Latest news with #MikeSangster
Zawya
20-05-2025
- Business
- Zawya
South Africa: TotalEnergies to Drill in 2026, Regulatory Reform Gains Momentum
TotalEnergies is preparing to begin offshore drilling in South Africa in 2026, pending final regulatory approvals, according to Mike Sangster, the company's SVP for Africa Exploration&Production. Speaking at the Invest in African Energy Forum in Paris, Sangster emphasized the company's ambition to expand its multi-energy strategy on the continent, with South Africa poised to play a central role in that vision. The announcement coincides with significant legislative developments in South Africa's oil and gas sector. In April, the government published the draft regulations for the Upstream Petroleum Resources Development Act, inviting public comment and signaling a renewed commitment to reform. The regulations will outline the procedures for implementing the Act – approved in November but not yet in effect – ushering in a more modern, investor-oriented framework for hydrocarbon exploration and production. Establishing a Fit-for-Purpose Framework For years, the lack of a clear and sector-specific legal framework has impeded South Africa's ability to attract sustained exploration activity and unlock its offshore potential. The Upstream Petroleum Resources Development Act aims to rectify this by establishing transparent licensing systems, defining state and Black Economic Empowerment participation and clarifying production-sharing mechanisms. Crucially, the Act seeks to create an enabling environment that balances investor interests with national development goals. It provides detailed guidance on the application and granting of exploration and production rights, introduces more predictable fiscal terms and offers mechanisms to manage environmental and social responsibilities. By aligning South Africa's regulatory framework with international best practices, the government is positioning the country to compete more effectively for operator capital, particularly as global exploration budgets become more selective and carbon-conscious. Igniting Interest in the Orange Basin South Africa's offshore acreage, particularly in the Orange Basin, has been gaining momentum on the back of transformational discoveries in neighboring Namibia. Within South African waters, the Brulpadda and Luiperd finds in Block 11B/12B remain the most commercially significant to date, estimated to hold more than 600 million barrels of oil equivalent. While TotalEnergies has since exited the block, citing internal portfolio shifts, the company's re-engagement with the broader South African market suggests continued belief in the basin's long-term potential. Last August, TotalEnergies officially became operator of offshore exploration Block 3B/4B, positioned southeast and on trend with neighboring oil discoveries, including the company's Venus discovery in Namibia. The Orange Basin represents one of the last untapped frontiers capable of delivering large-scale oil and gas volumes. With a more supportive regulatory backdrop taking shape, South Africa is well-positioned to attract the kind of deepwater investment needed to de-risk its acreage and build out its domestic gas infrastructure — a critical step toward energy security and industrial growth. Positioning South Africa for Investment at AEW 2025 As the government works to implement the Upstream Petroleum Resources Development Act, African Energy Week (AEW) 2025: Invest in African Energies in Cape Town offers a high-profile platform to promote the country's renewed upstream vision. AEW is expected to convene regulators, IOCs and service companies to discuss the commercial implications of the legislative overhaul and chart a path forward for exploration and development in South Africa. 'For companies like TotalEnergies – whose multi-energy strategy includes natural gas, renewables and decarbonized operations – a stable and transparent regulatory framework is key. Sangster's statement reflects growing confidence in South Africa's policy direction, and signals to the broader investor community that the country is preparing to welcome a new wave of responsible, large-scale investment,' says NJ Ayuk, Executive Chairman, African Energy Chamber. AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event. Distributed by APO Group on behalf of African Energy Chamber.
Zawya
14-05-2025
- Business
- Zawya
TotalEnergies' Mike Sangster Talks Multi-Energy Strategy at Invest in African Energy (IAE) 2025
Mike Sangster, Senior Vice President for Africa at TotalEnergies, outlined the company's multi-energy strategy in Africa at the Invest in African Energy (IAE) 2025 Forum in Paris. Speaking during a one-on-one conversation with America Hernandez, Energy Correspondent at Reuters, Sangster said that the company is committed to producing more energy in a sustainable manner. In the oil sector, TotalEnergies continues to invest in established markets such as the Republic of Congo and Angola as well as in emerging markets such as Namibia, Uganda and South Africa. According to Sangster, TotalEnergies' African portfolio constitutes half of the company's operated production globally. 'The largest part of our exploration budget is also in Africa,' he said. In South Africa, the company hopes to start drilling in 2026. The company is currently awaiting the requisite permits. In Namibia, the company is spearheading efforts to produce first oil by 2029 through its Venus project. A field development plan is currently underway, with plans to make a final investment decision by Q4, 2026. Given the complexity of the deepwater project, Venus will target oil production. 'The site is extremely remote, 300 km offshore and at a depth of 1,900 m,' Sangster said, highlighting that much of the associated gas discovered would need to be reinjected. Monetizing Africa's natural gas resources through LNG deployment and flare reduction represents a core part of TotalEnergies' African strategy. 'Part of our growth target is focused on LNG,' Sangster stated, adding that 'we finished routine flaring in Nigeria, Gabon and Angola. In the Republic of Congo, we will eliminate flaring this year.' In Nigeria, TotalEnergies is ramping up gas investments to support both local energy needs and exports. 'It's important to monetize gas and its reservoirs,' Sangster noted. 'In Nigeria, there are significant reserves and we are actively developing this sector. There are high-quality fields that can also serve export markets.' Beyond oil and gas investments, TotalEnergies' broader energy strategy includes the development of renewable energy projects. Sangster reiterated TotalEnergies' rebranding from an oil major to a multi-energy company, stating that 'It makes sense to expand integrated energy activities. We have invested in renewables, green hydrogen and even mining in Africa. The future of our industry is integrated energy combined with new technologies to meet growing demand sustainably.' Meanwhile, TotalEnergies is committed to supporting capacity building across the markets in which it operates. Sangster explained that through projects such as Tilenga, TotalEnergies 'has generated around 20,000 direct jobs in Uganda and Tanzania. We are also training 200 local people. These are high-paying jobs that will be there for the next 20 years.' In Nigeria, TotalEnergies works closely with local educational institutions to transfer skills and enhance capacity building. 'In Nigeria, we have the Petroleum Institute, and we're fully committed to developing [capacity] in the country,' Sangster said. These initiatives not only support the development of projects, but create tangible opportunities for local communities. Distributed by APO Group on behalf of Energy Capital&Power.
