Fermer X Les cookies sont necessaires au bon fonctionnement de 24hGold.com. En poursuivant votre navigation sur notre site, vous acceptez leur utilisation.
Pour en savoir plus sur les cookies...
Cours Or & Argent

TOTAL

Publié le 25 septembre 2015

Eni's winning gas streak leaves competition chafing

( 0 vote, 0/5 ) Imprimer l'article
  Article Commentaires Commenter Notation Suivre la société  
0
envoyer
0
commenter
Mots clés associés :   Kazakhstan | Mozambique | Trillion | Venezuela |

Eni's winning gas streak leaves competition chafing

* Zohr success due to different geology approach - CEO

* Eni took gamble on Zohr - rival insider

* Eni has discovered over 10 bln barrels in 7 years

* http://link.reuters.com/tag65w

* http://link.reuters.com/caz65w

By Stephen Jewkes

MILAN, Sept 25 (Reuters) - Eni's giant Zohr gas find in Egypt this month, a gamble taken under the noses of competitors, marked the Italian major's rapid rise to preeminence in the hunt for big new fields.

Its risk-taking new leadership went ahead with what rivals described as an opportunistic drilling plan, leaving peers BP , BG, Royal Dutch Shell and Total regretting they missed a golden opportunity.

Zohr is Eni's fifth major oil and gas discovery in just 3 years giving it the best track record in reserve replacement as well as one of the lowest cost bases.

The 30 trillion cubic feet gas field, the biggest ever discovery in the Mediterranean, pleased investors, vindicating CEO Claudio Descalzi's new strategy of revisiting mature basins where infrastructure and know-how are already in place and where new in-house technologies and geological skills can be used to discover more.

But it left some majors with a bitter taste. The field used to be part of a huge block where Shell sunk wells, all of which turned out dry or non-commercial. The area was later repackaged and offered to others, including Eni and BP.

Earlier this year Eni opened a data room to find a partner to help develop Zohr. None of those that participated made a bid before the room closed in July -- just one month before Eni made its drilling breakthrough.

"BP, BG, Total and Edison all went into the data room but made no offer because they simply didn't believe in it," two sources close to the matter said.

The companies declined to comment but an insider at a rival major said it had not been straightforward. Eni had been opportunistic and taken a gamble by choosing to use 2D rather than more sophisticated 3D seismic data testing.

"No one took the risk to join. Obviously everyone is regretting it now but it was turned down because it wasn't slam dunk," the source said.

Descalzi, a trained reservoir engineer who took over as CEO in May last year, put Eni's success in Egypt down to the different sequencing models it used based on experience gleaned by its discovery team elsewhere.

"We were looking for different geological sequences, not the classical sand reservoir but a carbonate reservoir, the same model as in our finds in Venezuela and Kazakhstan," he said.

A pitch to the broader industry had been made earlier. Last year, Eni's exploration chief Luca Bertelli publicly presented a paper at the oil and gas conference in Alexandria laying out in detail the geology of the area and its potential.

DIVIDENDS CONCERN

In the last 7 years Eni has discovered more than 10 billion barrels of oil equivalent, equal to 2.5 times its production, with a 2014 organic reserves replacement ratio of 112 percent, well above peers.

The new finds have cheered investors with the prospect of cash flow from higher production and the sale of prize acreage -- not just the wholly owned Zohr, valued by Italian investment house Mediobanca at up to 5 billion euros, but in Mozambique and Congo too.

But though Eni was the first major to cut its dividend last year to ease a stretched balance sheet, doubts still remain on the thorny question of returns.

"The key concern is dividends for the next 2-3 years which will need divestments to be covered. If they don't deliver something in the next 3-6 months then there could be another cut on the horizon," said Jason Kenney, oil analyst at Santander.

The 60-year-old Descalzi, head of E&P before nomination to the top spot last year by the government of Matteo Renzi, is looking to turn Eni into a leaner exploration-focused animal and has put the emphasis on simple conventional projects in emerging basins or legacy assets.

This comes after an operational disaster under the previous management at the very complex giant Kashagan project in Kazakhstan. The $50 billion development has seen a decade of delays and cost overruns and Eni was ultimately stripped of the operatorship by its fellow partners Shell and Exxon.

"Zohr is top quality clean gas that can be gotten to market fast. It costs one third that of the Arctic and a fifth that of fracking," says Davide Tabarelli, head of energy think tank Nomisma Energie.

Crucially, Descalzi has made sure discovery budgets remain flush and made sure there are more Eni engineers on site to get a better grip on projects.

Eni has traditionally held the discovery side of its business in high esteem. So much so that many of the streets around the group's Milan headquarters in San Donato are named after famous geologists.

