-identical design. Hinkley is expected to cost £31bn to £34bn in 2015 prices, according to EDF. The lower cost of Sizewell is due to 'learning curve' efficiencies, with supply chains and skilled workers set to be carried over from Hinkley. But despite this, and the money committed by Ms Reeves, the Government has so far refused to officially confirm what it expects the project to cost in total. Alison Downes, of the Stop Sizewell C campaign group, said: 'Given negotiations with private investors are incomplete, Sizewell C really should be excluded from Wednesday's announcements. 'Where is the good news in a project that will cost tens of billions, add to consumer bills and is guaranteed to be late and overspent?' A spokesman for the Department for Energy Security and Net Zero said: 'Hinkley was built after decades of no new nuclear. 'We are filling the gap with a new nuclear programme which will see greater efficiencies and learnings carried across projects. 'Sizewell C will be an almost exact replica of Hinkley Point C – but crucially learning from previous mistakes and replication. 'EDF says that the second unit of Hinkley is getting built at a rate 25pc quicker than the first, and Sizewell C is effectively a third and fourth version of this reactor.'
Reuters
an hour ago
- Reuters
Exclusive: Barrick Mining removes Mali gold complex from 2025 output forecast, sources say
TORONTO/DAKAR, June 11 (Reuters) - Barrick Mining ( opens new tab has removed its Mali gold complex from its overall output forecast for 2025, four sources told Reuters, adding to fallout from a two-year dispute over new mining legislation aimed at boosting the West African country's revenue. Operations at the Loulo-Gounkoto gold complex, one of the Canadian miner's largest gold assets in Africa, have been suspended since January after the military-led government blocked gold exports by the world's third-largest miner of the precious metal, detained staff and seized three metric tons of stock during separate negotiations over a new mining contract with Barrick. At stake for both sides is the opportunity to realize revenues worth at least $1 billion this year due to record high gold prices . Mali risks repelling potential investors, while Barrick shares have lagged those of its peers. The sources spoke on condition of anonymity as they were not authorized to speak publicly. Spokespersons for Barrick did not immediately respond to a request for comment, nor did a spokesperson for Mali's Mines Ministry. Barrick has not made its Mali output forecast public, but Morningstar analysts had predicted Mali would contribute around 250,000 ounces in 2025. Mali's government, a shareholder in the complex, asked a domestic court in May to appoint a provisional administrator to reopen the complex, which would effectively see Barrick lose control over the mines that accounted for 14% of its total output, according to Jefferies. A court hearing on the matter is scheduled for Thursday. Negotiations are ongoing in parallel with the court case. In a significant concession, Mali has agreed to allow Barrick to repatriate 20% of its earnings into an international bank account, an exception that was not made for any other foreign miners who recently renegotiated contracts with the state, two people familiar with the matter said. However, one remaining point of contention between Barrick and Mali is that authorities would like all future disputes to be handled in domestic courts. Barrick said any new mining contract should be covered under an international treaty and, in case of future disputes, be settled through international arbitration, according to one of the people and another source familiar with the matter. While strong gold prices have supported Barrick's global revenue, the threat of a provisional administration worries investors, one of the sources said, noting that even if the miner later regains control of the complex, it could be left with depleted gold reserves. In December, Barrick launched international arbitration proceedings against Mali. In May, it asked the World Bank's arbitration court to halt court proceedings in Bamako over provisional administration. According to two people aware of the development, the tribunal rejected that request. The president of the arbitration tribunal for the case declined to comment. In the first nine months of 2024, production in Mali contributed $949 million to Barrick's revenue. Jefferies, in an analyst report last December, estimated that if the Mali complex remains idle, Barrick would lose 11% of its expected 2025 earnings before interest, taxes, depreciation, and amortisation. Mali is Africa's third-largest gold-producing country. Malian authorities, which seized power in coups in 2020 and 2021, say their current agreement with Barrick is unfair. The state has negotiated new agreements with other multinational miners. The chief executive of Australian miner Resolute was detained for more than a week amid negotiations last year.
Reuters
3 hours ago
- Reuters
French central banks trims growth outlook on trade tensions
PARIS, June 11 (Reuters) - France's economy will slow more sharply this year than previously expected as U.S. trade tensions hit demand for French exports, the central bank said on Wednesday in its quarterly outlook. After expanding 1.1% last year, the euro zone's second-biggest economy is set to grow only 0.6% this year, the Bank of France forecast, revising its estimate down from 0.7% projected three months ago. The central bank estimated that U.S. tariff threats and associated economic uncertainty would cost the French economy 0.4 percentage points of GDP cumulatively through 2027, with half of that impact already factored into previous forecasts. Most of the hit to growth came not directly from tariffs, but rather the general climate of uncertainty around tariffs, the Bank of France said, adding its calculations were based on assumptions that tariffs would remain at the 10% level the Trump administration has threatened. "This unpredictability amplifies the French and European challenge of sluggish growth, which has existed for too long," Bank of France Governor Francois Villeroy de Galhau said in an interview with Les Echos business newspaper. The central bank said its monthly business climate survey suggested that the economy would grow only 0.1% in the second quarter, unchanged from the first quarter. Looking beyond this year, growth was expected to strengthen to 1.0% in 2026 and 1.2% in 2027, down from March projections of 1.2% and 1.3% respectively. This year economic activity would be supported by domestic demand and companies rebuilding low inventories, while foreign trade would weigh negatively on growth. The recovery in 2026 and 2027 would be driven by real wage gains boosting consumer demand while private investments - mainly home purchases - would benefit from lower interest rates. Inflation forecasts were also cut as lower power and oil prices weigh on the outlook with EU harmonized consumer price inflation expected to average only 1.0%, down from 1.3% previously. In 2026, inflation was seen at 1.4% and 1.8% in 2027, down respectively from 1.6% and 1.9%.
