TotalEnergies to sell Bonga field interest for $510 million
TotalEnergies EP Nigeria will divest its non-operated 12.5% interest for $510 million, the group said in a statement.
"TotalEnergies continues (...) to focus on assets with low technical costs and low emissions, and to lower its cash breakeven" said Nicolas Terraz, President Exploration & Production at TotalEnergies.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Herald Scotland
5 hours ago
- The Herald Scotland
Nothing just or orderly about transitioning to the dole
As deals go, it was fairly uncontroversial and did no raise much publicity, but it, perhaps, further illustrates Aberdeen's steep economic decline. For the Woodbank is currently owned by Shell and has 21 bedrooms, seven meeting rooms, private dining rooms and a sports centre. Only Shell staff and executives could use the facility and was widely used as thousands of workers started moving to the North-east during the height of the oil boom. But now it is surplus to requirements by the oil giant which like other industry majors are turning their back on the North Sea due to dwindling reserves and punitive taxes that make it not worth their while drilling for it. Last year, US oil giant Chevron announced it will close its office in Aberdeen, as it leaves the North Sea after more than 50 years. The multinational energy corporation is active in 180 countries, and boasted revenues of $200billion (£145bn) in 2023. Last year, Chevron announced that it would sell its remaining North Sea assets amid declining production. Chevron was one of the first companies to invest in North Sea oil, with drilling beginning in the early 1970s. How bad things have got was recently highlighted with figures showing that more than 13,000 Scots oil and gas jobs have been lost in the space of just one year, while more than 40% of the UK's energy needs is being imported. BrewDog pub closures should act as a warning to Starmer Nothing about the A9 dualling project suggests momentum Ms Hyslop Scotland needs more workers - here's how we attract them It is high time that irresponsible campervan users are taxed off the NC500 I have walked amongst Scotland's largest seagulls - and they are a menace According to the trade association Offshore Energies UK (OEUK), the number of jobs both directly and in the broader supply chain in North Sea oil and gas has dropped by nearly half since 2013, from 117,900 to just 60,700 in 2023. In the last full year tracked, there was a loss of 13,400 jobs, with hundreds more expected to be shed with the closure of Scotland's only oil refinery. Aberdeen's main thoroughfare Union Street currently has one in four shops lying empty as highly paid workers leave the city for greener pastures. Is this what politicians mean when they refer to a just transition? I'm not sure the near 60,000 people who have lost their jobs in the industry over the past decade at the altar of Net Zero would say anything about it being just for them. According to the official definition, a 'just transition' refers to a shift towards a sustainable, low-carbon economy that is fair and inclusive, ensuring that no one is left behind in the process. But while all the jobs have been lost in the North Sea, Department for Energy Security and Net Zero (DESNZ) analysis for the first quarter of this year shows that net energy import dependency, which measures how much the UK needs to buy in after accounting for exports, is at 47%. This is nearly 10% more than in 2019 – when net import dependency was at 38.7%. Overall, energy production in the first three months of this year is 25% lower than in the pre-pandemic year of 2019. It is no surprise then that the offshore energy industry trade group has called on UK ministers to give greater support for North Sea production, insisting it is not incompatible with net zero aims – contrary to environmental group narratives. But the UK Government has been standing firm on the denial of future oil and gas exploration licences, which it was felt was required to meet global warming targets. This steadfast principle has partly led to Scotland losing on average 37 oil and gas jobs every day. So much for the old adage that we're all in this together. The OEUK has told the UK Government that issuing no new oil and gas licences for the exploration of new fuels will result in the UK being more reliant on imports of oil and gas to meet energy demands. They warned in a briefing: 'This is not in the national interest, and undermines UK energy security and climate goals.' Their analysis says that UK Government advisers, The Climate Change Committee (CCC), estimate the UK will require 13-15 billion barrels of oil and gas equivalent (boe) in the period 2025 to 2050 to meet its energy needs. But they say the North Sea Transition Authority forecasts the UK to produce only four billion barrels of oil and gas in the period 2025 to 2050, less than one third of the 'balanced path' for net zero transition. They warn that importing energy takes away support for production at home to supply the Scottish and UK economy, with the spin-off of endangering jobs and therefore less tax to the Treasury. But it also says that relying on imported energy instead of domestic North Sea supplies can increase the carbon footprint by up to four times, because it has to be transported. Oil workers pay quite a bit of tax too and certain specialists will have simply moved away to other oil producing areas and pay tax there instead. In the midst of this, artists including Paloma Faith, Lola Young and The Cure's Robert Smith have urged the Prime Minister to reject future drilling at Rosebank in the North Sea. In a letter addressed to Sir Keir Starmer, the musicians argued that further development of the oil field north west of Shetland would undermine the UK's climate commitments and the sustainability of the cultural sector. The letter urges the Government to follow the science and states, 'any new application to exploit Rosebank's reserves must be refused'. Sadly, give the form of previous administrations, ministers will probably put more weight on the opinions of singers rather than their own advisors and the industry. Everyone knows the world must wean itself off fossil fuels and great strides gave already been made but it's not an overnight quick fix. We still have to get it from somewhere - so why not here? Once these jobs have gone, they've gone and there is nothing just or orderly about it.