(Additional reporting by Dmitry Zhdannikov and Oleg Vukmanovic, editing by William Hardy)

Lire la suite de l'article sur finance.yahoo.com
Données et statistiques pour les pays mentionnés : Kazakhstan | Mozambique | Venezuela | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Kazakhstan | Mozambique | Venezuela | Tous

TOTAL

PRODUCTEUR
CODE : FP.PA
ISIN : FR0000120271
Suivi et investissement
Add to watch list Add to your portfolio Add or edit a note
Ajouter une alerte Ajouter aux Watchlists Ajouter au portefeuille Ajouter une note
ProfilIndicateurs
de Marché
VALEUR :
Projets & res.
Communiqués
de Presse
Rapport
annuel
RISQUE :
Profile actifs
Contactez 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.

Votre avis nous interesse, merci de laisser un commentaire ou de noter cet article.
Evaluer : Note moyenne :0 (0 vote) Voir les mieux notés
 
Projets de TOTAL
22/01/2016[$$] Moody's places 175 resources companies on downgrade wat...
Communiqués de Presse de TOTAL
29/07/2016Seminole Management Loaded Up On These 5 Stocks in Q2
28/07/2016Thursday’s Hottest Earnings Reports: Cabelas, Total SA, Bung...
28/07/2016France's Total profit falls 30 percent due to oil price drop
07/07/2016SunPower Awarded 76 Percent of France's ZNI Tender
26/05/2016Colbún Awards 15-Year Contract To Total And SunPower
24/03/2016ISE Group, Total And SunPower Corporation To Build Solar Pow...
01/02/2016S&P downgrades Shell to A+/A-1; keeps door open to further d...
28/01/2016[$$] Rouhani and Hollande shift from 'old bitterness' to new...
28/01/2016Total of deals signed between France, Iran worth 15 bln euro...
25/01/2016Russian economy minister says discussed Yamal LNG financing ...
16/01/2016Iran frees American prisoners as international sanctions to ...
18/12/2015Nigeria awards new crude for product swap deals to four refi...
17/12/2015Russia's Putin pledges further support for Yamal LNG
16/12/2015Cowen Out With 3 Top-Yielding Mega-Cap Energy Picks for 2016
08/12/2015Oil price plunge revives fears of dividend cuts
05/12/2015Amgen, Inc. (AMGN): Are Hedge Funds Right About This Stock?
03/12/2015Gas industry promotes its environmental benefits in cities
26/11/2015Is British American Tobacco PLC (ADR) (BTI) Going to Burn Th...
20/11/2015How Total SA Outperformed Société Generale in October 2015
31/10/2015Russian minister says Yamal LNG has high chance of attractin...
29/10/2015Edited Transcript of FP.PA earnings conference call or prese...
29/10/2015Murphy Oil Q3 Loss Narrower than Expected, Revenues Beat
29/10/2015Total reports steep drop in third quarter earnings
29/10/2015Total beats forecast, raises production target
20/10/2015Angola to export 1.80 million bpd of crude in December-loadi...
05/10/20155 Commodity Stocks Marching Higher in October
29/09/2015Total targets 8 percent of French B2B electricity market
25/09/2015The clandestine art of raising dividends
25/09/2015Eni's winning gas streak leaves competition chafing
23/09/2015Total: the right cut?
23/09/2015Total slashes billions of dollars in oil project spending
22/09/2015Suncor Energy Buys Additional Stake in Fort Hills from TOTAL
21/09/2015Total sells 10 pct of Fort Hills project to Canada's Suncor
21/09/2015Total sells 10 pct holding in Fort Hills to Suncor Energy
10/09/2015French firms trail in economic rush to Iran - executive
02/09/2015The Zacks Analyst Blog Highlights: Schlumberger, Cameron Int...
28/08/2015TOTAL's (TOT) U.K. Midstream Asset Sale to Fetch $905M
28/08/2015PRESS DIGEST- Financial Times - Aug 28
27/08/2015North Sea oil: northern exposure
27/08/2015French oil major Total to sell $900m of North Sea assets
13/08/2015TOTAL Fails to Gain from Production Boost, Low Prices Hurt
05/08/2015Devon Energy Beats on Q2 Earnings; Cuts Capital Cost View - ...
03/08/2015Noble Energy Beats on Q2 Earnings, Revenues Fall Short - Ana...
31/07/2015EU's Mogherini seeks talks with Iran on energy, trade by ear...
30/07/2015Murphy Oil Q2 Loss Narrower than Expected, Revenues Beat - A...
29/07/2015Fabius, visiting Tehran, invites Rouhani to France
29/07/2015Edited Transcript of FP.PA earnings conference call or prese...
29/07/2015TOTAL Q2 Earnings Beat Estimates, Down Y/Y on Oil Plunge - A...
29/07/2015Energy company Total profit slips in 2nd quarter
29/07/2015Total Announces Its Second Quarter 2015 Interim Dividend
29/07/2015SSE buys stake in North Sea gasfield in £565m deal with Tota...
06/07/2015Total: Scripping and saving
05/07/2015Oil majors must change their Jekyll and Hyde climate policy
29/06/2015France bets on Arab Sunni states as Iran nuclear deal nears
24/06/2015Why TOTAL S.A. (TOT) Could Be a Top Value Stock Pick - Tale ...
27/04/2015Japan's Inpex wins stake in major UAE oil fields
22/04/2015How The Majors Are Playing The Oil Price Slump
21/04/2015CERAWEEK-Total CEO worried Yemen unrest could spread through...
21/04/2015Oil & Gas Stock Roundup: Schlumberger, Halliburton Withstand...
20/04/2015UAE's ADNOC says no timeframe for decision on onshore conces...
17/04/2015TOTAL to Upgrade and Transform Loss Making French Refineries...
14/04/2015Yemenis displaced, forced from homes as conflict worsens
14/04/2015Number of internally displaced rises in Yemen conflict
14/04/2015Yemen displaced, refugees rise as conflict worsens
14/04/2015Yemen liquid natural gas firm shuts down as conflict worsens
02/04/2015Invesco European Growth Fund Sells More Than Buys in January
30/03/2015Iran Reserves Coveted by Big Oil After Decades of Conflict
26/03/2015Yemen shuts major ports due to conflict -sources
24/03/2015PRESS DIGEST - Wall Street Journal - March 24
22/03/2015Oil majors pile on record debt to plug cash shortfalls
19/03/2015Russia's Novatek in talks with state bank VEB on $1 bln loan...
17/02/2015Russia hopes to sign second gas contract with China soon - m...
12/02/2015Apple deal, tax change could spark corporate solar stampede
09/02/2015Venezuelan sales of new crude blends to U.S. double in Jan
09/02/2015ADNOC set to decide on revised concession bids from BP, Shel...
03/02/2015Russia to spend $7.9 bln from wealth fund on infrastructure ...
02/02/2015Opposition, disappointing data wither Europe's shale gas pro...
29/01/2015Total wins share of new Abu Dhabi onshore concession
28/01/2015Cyprus in talks with Noble on exploitation of gas find
23/01/2015Total and SunPower Celebrate Completion of 70-megawatt PV Sa...
04/11/2014Completion of 70 MW solar park in Chile
Publication de commentaires terminée
 
