Core Insights - Recent trends show a significant increase in global private equity investments in oil and gas infrastructure, particularly in pipeline and storage assets, which offer high returns and long lifespans while providing substantial cash flow to major energy companies [1][3][5] - Major transactions involving companies like ADNOC, Aramco, and Bapco are paving the way for similar investments by international energy giants such as BP and Shell [1][3][6] Investment Trends - Private equity funds are increasingly targeting infrastructure assets of international oil companies, driven by the need for cash flow and the ability to maintain operational control [1][4] - The trend is supported by the gradual opening of pipeline networks to foreign capital in Saudi Arabia and the UAE, allowing private funds to engage in significant infrastructure deals [4][5] Notable Transactions - Significant transactions have occurred this year, including Apollo's acquisition of a 25% non-controlling stake in BP's TANAP pipeline subsidiary for approximately $1 billion, while BP retains control and governance [2][5] - Shell sold a 16.125% stake in the Colonial Pipeline to a Brookfield-managed fund, highlighting the shift towards private equity as a financing avenue for energy giants [2][5] Historical Context - The trend of private equity investment in Middle Eastern energy infrastructure began earlier, with ADNOC selling 49% of its gas pipeline for $20.7 billion in 2020, and KKR acquiring a minority stake in ADNOC's gas pipeline this year [3][6] - Saudi Aramco's $11 billion leaseback deal for its Jafurah gas processing facility is another example of how these transactions are designed to enhance production capacity by 60% by 2030 [3][6] Future Outlook - The ongoing trend of private equity involvement in energy infrastructure is expected to continue, providing stable funding for energy companies and reliable returns for infrastructure investors [3][6]

TotalEnergies and its partners in the Mozambique LNG project are set to provide additional equity to replace the previous funding from British and Dutch agencies, representing around 10% of the total external financing. This follows the withdrawal of Britain’s UK Export Finance (UKEF) and the Netherlands’ export credit agency Atradius, which together had supported the project with $2.2bn, reported Reuters. According to TotalEnergies, the liquefied natural gas (LNG) project received $15.4bn (€13.22bn) in ...

Core Viewpoint - TotalEnergies is clarifying the financing structure of the Mozambique LNG project after the UK and Dutch export credit agencies withdrew their commitments, with the consortium agreeing to inject additional equity to replace this funding [1][3][6]. Financing Structure - The Mozambique LNG project, one of Africa's largest LNG developments, initially secured a $15.4 billion financing package in 2020 from around 30 lenders, including multiple export credit agencies [2]. - Following a prolonged force majeure due to an Islamist insurgency in Cabo Delgado, construction was halted in 2021, leading to a renegotiation of financing terms [2]. Project Resumption - With the recent lifting of force majeure, TotalEnergies amended the financing agreement to align with the updated project timeline, although the UK and Dutch export credit agencies did not reconfirm their participation [3]. - The remaining lenders, approximately 90% of the original financing group, have reaffirmed their commitment, indicating strong support for the project's potential impact on Mozambique's economic development [4]. Human Rights and Security Concerns - TotalEnergies responded to reports commissioned by the Dutch government regarding human rights and security in Cabo Delgado, criticizing the advisors for lacking on-the-ground assessments [5]. - The company reiterated its previous statements addressing human rights allegations involving Mozambican forces and directed stakeholders to further clarifications issued in November [5]. Strategic Importance - The consortium's determination to restart the LNG plant is emphasized, as it is expected to position Mozambique as a significant global gas exporter once operational [6]. - Although the withdrawal of UK and Dutch ECA backing removes a layer of political-risk insurance, the decision to fill the gap with equity reflects confidence in the project's economics and improvements in regional security [6].

Core Viewpoint - The Suriname government has officially approved the $10.5 billion oil field development plan submitted by TotalEnergies and APA, marking the country's entry into large-scale oil production after a five-year wait [1] Group 1: Project Details - The project aims for a daily production of 220,000 barrels of crude oil by 2028 [1] - The GranMorgu project will develop over 750 million barrels of recoverable reserves [1] Group 2: Regional Developments - Malaysia's national oil company has made significant natural gas discoveries in a nearby block and plans to commence production by 2030, indicating a dual-driven oil and gas development in Suriname [1] - The Malaysian company announced that the Sloanea gas field in Block 52 has commercial development value, with a final investment decision expected in the second half of 2026 [1] - The Block 52 area also contains two oil discoveries, estimated to hold at least 500 million barrels of crude oil [1]

The world’s biggest private equity groups are investing in infrastructure assets of the national oil companies of the Middle East as Saudi Arabia and the United Arab Emirates (UAE) opened their pipeline networks to foreign capital. Private equity giants are now seeking a slice of the infrastructure assets of the international majors in deals that would give Big Oil funds to reinvest in oil and gas production. These days, amid lower oil prices and continued reluctance of public-market investors despite the ...