Reuters
8 hours ago
- Reuters
Uganda targets higher exports with first large-scale gold mine
KAMPALA, Aug 17 (Reuters) - Uganda has inaugurated its first large-scale gold mine, a $250 million Chinese-owned project in the country's east that will also refine the bullion to 99.9% purity, according to a statement from the president's office. The landlocked east African country, which has a variety of minerals including copper, cobalt and iron ore, wants to expand its mining industry and position itself as a major gold producer and exporter. Last year Uganda raised $3.4 billion from gold exports, according to central bank data, about 37% of the country's total export revenue. The figure includes the re-export of gold brought into the country, with nearly all its domestic production from small-scale artisanal miners. While its gold export earnings have increased in recent years, it is still far behind Africa's largest bullion producer Ghana, which raised $11.6 billion from shipments of the metal last year. "In order to wake up in the minerals sector, we must have full value addition for all minerals like gold, lithium, tin among others," President Yoweri Museveni said in a statement issued late on Saturday. The Wagagai Gold Mining Project, owned by Wagagai Mining (U) Limited and covering just over nine square kilometres in Busia district, was inaugurated by Museveni on Saturday. The plant, which has started operations, is expected to process 5,000 tons of gold ore per day and produce about 1.2 metric tons of refined gold a year, according to the statement. That compares to Uganda's total domestic production of just 0.0042 tons in 2023. Uganda will use the revenue generated by exporting gold to develop assets such as power stations and the country's railway, Museveni said. Landlocked Uganda is currently constructing a 2.7 billion euro ($3.16 billion) standard gauge railway to reduce the cost of transporting its exports and imports via neighbouring Kenya. ($1 = 0.8549 euros)
Reuters
2 days ago
- Reuters
Isuzu plans South Africa as hub for African truck production
GQEBERHA South Africa, Aug 15 (Reuters) - The South African arm of Japanese automaker Isuzu Motors (7202.T), opens new tab aims to be the manufacturing hub of commercial trucks for the African market, helping it increase volumes and locally sourced parts, its president said on Friday. Billy Tom, President and CEO of Isuzu Motors South Africa told Reuters he has been engaging with Japan on the plan. "We're saying to them, instead of producing vehicles in Japan, you've got a facility in Africa. We can produce the vehicles here," Tom said. Isuzu has done some successful trials of manufacturing a truck and its body locally, Tom said. Some of its truck bodies are imported from countries like China and the Middle East. The company's South African plant manufactures Isuzu D-MAX pickup trucks, assembles medium-heavy and extra-heavy commercial trucks and imports the Isuzu MU-X SUV for distribution to African markets. Its export volumes for trucks into the rest of Africa are very limited but it exports its pickups to more than 30 African countries. "So we've targeted West Africa as a starting point and then we'll see how it goes," Tom said. "We've been looking for opportunities in the African business. About six years ago 15% of my volumes were in Africa. That number is now 22% to 23%. Our ambition is to get that number to 45%." Tom is hoping to take advantage of the African Continental Free Trade Area, ratified by 49 countries and launched in 2021, though less than half the member states actively trade under the framework of zero tariffs. The big seven car companies manufacturing in South Africa including Volkswagen ( opens new tab, Toyota (7203.T), opens new tab and Mercedes-Benz ( opens new tab are looking at ways to safeguard their production volumes as the influx of imports, especially from China, threaten the local industry. South Africa's automotive masterplan has set a target of 60% local content by 2035 but has remained stagnant at 39%, Minister Parks Tau told delegates earlier in the week at an auto parts conference. The plan also targets between 1.3 million and 1.5 million vehicles produced in South Africa by 2035 from a current average of 600,000 units. "That threat of deindustrialization is there and probably getting bigger as well, because if you look at the growth of what is imported into the country, that number is growing," Tom said. Some 64% of vehicles sold in the country are imports, and Tau has said that through the country's international trade administration body, his department will probe the impact of automotive imports on local production.