Reuters
13-05-2025
- Business
- Reuters
TotalEnergies aiming to drill in South Africa next year, says executive
PARIS, May 13 (Reuters) - French oil major TotalEnergies ( opens new tab is hoping to drill in South Africa next year, once it gets permits, senior vice president for Africa, Mike Sangster, told a conference on Tuesday. The company holds exploration rights over four offshore blocks in the country.
Yahoo
20-03-2025
- Business
- Yahoo
TotalEnergies EP Gabon: 2024 Financial Results
PORT-GENTIL, Gabon, March 20, 2025--(BUSINESS WIRE)--Regulatory News: The Board of Directors of TotalEnergies EP Gabon (Paris:EC) meeting on March 20, 2025, under the chairmanship of Mike Sangster, chairman of the Board of Directors, approved the Company's financial statements for 2024 financial year. During the year 2024, the Company present a net income of $91 million and a cash from operation of $312 million, against $26 million and $226 million in 2023, in a less favorable price environment. The crude oil production related to TotalEnergies EP Gabon's interests amounted 17 thousand barrels per day, up 8% compared to 2023. The Board of Directors, considering the Company's residual level of distributable earnings and confident in the strength of its balance sheet, particularly with the absence of debt, has decided to propose to the Ordinary General Meeting of Shareholders, convened on May 16, 2025, an ordinary dividend of $22.22 per share, or $100 million for all shareholders. This dividend will be payable in euros (or its equivalent in CFA francs) based on the euro/dollar exchange rate on the date of the Shareholders' Meeting. Main Financial Indicators 2024 2023 2022 2024 vs 2023 Average Brent Price $/b 80.8 82.6 101.3 -2% Average TotalEnergies EP Gabon crude price (1) $/b 77.2 77.5 94.2 - Crude oil production from fields operated by TotalEnergies EP Gabon kb/d (2) 17.0 15.8 15.8 +8% Sales volumes (3) Mb (4) 5.7 5.4 5.1 +6% Revenues (5) M$ 465 444 521 +5% Cash flow from Operations (6) M$ 312 226 225 +38% Net investments M$ 60 86 101 -30% Net income M$ 91 26 340 x3.5 (1) The crude price calculation excludes profit oil reverting to the Gabonese Republic as per production sharing contracts, these barrels being handed over in kind to the host state. (2) kb/d: Thousand barrels per day (excluding gas production). (3) Sales volume excludes profit oil reverting to the Gabonese Republic as per production sharing contracts, these barrels being handed over in kind to the host state. (4) Mb: Million of barrels. (5) Revenue from hydrocarbon sales and services (transportation, processing and storage), including profit oil reverting to the Gabonese Republic as per production sharing contracts. (6) Funds generated from operations are comprised of the operating cash flow, the gains or losses on disposals of assets and the working capital changes. 2024 Results Selling price Over 2024 year, the average Brent price reached $80.8/b, down 2% compared to 2023 year ($82.6/b). The average selling price of the quality of crude oil marketed by TotalEnergies EP Gabon amounted to $77.2/b in 2024, slightly down compared to 2023 ($77.5/b). Production The TotalEnergies EP Gabon crude oil production amounted to 17.0 kb/d, up 8% compared to the previous year (15.8 kb/d). This production increase is driven by improved operational efficiency and the results from the wells interventions campaign which enable to offset the natural decline of the fields. Revenues In 2024, the revenues amounted $465 million, up 5% compared to 2023 ($444 million) mainly due to the increase of TotalEnergies EP Gabon crude oil marketed volumes (+6%), offsetting the slight decrease in TotalEnergies EP Gabon crude oil marketed average prices. Cash flow from Operations TotalEnergies EP Gabon generated a cash flow from operations of $312 million in 2024, up 38% compared to 2023 ($226 million). It's impacted positively by the gross margin increase (+$25 million), lower operating and non-operating costs (+$15 million), higher interests on cash deposits (+$3 million) and working capital variation (+$80 million) between the two periods compared. These effects are partially offset by the increase of site restitution costs (-$22 million) and current tax (-$15 million). Net investments Petroleum investments amounted to $60 million in 2024, down 30% compared to 2023 ($86 million). For the year 2024, it essentially includes the wells interventions campaign, integrity works on the sites, the operations related to the reduction of emissions on the Company activities. In 2023, these investments were including the cost of the five-year shutdown on the Anguille site. Net income Net income for 2024 year was $91 million, against $26 million in 2023. This significant improvement of net income in 2024 is due to the absence of exceptional asset depreciation (+$ 96 million in 2023) and the positive impacts of the gross margin increase ($+25 million), lower operating and non-operating costs (+$15 million) and higher interests on cash deposits (+$3 million). These positive effects are partially