Total has started to pursue deals more aggressively as oil prices stabilise and could acquire more assets in Abu Dhabi, including an increased stake in its onshore oil concession.
"We had two years where we were under constraint because of the oil price," said Patrick Pouyanné, Total's chief executive an interview with The National. "We are now out of this period and have more margin to manoeuvre."
The French oil major was the first to take a stake in the new Abu Dhabi Company for Onshore Oil Operations (Adco) concession at the beginning of 2015, when it paid US$2.2 billion for a 10 per cent stake and lead on two of the biggest oilfields, even as it led a wave of industry-wide cost-cutting amid slumping oil prices.
After BP’s share-swap deal last month and earlier stakes by Japan’s Inpex and a GS Energy of Korea, the final 12 per cent of Adco open to foreign buyers has been expected to go to a consortium of Chinese companies, with state-owned China National Petroleum Corp, as a technical partner and CEFC China Energy, a conglomerate, as a financial partner.
But last minute haggling over the terms of the $2.66bn deal has meant it remains competitive, giving Total the potential to increase its stake, according to well-placed industry sources.
Abu Dhabi is one of the most important areas in Total’s portfolio, one of its “core” regions, said Total’s chief executive, in Abu Dhabi for the Atlantic Council Global Energy Forum. “So, I am always looking for opportunities and we are there to be the partner, to bring our technology. We have many ideas to develop our business here.”
Total in the past two months has signed a spate of deals, including a new partnership with Brazil’s state oil company, Petrobras, which has been weakened by a corruption scandal. Total’s deal, for an initial $2.2bn, gives it two offshore fields in Brazil’s Santos Basin, as well as infrastructure assets, while Petrobras joins as an investment partner in Total’s Gulf of Mexico prospect.
Last week, Total paid $900 million to nearly double its stake to 55 per cent in the giant Uganda Lake Albert oil project, which is moving into development phase that will require $8bn in infrastructure spending.
Those deals followed Total’s controversial move to be the first Western oil major to sign with Iran since its nuclear sanctions were lifted, committing $2.2bn to help develop a new phase of the South Pars gas mega-complex. Most large oil companies have opted to stay away not only because of the uncertainty over sanctions but also because they wanted to avoid riling Iran’s Arab neighbours, with which Iran has a number of conflicts.
But Mr Pouyanné said the time is right to make bold moves.
“Our strategy is basically to benefit from these low prices,” he said. “We have done some deals – like in Brazil, like in Uganda, in Qatar and in Iran – because we think that is the right timing. You make the business when the price is low because the costs are low.”
Total has set a capital expenditure target of between $15bn and $17bn a year through 2020 but is flexible.
“Our balance sheet is even stronger so now it is time to stay disciplined, because the [oil] price is not very high, but at the same time we can use our balance sheet and our strength in order to have access to new deals,” said Mr Pouyanné.
In the region, Total also acquired a 30 per cent share of Qatar Petroleum’s 25-year Al Shaheen oil concession, which commences this July and commits Total to invest $2bn through 2022 to maintain its 300,000 barrels per day output.
Mr Pouyanné said Total would be interested in Iraq but only if the government makes radical changes to its contracts.
“Total was born in Iraq, you have huge resources there, so of course Total would love to do that but the contracts have been quite poor.
“I am open to see if there are more opportunities in Iraq but … today what was offered in Iraq was not at the level of our expectations on what we have obtained in Abu Dhabi, or Iran or Qatar.”
Iraq’s oil minister, Jabbar Al Luaibi, said in Abu Dhabi last week that he didn’t expect new contracts to be resolved until the end of the year.
amcauley@thenational.ae
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Confirmed%20bouts%20(more%20to%20be%20added)
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A cheaper choice
Vanuatu: $130,000
Why on earth pick Vanuatu? Easy. The South Pacific country has no income tax, wealth tax, capital gains or inheritance tax. And in 2015, when it was hit by Cyclone Pam, it signed an agreement with the EU that gave it some serious passport power.
Cost: A minimum investment of $130,000 for a family of up to four, plus $25,000 in fees.
Criteria: Applicants must have a minimum net worth of $250,000. The process take six to eight weeks, after which the investor must travel to Vanuatu or Hong Kong to take the oath of allegiance. Citizenship and passport are normally provided on the same day.
Benefits: No tax, no restrictions on dual citizenship, no requirement to visit or reside to retain a passport. Visa-free access to 129 countries.
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THE BIO
Occupation: Specialised chief medical laboratory technologist
Age: 78
Favourite destination: Always Al Ain “Dar Al Zain”
Hobbies: his work - “ the thing which I am most passionate for and which occupied all my time in the morning and evening from 1963 to 2019”
Other hobbies: football
Favorite football club: Al Ain Sports Club
Poacher
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COMPANY%20PROFILE
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World%20Food%20Day%20
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Mohammed bin Zayed Majlis
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY%20PROFILE
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'Panga'
Directed by Ashwiny Iyer Tiwari
Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta
Rating: 3.5/5
Barbie
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Greta%20Gerwig%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Margot%20Robbie%2C%20Ryan%20Gosling%2C%20Will%20Ferrell%2C%20America%20Ferrera%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3Cbr%3E%3C%2Fp%3E%0A
Company%20Profile
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UAE%20ILT20
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The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Take Me Apart
Kelela
(Warp)
$1,000 award for 1,000 days on madrasa portal
Daily cash awards of $1,000 dollars will sweeten the Madrasa e-learning project by tempting more pupils to an education portal to deepen their understanding of math and sciences.
School children are required to watch an educational video each day and answer a question related to it. They then enter into a raffle draw for the $1,000 prize.
“We are targeting everyone who wants to learn. This will be $1,000 for 1,000 days so there will be a winner every day for 1,000 days,” said Sara Al Nuaimi, project manager of the Madrasa e-learning platform that was launched on Tuesday by the Vice President and Ruler of Dubai, to reach Arab pupils from kindergarten to grade 12 with educational videos.
“The objective of the Madrasa is to become the number one reference for all Arab students in the world. The 5,000 videos we have online is just the beginning, we have big ambitions. Today in the Arab world there are 50 million students. We want to reach everyone who is willing to learn.”
UAE currency: the story behind the money in your pockets
Company%20Profile
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Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
TO%20CATCH%20A%20KILLER
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Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
Book%20Details
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if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
Company%20Profile
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