Total SA of France and state oil company China National Petroleum Corp. now plan to bid for two large oil blocks being auctioned in Venezuela, instead of one in which they had previously shown interest, two people involved in the bidding round said. For full story, click here
Total SA, Europe’s third-leading oil company, declared heavy oil from Canada and Venezuela will make up about 10 percent of its output and 15 percent of reserves within 15 years. For full story, click here
Opti Canada Inc, a partner with Nexen Inc. in an oil-sands project, gained 11 percent after Total SA declared that it will seek acquisitions to replace its failed bid for tar-sands developer UTS Energy Corp. For full story, click here
French oil giant Total SA declared its net profit dips 36 percent in the first quarter from a year earlier as oil prices fell sharply amid the global economic slump. For full story, click here
Would-be oil sands developer UTS Energy Corp. rejected a sweetened C$830 million takeover bid from French oil major Total SA late Thursday by reporting the increased price was still inadequate. Dennis Sharp, chairman of UTS’ board of directors, stated: Several of our largest shareholders have publicly stated their ongoing opposition to, and displeasure with, Total’s [...]
Sinopec, China’s leading oil producer, has just purchased a further 10% equity stake in the Canadian oil sand project ‘Northern Light’ from Total, making its stake in the project an equal 50/50 split with Total. For full story, click here
French oil giant Total SA is reported to have bumped up its takeover bid for Calgary-based oilsands player UTS Energy Corp. to $829.8 million, but the target company and at least two of its major shareholders say the offer is still too low. For full story, click here
Oil sands junior UTS Energy Corp. publicly rejected an unsolicited bid by Total E&P Canada, Friday labeling the French energy giant’s offer as inadequate against a crucial new oil sands discovery and improved financial environment. William Roach, UTS president and chief executive, stated: The proposed Suncor/Petro-Canada merger will mean the commitment of a new, more [...]
French oil major Total is interested in entering the upstream offshore Brazil to help develop the huge resources in the Santos basin and is also eying new acreage in Venezuela, the company’s CEO Christophe de Margerie said. For full story, click here
Total’s Joslyn and Surmont heavy-oil ventures in Canada are among the “building blocks” for boosting output from 2016, the company said in September. For full story, click here
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