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| How The Majors Are Playing The Oil Price Slump | |
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There are different ways to play a down cycle. With oil prices half of what they were in 2014, revenues are significantly lower for everyone across the board. As a result, the oil industry has collectively implemented an estimated $114 billion in spending cuts. But oil executives are also trying to figure out how to grow over the next five or ten years. A few of them are trying to look past the period of low prices by pursuing big, long-term projects that have stable and long-term returns. That means more offshore oil and/or LNG, both of which have longer shelf-lives than shale.
Related: Oil Prices Won’t Recover Anytime Soon Says Exxon CEO French oil giant Total SA plans on buying up assets in LNG and offshore oil. “We are second to none on deep offshore and LNG and we have a clear strategy to keep and reinforce these strong points,” Yves-Louis Darricarrere, Total’s upstream president, said at a conference on April 22. It already has LNG assets in Australia and Papua New Guinea (it announced on April 22 that first shipments from its Papua New Guinea LNG project will begin in 2021) and is likely looking for more. Total has already undergone a major divestment campaign to shed assets that it feels are not suited for growth. Having whittled down its size, it is clearly eyeing acquisitions. “It’s a bit early for me,” Total’s CEO Patrick Pouyanne said, providing a bit of insight on Total’s strategy. “The opportunities will really come if oil prices remain low over a longer period. Then you will see real opportunities for major companies like Total.”
Related: A Closer Look At The World’s 5 Biggest Oil Companies While it may take some time, Total appears to be charting a course similar to that of Royal Dutch Shell, although perhaps on a smaller scale. Shell made a big splash by agreeing to pay $70 billion to purchase BG Group, the largest purchase in a decade. The move is a big bet on the future of LNG as BG Group adds several LNG-producing assets to Shell’s portfolio, particularly in Australia. It also will provide Shell with offshore oil fields off the coast of Brazil. In order to finance the deal, Shell will have to sell off some of its other possessions, leaving the yet-to-be-formed Shell-BG company comparatively more invested in LNG and offshore oil. |
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TOTAL
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PRODUCTEUR |
CODE : FP.PA |
ISIN : FR0000120271 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
TOTAL est une société de production minière et de pétrole basée en France. TOTAL est productrice de gaz au Trinidad. Son principal projet en production est ANGOSTURA GAS au Trinidad. TOTAL est cotée au Royaume-Uni, aux Etats-Unis D'Amerique, en Allemagne et en France. Sa capitalisation boursière aujourd'hui est 96,8 milliards €UR (118,3 milliards US$, 96,9 milliards €). La valeur de son action a atteint son plus bas niveau récent le 04 juin 1993 à 10,01 €UR, et son plus haut niveau récent le 02 juin 2021 à 39,69 €UR. TOTAL possède 2 440 058 000 actions en circulation. |