Total’s Q3 profit surges, LNG sales decline

For illustration purposes only (Image courtesy of Total)

French energy giant and LNG player Total saw its third-quarter adjusted net profit soar on the back of increasing oil prices and higher production.

“Total’s third quarter adjusted net income increased by 48 percent from last year to $4 billion, while oil prices increased 44 percent to $75 per barrel supported by supply tensions and the geopolitical context,” Total’s Chief Executive Officer Patrick Pouyanne said in a statement.

Total’s production rose 8.6 percent to 2.8 million barrels of oil equivalent per day (Mboe/d), a new record output in a quarter, boosted by the start-up of production at the Kaombo project in Angola, Ichthys LNG in Australia and the second Yamal LNG train in Russia.

Total’s liquefied natural gas (LNG) sales during the period under review declined 6 percent compared to the corresponding period in 2017.

LNG sales were at 2.78 million tonnes, compared to 2.95 million tonnes in 2017.

Total’s LNG sales during the first nine months also declined. Sales volumes reached 7.75 million tonnes, 9 percent below the same period in 2017.

 

LNG World News Staff

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Posted on October 26, 2018 with tags .

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