eliakeem
JF-Expert Member
- May 29, 2009
- 15,737
- 13,997
- Thread starter
- #22
$4bn East Africa oil pipeline project launched after key agreement signed | Upstream Online
www.upstreamonline.com
$4bn East Africa oil pipeline project launched after key agreement signed | Upstream
A host government agreement covering Tanzania's stretch of the East African Crude Oil Pipeline was signed in Dar es Salaam this morning
this is outdated. we are now trying to what has been duscussed in today's total Annual General Meeting. Total is now officially called TOTALENEGIES$4bn East Africa oil pipeline project launched after key agreement signed | Upstream Online
$4bn East Africa oil pipeline project launched after key agreement signed | Upstream
A host government agreement covering Tanzania's stretch of the East African Crude Oil Pipeline was signed in Dar es Salaam this morning
will update you. ngoja nitamcheki patrick pouyanne akitoka kwa meeting
that means, TOTAL will break even at $11 per barrel. this is really great. todays oil price-brent is $60-65 per barrel. Total and its partner will definately invest in such a project.
Geza Ulole
JF-Expert Member
- Oct 31, 2009
- 59,891
- 81,075
May 28, 20212:10 PM CEST
4 minute read
2/2
French oil and gas company Total Chief Executive Officer Patrick Pouyanne attends a shareholders meeting in Paris, France, May 24, 2016. REUTERS/Charles Platiau/File Photo
Oil and gas group Total (TOTF.PA) won more than 90% backing for its climate plan to gradually reduce its emissions on Friday, when shareholders also voted overwhelmingly in favour of its rebrand as TotalEnergies to mark its shift to renewable energy.
Some shareholders had campaigned to reject Total's green goals as not ambitious enough, echoing growing investor rebellions in the sector.
Demands for oil companies to speed up the shift from fossil fuel reached a crescendo this week as a Dutch court ordered Royal Dutch Shell (RDSa.L) to greatly increase greenhouse emission cuts and Exxon Mobil (XOM.N) battled with an activist investor over its record on climate change. read more
Total's climate strategy, which lays out its aim to reach carbon neutrality by 2050, was backed by 91.88% of shareholders voting at its annual meeting.
"This outcome is, I think, the best response to commentators who predicted, and in some cases even hoped for an investor rebellion against the company, and responds to those who act more as activists than shareholders," Chairman and Chief Executive Patrick Pouyanne said.
The rebranding, which takes effect immediately, was backed by 99.88% of votes.
Total is investing in a pivot towards renewable energy with solar or wind power projects.
It is seeking to derive revenues from electricity production, and reduce its reliance on oil products, including with staggered targets to 2030, and mirroring moves by rivals to try to cut emissions.
'GREEN ENERGY MAJOR'
Pouyanne said he wanted the company to become a "green energy major", but said a more radical shift would not be appropriate as the company needs to fund its transition from revenues derived from fossil fuels.
The International Energy Agency has said new fossil fuel projects must stop this year if the world wants to reach net zero carbon emissions by the middle of the century, a faster pace than envisaged so far by oil producers, including Total.
"Without new oil projects, global oil production is set to naturally drop by about 4% to 5% every year," Pouyanne told the shareholder meeting, while oil demand was projected to only start tailing off from 2030. "Without new oil projects, it's highly likely that oil prices would reach new highs," he said.
Non-governmental organisations and some investors spoke out against what they saw as an overly conservative approach.
Bruce Duguid, head of stewardship at the governance advisory arm of asset manager Federated Hermes, which holds shares in Total, said he had not supported the transition plan.
"The challenge is there's just not sufficient evidence it's aligned with the Paris goals," he said, referring to the U.N. accord on curbing climate change.
Lucie Pinson, founder and executive director at Reclaim Finance, a non-governmental organisation, accused Total of greenwash and said its shareholders had "voted willingly for climate chaos".
Our Standards: The Thomson Reuters Trust Principles.
www.reuters.com
Sustainable Business
We're TotalEnergies: French oil major gets green rebrand
Benjamin MalletSarah White4 minute read
2/2
French oil and gas company Total Chief Executive Officer Patrick Pouyanne attends a shareholders meeting in Paris, France, May 24, 2016. REUTERS/Charles Platiau/File Photo
Oil and gas group Total (TOTF.PA) won more than 90% backing for its climate plan to gradually reduce its emissions on Friday, when shareholders also voted overwhelmingly in favour of its rebrand as TotalEnergies to mark its shift to renewable energy.
Some shareholders had campaigned to reject Total's green goals as not ambitious enough, echoing growing investor rebellions in the sector.
Demands for oil companies to speed up the shift from fossil fuel reached a crescendo this week as a Dutch court ordered Royal Dutch Shell (RDSa.L) to greatly increase greenhouse emission cuts and Exxon Mobil (XOM.N) battled with an activist investor over its record on climate change. read more
Total's climate strategy, which lays out its aim to reach carbon neutrality by 2050, was backed by 91.88% of shareholders voting at its annual meeting.
"This outcome is, I think, the best response to commentators who predicted, and in some cases even hoped for an investor rebellion against the company, and responds to those who act more as activists than shareholders," Chairman and Chief Executive Patrick Pouyanne said.
The rebranding, which takes effect immediately, was backed by 99.88% of votes.
Total is investing in a pivot towards renewable energy with solar or wind power projects.
It is seeking to derive revenues from electricity production, and reduce its reliance on oil products, including with staggered targets to 2030, and mirroring moves by rivals to try to cut emissions.
'GREEN ENERGY MAJOR'
Pouyanne said he wanted the company to become a "green energy major", but said a more radical shift would not be appropriate as the company needs to fund its transition from revenues derived from fossil fuels.
The International Energy Agency has said new fossil fuel projects must stop this year if the world wants to reach net zero carbon emissions by the middle of the century, a faster pace than envisaged so far by oil producers, including Total.
"Without new oil projects, global oil production is set to naturally drop by about 4% to 5% every year," Pouyanne told the shareholder meeting, while oil demand was projected to only start tailing off from 2030. "Without new oil projects, it's highly likely that oil prices would reach new highs," he said.
Non-governmental organisations and some investors spoke out against what they saw as an overly conservative approach.
Bruce Duguid, head of stewardship at the governance advisory arm of asset manager Federated Hermes, which holds shares in Total, said he had not supported the transition plan.
"The challenge is there's just not sufficient evidence it's aligned with the Paris goals," he said, referring to the U.N. accord on curbing climate change.
Lucie Pinson, founder and executive director at Reclaim Finance, a non-governmental organisation, accused Total of greenwash and said its shareholders had "voted willingly for climate chaos".
Our Standards: The Thomson Reuters Trust Principles.
We're TotalEnergies: French oil major gets green rebrand
Oil and gas group Total (TOTF.PA) won more than 90% backing for its climate plan to gradually reduce its emissions on Friday, when shareholders also voted overwhelmingly in favour of its rebrand as TotalEnergies to mark its shift to renewable energy.
Geza Ulole
JF-Expert Member
- Oct 31, 2009
- 59,891
- 81,075
eliakeem
JF-Expert Member
- May 29, 2009
- 15,737
- 13,997
- Thread starter
- #40
TOTAL has renamed to TOTALEnergies
www.totalenergies.com
TotalEnergies - integrated multi-energy company | TotalEnergies.com
TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity.
www.totalenergies.com
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