Dernier commentaire publié pour cet article
Soyez le premier à donner votre avis
Ajouter votre commentaire
PARIS (FP.PA)LSE (TTA.L)
39,69+2.24%49,70+0.85%
PARIS
€UR 39,69
02/06 18:35 0,870
2,24%
Cours préc. Ouverture
38,82 39,16
Bas haut
39,07 39,68
Année b/h Var. YTD
 -  -
52 sem. b/h var. 52 sem.
- -  39,69 -%
Volume var. 1 mois
6 476 694 -%
24hGold TrendPower© : -15
Produit Natural gas - Oil
Développe
Recherche
 
 
 
Analyse
Interactive chart Add to compare
Graphique
interactif
Imprimer Comparer Exporter
Vous devez être connecté pour accéder au portefeuille (gratuit)
Top Newsreleases
LES PLUS LUS
Variation annuelle
DateVariationMaxiMini
202112,44%42,1933,91
2020-28,38%50,9321,12
 
Graphique 5 ans
 
Graphique 3 mois
 
Graphique volume 3 mois
 
 
Nouvelles des Sociétés Minières
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
0,12 AU$-8,00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
7,03 AU$-0,28%Trend Power :
OceanaGold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
2,20 AU$+0,00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
3,86 AU$+0,00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
0,12 +4,55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
0,02 CA$+100,00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
8,91 US$-2,73%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
0,20 US$-12,28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
0,59 GBX-3,26%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
0,05 CA$+10,00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
2,06 CA$+0,00%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
1,84 CA$+0,00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
12,67 +0,88%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
0,34 CA$+6,25%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
0,19 AU$+2,70%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
6,80 US$-2,86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
1,77 -2,21%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
40,37 US$-0,22%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
8,66 CA$-0,35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
0,04 AU$+0,00%Trend Power :
Profitez de la hausse des actions aurifères
  • Inscrivez-vous à notre market briefing minier
    hebdomadaire
  • Recevez nos rapports sur les sociétés qui nous semblent
    présenter les meilleurs potentiels
  • Abonnement GRATUIT, aucune sollicitation
  • Offre limitée, inscrivez-vous maintenant !
Accédez directement au site.