All articles tagged with #totalenergies
Interior will reimburse TotalEnergies up to $928 million to renounce two offshore wind leases (Attentive Energy in the New York Bight and Carolina Long Bay off North Carolina) and reinvest the funds in oil and gas, a move framed as steering away from renewables; meanwhile, the Coastal Virginia Offshore Wind project began delivering power to the grid, showing wind progress even as the administration pivots toward fossil fuels.
The Interior Department plans to reimburse TotalEnergies about $1 billion in 2022 offshore-wind lease fees in exchange for abandoning U.S. offshore wind projects and investing in fossil-fuel infrastructure, a move that raises questions about the department’s authority to issue refunds and could face legal challenges from states and affected communities; the funds would likely come from the Judgment Fund since there’s no clear statutory process for such reimbursements.
Heatmap reports that TotalEnergies will be refunded about $928 million for offshore wind leases as the Interior Department terminates those leases and redirects the funds toward U.S. oil and gas investments, a move that raises questions about where the money comes from, whether it’s a lawful appropriation or a settlement, and whether Interior has the authority to reimburse lease costs—potentially setting a controversial precedent and lacking transparency until further documentation is released.
Interior Secretary Doug Burgum and TotalEnergies CEO Patrick Pouyanné announced the cancellation of federal offshore wind leases worth about $1 billion and redirected the investment to oil and natural gas projects in the U.S., signaling a rare policy shift under Trump away from offshore wind despite prior support; environmentalists criticize the move as wasteful and contrary to clean-energy goals, while supporters note offshore wind remains costly and that policy must align with domestic oil and gas priorities; observers wonder if this signals more one-off deals and whether the U.S. offshore wind industry can regain momentum.
The Interior Department announced an agreement with TotalEnergies to renounce costly offshore wind leases and redirect about $1 billion into U.S. oil, gas, and LNG projects. TotalEnergies will be reimbursed up to the amount paid for the offshore wind leases, and the company pledges not to pursue new offshore wind development in the United States, as part of a policy described as lowering costs for American families and strengthening energy security.
Amid a fuel crisis driven by the Iran war, the Trump administration will reimburse TotalEnergies about $928 million to cancel two offshore wind leases off New York and North Carolina, effectively killing plans for wind farms and moving nearly $1 billion toward LNG and oil/gas projects; critics call it a taxpayer-funded blow to homegrown clean energy, while supporters say it cuts stranded costs.
The United States will compensate TotalEnergies to relinquish its offshore wind lease bids, part of a broader effort to accelerate and de-risk offshore wind development.
The Interior Department announced a $1 billion settlement with TotalEnergies to stop development of two offshore wind farms off New York and North Carolina, directing the funds toward oil and gas projects amid national-security concerns.
Shell has invoked force majeure on LNG cargoes it buys from QatarEnergy after a production halt at a Qatari facility, signaling broader supply disruptions as QatarEnergy and other buyers, including TotalEnergies and OQ, issue notices. QatarEnergy says it could take weeks to months to resume normal deliveries, with March shipments reportedly unaffected but April impact expected.
Libya plans to sign a 25-year oil development agreement through Waha Oil Company with TotalEnergies and ConocoPhillips, backed by more than $20 billion in foreign financing, aiming to boost production by up to 850,000 barrels per day and generate over $376 billion in net revenues. The deals, to be signed at the Libya Energy and Economy Summit in Tripoli, reflect Libya’s push to solidify international energy partnerships despite years of disrupted output, with additional MOUs involving Chevron and cooperation with Egypt’s oil ministry announced alongside the main accord.
TotalEnergies has lifted the force majeure on its $20 billion Mozambique LNG project, signaling progress in the project’s development amidst the global energy transition.
TotalEnergies SE, a French energy company, has paused its $4.4 billion offshore wind farm project near the New York-New Jersey coastline following Donald Trump's election victory, citing potential policy shifts under his administration. The project, part of a larger $4.37 billion investment in the New York Bight, is in its early stages, with leasing rights recently obtained. The decision reflects concerns over Trump's opposition to offshore wind projects, although the company plans to revisit the project in four years, anticipating possible political changes.
French oil major TotalEnergies has launched a call for tenders for the annual production of 500,000 tonnes of "green" hydrogen as part of its efforts to decarbonize its European refineries. The company aims to replace "grey" hydrogen, which is carbon-intensive, with green hydrogen produced using renewable energy sources. The transition to green hydrogen is expected to reduce emissions by around five million metric tons of CO2 per year from TotalEnergies' refineries in Europe. The company is also partnering with Air Liquide to supply the Gonfreville refining platform with up to 15,000 tonnes of green and low-carbon hydrogen, reducing 150,000 metric tons of carbon emissions annually. TotalEnergies is seeking to boost the electrolyzer sector and take advantage of European regulations and incentives to achieve competitive prices for green hydrogen.
French energy group TotalEnergies announced that a drilling rig has arrived in Lebanon to begin offshore oil and gas exploration later this month. This follows a U.S.-brokered agreement that established a maritime border between Lebanese and Israeli waters. Lebanon hopes that gas and oil discoveries will help alleviate its severe economic crisis. TotalEnergies leads a consortium, including ENI and QatarEnergy, in the offshore project. The drilling of the exploration well in Block 9 is expected to start by the end of August, with potential positive results by the end of the year.
CNBC's Jim Cramer recommends buying shares of Stanley Black & Decker, citing their strong performance and undervalued stock price. He also expresses positive sentiments towards Ultra Clean Holdings but suggests investing in Linde instead. Cramer views Nikola as a meme stock with uncertain prospects. He praises Pioneer as a low-cost oil producer and recommends buying their shares. However, he advises caution with Allegro Microsystems due to its expensive valuation. Lastly, Cramer prefers Pioneer over TotalEnergies, considering it a better-run company.