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TOTALENERGIES POSTS DROP IN FOURTH-QUARTER PROFIT ON WEAK OIL DEMAND.
TotalEnergies reported a 15% decline in its fourth-quarter profit due to weak oil demand and lower crude prices. However, higher electricity sales and strong liquefied natural gas (LNG) trading helped offset some of the losses.
- 1 year, 6 months
UK CONSIDERS WITHDRAWING $1-BILLION FINANCING FOR MOZAMBIQUE LNG.
The UK government is reconsidering its $1.15 billion financing for the Mozambique LNG project, seeking legal advice on whether it is still obligated to support it. The project, led by TotalEnergies, has faced delays due to security risks and political instability. The Labour government is cautious about withdrawing support due to potential legal consequences. Meanwhile, TotalEnergies has postponed the project restart amid ongoing violence and election-related disputes in Mozambique, further threatening the 2029 production timeline.
- 1 year, 6 months
AFRICAN GOVERNMENTS OPT FOR GAS-RUN CARS OVER EVS TO DRIVE DOWN TRANSPORT EMISSIONS.
African governments are promoting compressed natural gas (CNG) as a more affordable and lower-emission alternative to petrol and diesel, offering incentives for vehicle conversions. However, critics argue that relying on CNG still ties countries to fossil fuels, delaying the transition to fully electric transportation.
- 1 year, 6 months
SOUTH KOREA FOUND TO HAVE 14 ADDITIONAL OFFSHORE OIL AND GAS PROSPECTS.
A U.S. geoscience exploration firm, Act-Geo, has identified 14 additional oil and gas prospects in South Korea’s East Sea, with potential reserves ranging from 680 million to 5.17 billion barrels. South Korea, which imports nearly all its fossil fuels, hopes to begin resource extraction by mid-2024 and targets commercial production by 2035.
- 1 year, 6 months
CZECHIA HAS WEANED ITSELF OFF RUSSIAN OIL AND GAS, INSISTS ENERGY SECURITY ENVOY.
The Czech Republic has significantly reduced its dependence on Russian oil and gas by securing alternative energy sources and expanding infrastructure. Despite criticism over continued Russian energy spending, the government maintains that full independence is imminent, with U.S. pressure expected to further influence European energy policies.
- 1 year, 6 months
TANZANIA: TAZAMA PIPELINE CAPACITY SURGES .
The Tanzania–Zambia Crude Oil Pipeline (TAZAMA) has increased its fuel transport capacity to 1.2–1.3 billion litres annually by introducing a Drag Reduction Agent (DRA) that reduces friction and enhances efficiency. This innovation significantly boosts daily fuel flow, providing economic benefits to both Tanzania and Zambia while avoiding costly pipeline expansions.
- 1 year, 6 months
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