offset by the increase of tax charge (-$46 million) and the depreciation charges and financial provisions (-$28 million) excluding exceptional asset depreciation. Highlights since the beginning of fourth quarter 2024 Budget project for 2025 The Board of Directors reviewed and approved the proposed budget for the year 2025. About TotalEnergies EP Gabon TotalEnergies EP Gabon is 58.28% owned by TotalEnergies SE, 25% by the Gabonese Republic and 16.72% by the public. About TotalEnergies TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable, and more sustainable. Active in about 120 countries, TotalEnergies place sustainability at the heart of its strategy, its projects and its operations. TotalEnergies on social media X : @TotalEnergies LinkedIn : TotalEnergies Facebook : TotalEnergies Instagram : TotalEnergies Cautionary Note The terms "TotalEnergies", "TotalEnergies company" or "Company" in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words "we", "us" and "our" may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. TotalEnergies SE has no liability for the acts or omissions of these entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies' financial results or activities is provided in the most recent Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC). View source version on Contacts Contacts TotalEnergies EP Gabonactionnariat-epgabon@ Media Relations : +33 (0)1 47 44 46 99 l presse@ l @TotalEnergiesPR Investor Relations : +33 (0)1 47 44 46 46 l ir@ Sign in to access your portfolio
Zawya
05-03-2025
- Business
- Zawya
TotalEnergies' Mike Sangster to Headline Invest in African Energy Forum in Paris
Mike Sangster, Senior Vice President for Africa at TotalEnergies, will deliver a keynote address at the Invest in African Energy (IAE) Forum in Paris this May. Sangster will also participate in an exclusive fireside chat, offering critical insights into the company's vision for Africa's energy future, its ongoing projects and the evolving role of oil and gas in the continent's energy mix. TotalEnergies continues to drive oil and gas development across Africa, with a strong focus on both emerging and mature markets. In Namibia, the company is advancing its Venus-1 discovery, targeting first oil by the decade's end, with an FID expected in early 2026 for a development producing 150,000 barrels per day. TotalEnergies is also exploring additional prospects in the Orange Basin, having recently drilled the Marula-1X and Tabmoti-1X wells. In the Republic of Congo, the company is investing $600 million to expand deepwater production at the Moho Nord field, while in Libya, it plans to complete an onshore exploration project and lead new drilling campaigns in the Waha and Sharara fields in 2025. IAE 2025 ( is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 13-14, 2025 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit To sponsor or participate as a delegate, please contact sales@ Meanwhile, TotalEnergies is expanding its gas processing and midstream infrastructure across Africa, strengthening its role in the continent's evolving energy landscape. In Mozambique, the company is progressing with the Mozambique LNG project, a $20 billion development expected to secure renewed financial backing from export credit agencies. I Uganda, TotalEnergies is gearing up for first oil from its Tilenga field in 2025, with crude transported via the East African Crude Oil Pipeline (EACOP). Once operational, EACOP will be the longest heated crude oil pipeline globally, significantly enhancing East Africa's ability to monetize its hydrocarbon resources and attract further investment into the region's energy sector. TotalEnergies is also expanding its renewable energy footprint in Africa through strategic investments in solar, wind, hydropower and green hydrogen. The company is advancing its 500 MW Sadada solar project in Libya and acquired Scatec's hydropower portfolio on the continent in July 2024, including the 250 MW Bujagali Hydropower Plant in Uganda and stakes in projects in Malawi, Rwanda and the DRC. In South Africa, TotalEnergies is constructing a 216 MW solar plant with battery storage, along with a 140 MW wind farm and a 120 MW solar facility, set to supply green electricity to Sasol's industrial operations. In Morocco, the company is developing the Chbika project, a 1 GW wind and solar farm designed to produce 200,000 metric tons of green ammonia annually for export to Europe. These initiatives align with TotalEnergies' strategy to integrate renewables into its portfolio while supporting Africa's energy transition. Sangster's participation at IAE 2025 comes at a pivotal time for Africa's energy sector, as investors and policymakers navigate a shifting global energy landscape. His keynote address and fireside chat will provide valuable perspectives on the role of private investment in African energy, strategies for unlocking new upstream opportunities and how TotalEnergies is adapting to the continent's long-term energy needs. Distributed by APO Group on behalf of Energy Capital&Power.
