French oil major Total’s Q2 profits jump on new record output

The French group said second quarter adjusted net profit soared 44 percent to $3.6 billion, compared with analysts’ estimates of $3.4 billion. (Reuters)
Updated 26 July 2018
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French oil major Total’s Q2 profits jump on new record output

PARIS: Oil and gas major Total reported better-than-expected results in the second quarter thanks to new record oil production and high oil prices, which enabled it to raise its output and savings targets for 2018.
The French group said second quarter adjusted net profit soared 44 percent to $3.6 billion, compared with analysts’ estimates of $3.4 billion.
Oil production rose by 8.7 percent to 2.717 million barrels of oil equivalent per day, the highest ever produced in a quarter, driven by the early completion of its Maersk Oil deal and the ramp-up of several projects including Yamal LNG in Russia and Moho Nord in Congo.
Total also raised its oil production growth target to 7 percent in 2018 from 6 percent previously, expecting a strong boost from the start-up of production in Angola’s Kaombo North, Nigeria’s Egina and Ichthys LNG in Australia.
Total said its cost savings measures were on track to surpass the $4 billion target, to reach $4.2 billion over the 2014-2018 period.


Gulf countries strengthen oil coordination amid tensions: Kuwait

Updated 20 May 2019
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Gulf countries strengthen oil coordination amid tensions: Kuwait

  • ‘It is normal amid this escalation that Kuwait and the Gulf Cooperation Council countries take these steps’
  • Kuwait was in ‘constant contact’ with its ally, the US

KUWAIT CITY: Kuwait’s deputy foreign minister said countries in the Gulf have strengthened coordination to provide oil to global markets amid increased regional tensions.
“It is normal amid this escalation that Kuwait and the Gulf Cooperation Council (GCC) countries take these steps,” Khalid Al-Jarallah told reporters late Sunday on the sidelines of a Ramadan sit-down organized by the Iraqi embassy.
“There is cooperation and coordination between Kuwait and the Gulf countries to provide guarantees for oil tankers and continuous supply of energy to global markets.”
Jarallah’s comments come days after sabotage attacks against tankers in highly sensitive Gulf waters and the bombing of a Saudi pipeline — the latter claimed by Iran-aligned Yemeni rebels.
Both attacks targeted routes built as alternatives to the Strait of Hormuz, the conduit for almost all Gulf exports.
The US Fifth Fleet headquartered in Bahrain said the six-nation Gulf Cooperation Council began “enhanced security patrols” Saturday in international waters, in “tight coordination with the US navy.”
Iran has repeatedly threatened to close the strait in case of war with the United States, which earlier this month announced it was sending an aircraft carrier and strike group to the region.
Kuwait’s deputy foreign minister said “tension was escalating quickly” but he remained hopeful.
He added Kuwait was in “constant contact” with its ally, the US.
On Saturday, OPEC giant Saudi Arabia called for urgent meetings of the GCC and the Arab League to discuss recent “aggressions and their consequences” in the region.
The two summits are scheduled to be held in Makkah on May 30.
Jarallah welcomed the kingdom’s invitation, saying Kuwait was keen to take part in discussions on issues “potentially dangerous” to the region.