Core Insights - Chevron Corporation is enhancing its global exploration portfolio by acquiring a 40% interest in Nigeria's PPL 2000 and PPL 2001 offshore exploration licenses through a farm-in agreement with TotalEnergies [1] - This acquisition positions Chevron in one of West Africa's most resource-rich basins, covering approximately 2,000 square kilometers [1] - The partnership with TotalEnergies aims to leverage joint expertise and reduce exploration risks while accelerating the development of high-impact opportunities [2] Chevron and TotalEnergies Collaboration - The agreement builds on Chevron's existing partnership with TotalEnergies, which includes a recent acquisition of a 25% working interest across 40 Chevron-operated U.S. offshore blocks [2] - Chevron and TotalEnergies have joint developments in projects like Ballymore, Anchor, Jack, and Tahiti, indicating a strong collaborative history [3] - Advanced tools such as 3D imaging will be utilized to unlock additional offshore resource potential [3] Nigeria's Energy Landscape - Leading oil companies are increasing their presence in Nigeria to boost oil and gas production while addressing challenges like theft and vandalism [4] - Shell plc has recently increased its stake in Nigeria's Bonga field to 65%, reinforcing its commitment to deep-water output [5] - Petrobras is signaling a renewed interest in Nigeria's offshore market after a decade-long absence, aligning with its investment plans through 2029 [6] Nigeria's Production Goals - Nigeria is working to restore oil output after years of limited investment and security issues, aiming to attract new investments and raise production [7] - The Nigerian Upstream Petroleum Regulatory Commission launched the 2025 oil licensing round, offering 50 blocks for bidding, expected to attract around $10 billion [8] - The initiative aims to potentially add 2 billion barrels over the next decade, with output reaching 400,000 barrels per day once fully developed [9] Chevron's Strategic Positioning - Chevron's acquisition is subject to regulatory approvals and aims to enhance its regional presence while contributing to Nigeria's energy development goals [10] - The collaboration with TotalEnergies and South Atlantic Petroleum is expected to advance Nigeria's objectives of responsibly expanding its offshore resource base [10]

Core Insights - The oil market is currently seeking new catalysts after a stagnant month, with geopolitical tensions failing to impact prices significantly [1][9] Price Forecasts - Analysts predict an average price of $62 per barrel for 2026, a decrease of $10 from earlier forecasts [3] - The IEA anticipates a significant oversupply of 4.2 million barrels per day (b/d) in 2026, while conservative estimates suggest a stock-build of 0.5 million b/d [3] Market Dynamics - US shale output is expected to decline next year, with WTI projected to average $59 per barrel, which is $3-4 below the breakeven cost for new Permian wells, potentially stabilizing prices [4] - High freight costs have limited the influx of Atlantic Basin oil into Asia, but a negative Brent-Dubai EFS spread indicates that easing freight costs may soon change this [4] Market Movements - Chevron is expanding its operations by entering two oil and gas exploration blocks in Nigeria, covering 2,000 km² [6] - Targa Resources has agreed to acquire Stakeholder Midstream for $1.25 billion, enhancing its natural gas processing capabilities [6] - BP has fully restarted its Olympic Pipeline system after a month-long halt due to a leak [7] - ExxonMobil is considering acquiring Lukoil's 75% stake in the West Qurna-2 project in Iraq [7] Recent Market Activity - November was characterized by low volatility, with ICE Brent trading within a narrow range of $62.48 to $65.16 [9] - The OPEC+ meeting met market expectations, and attention is now focused on diplomatic efforts between Moscow and Kyiv that could influence future market conditions [9]

British and Dutch authorities dropped out following repeated media reports of alleged human-rights abuses by security forces of the southern African nation. ...

French oil major TotalEnergies and its fellow partners on the $20 billion Mozambique LNG project have agreed to provide additional equity to replace the previous contributions of British and Dutch exp... ...

Group 1 - TotalEnergies is collaborating with Japanese firms Osaka Gas, Toho Gas, and ITOCHU to develop the Live Oak project in Nebraska, which aims to produce electric natural gas (e-NG) [1][2] - The project will see TotalEnergies and TES each holding a 33.35% stake, with a Final Investment Decision expected in 2027 and commercial operations planned to start by 2030 [2][3] - The Live Oak project will utilize Nebraska's biogenic CO2 resources and renewable power generation capacity, supporting Japanese gas majors in their goal to inject 1% carbon neutral gas into the gas grid by 2030 [3] Group 2 - e-NG produced from the Live Oak project is chemically identical to conventional natural gas and can be integrated into existing LNG infrastructure without modifications [4] - TotalEnergies, as the largest exporter of U.S. LNG, is also looking to increase investments in conventional American LNG supply and expand existing export projects [4][5]