Topic: Total e & p nigeria limited interview update

Hello House,

Does anyone know about what is going on with Total's current divestment campaign and how it'll affect recruitment?



Follow this link:http://www.nasdaq.com/article/totalt...7#.UMsWpeRTLvE


Read Here:

TOTAL to Divest Minor Usan Stake - Analyst Blog

By Zacks.com, November,20 2012, 10:00:01 PM EDT

Vote up



Global oil and gas exploration play,TOTAL SA ( TOT ) will divest its 20% interest inOil Mining Lease ( OML) 138 Block located in offshore Nigeria to Chinese petroleum firm Sinopec Corporation for an amount of $2.5 billion. The agreement will be handled in cash and is subject to the sanction of the Nigerian authorities.
The Usan oil field is positioned 62 miles (100 kilometers) from the southeastern coast of Nigeria. The facility has witnessed production ramp-up with present capacity hitting roughly 130,000 barrels a day. Besides, the Usan unit has a storage capacity of 2 million barrels and a maximum production capacity of 180,000 barrels per day.
Operations at the field were initiated in early 2012 and have Nigerian National Petroleum Corp. as its concession holder along with partners like Chevron Corporation ( CVX ), Esso E&P Nigeria Ltd and Nexen Petroleum Nigeria Ltd, a business wing of Canada'sNexen Inc .( NXY ).
The oil stake sellout is part of the French company's planned asset sales program of $15 billion to $20 billion through 2014. TOTAL intends to accumulate cash gains from these divestitures to invest in other high-return ventures which would add to its profitability. The company meanwhile is aggressively expanding its foothold in the Middle East through high-profile purchases and deals.
Recently, TOTAL signed an agreement with the management of Qatar Petroleum to extend its operations at the Al Khalij play for another 25 years. This will enable TOTAL to maintain its supply from the Qatari fields. Qatari production contributes substantially to TOTAL's production from the Middle East operation. Middle East operation contributed 22% of the total production in the third quarter of 2012.
The company was involved in acquisitions totaling $0.4 billion during the third quarter 2012. TOTAL is also seeking various business options in the Gulf of Mexico and in the West Coast of Africa and Kenya as well.
The Zacks Consensus Estimates for the fourth quarter and full year 2012 currently stand at $1.78 per share and $6.99 per share, respectively.
TOTAL is currently having a short-term Zacks #3 Rank (Hold rating). Another global operator, BP Plc. ( BP ) presently has a short-term Zacks #3 Rank (Hold rating). The latter is currently concentrating in expansion of its operation and has ventured in offshore Nova Scotia, Canada by purchasing four exploration blocks.
With global oil price declines moderating, we believe this simultaneous asset shedding and high-quality agreements will provide a stable earnings stream for TOTAL. The company's aggressive exploration strategies and diversified operations will balance its financials from the current downturn in the U.S. and European economies.
Based in France, TOTAL SA is one of the largest publicly traded, globally integrated oil and gas companies based on production volumes, proved reserves and market capitalization. The company has exploration and production operations spanning five continents.

INDICATIONS have emerged that Egina oil field, located 150 kilometres off the coast of Nigeria, operated by Total, has been awarded to Samsung, the Korean engineering, procurement and construction company.
A source close to the deal told The Guardian Wednesday, that Samsung has been endorsed by the Nigerian National Petroleum Corporation, (NNPC), for execution of the Egina Floating, Production, Storage and Offloading, (FPSO) facility.
The source added that the final approval was still being awaited from the NNPC board.
Egina oil field is a $15 billion project, being promoted by Total, the French oil giant in partnership with the NNPC, on behalf of the Nigerian government.
It was gathered that despite the fact that the bid had gone through due process within a two-year period during which Total collaborated with National Investment Management Services (NAPIMS) to put out calls for tender, NNPC insisted on further reduction of the cost of the project.
The Guardian learnt that the Egina field development plan was actually approved by NAPIMS and the Department of Petroleum Resources on the October 10, 2008 and March 4, 2009, and that the tender went through the NNPC three tier tendering process of pre-qualification, technical and commercial evaluation with the active participation of NAPIMS, Nigeria Content Development Management Board (NCDMB) and Total ‘s representatives.
Acting Group General Manager Public Affairs Division of the NNPC, Fidel Pepple of NNPC, had said in a media statement that the corporation was critically reviewing the overall economics of the projects in view of their high cost estimates in order to establish their validity, maximise Federal Government’s stake and ensure comparative price competitiveness.
Samsung Heavy Industries is known to be chasing the multi-billion dollar contract but was grappling with how to satisfy Nigeria’s aim for up to 17,000 tonnes of topsides to be built locally.
Hyundai Heavy Industries; Samsung Heavy Industries of South Korea and China’s Dalian Shipbuilding Industry Company were leading the battle to win project.
The source said that though Samsung gave a five per cent discount on the bid, the company did not participate in the initial bids tender exercise, neither was it recommended by the superintending authorities.
The Guardian learnt that National Petroleum Investment Management Services (NAPIMS) had consequently forwarded the name of Hyundai Heavy Industries as the preferred bidder for the FPSO package to the NNPC for consideration.
It was gathered that in a meeting, which took place few days before Christmas, Andrew Yakubu, the NNPC’s group managing director; Abiye Membere, the NNPC group executive director; and Tony Madichie, the NNPC secretary and legal adviser, decided to award Samsung the FPSO package.
Attempt by The Guardian to get NNPC and Total to officially respond to the recent development proved abortive.
Further checks revealed that the Egina project has a 51 month execution timeline, and it will take between four and five years for Samsung to construct a facility in Nigeria to execute the Egina FPSO package.
Pepple had, while responding to the issues on the Egina project, stated: “NNPC has an established procedure of contract and project approval, which includes conduct of economic analysis to establish project viability and Federal Government’s take from investments in the upstream. The NNPC will not be stampeded or browbeaten into abandoning its firmly established process of contract award.”
According to him, while the industry’s concern is normally expected in the process leading to the award of major oil and gas projects, it was incumbent on all parties that the procedure be followed.
“The IOC’s (international oil companies) cannot stampede the corporation into taking decisions that may be inimical to the nation’s interest because of their pecuniary interests,” he sai