Matthias Laue

TOTALENERGIES CMD: TotalEnergies is a fascinating company, and today's capital markets day offered us some more interesting insights. CEO Patrick Pouyanné has for years insisted on the need to invest both in #oil and #gas and low-carbon business, in a much more balanced way than Shell and bp, that are now busy catching up. But Total is changing the balance. Oil and gas production is on track to grow by 3% per year by 2030, through a mix of oil, gas and #LNG projects around the world. Total will spend $12-$13 billion per year on its oil and gas business, including 35% on new projects. On the low-carbon power side, there is today a marked slowdown. Spending on the Integrated Power division was lowered to around $4 billion per year between 2026 and 2030, from $5 billion previously. Total is also introducing $7.5 billion of cost savings over the next five years in the face of an expected slowdown. It is also slowing its share buyback programme. But the company's Achilles' heel is debt - the company expects its gearing to rise this year, but if oil prices weaken into the $50s next year, it could find itself with a lot of trouble meeting its targets to slash debt. More to come on Reuters Open Interest

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Rystad Energy is proud to have served as advisors to Global Infrastructure Partners, part of BlackRock, in their acquisition of a 49.99% interest in Eni CCUS Holding (“Eni CCUS”). Eni CCUS currently encompasses the Liverpool Bay and Bacton projects in the UK, the L10 project in the Netherlands and has the option to participate in the Ravenna CCS project in Italy – cornerstone assets aimed at decarbonizing industrial clusters. The agreement also grants Eni CCUS the right to participate in potential future projects related to Eni’s depleted oil and gas fields once the relevant regulatory and market conditions allow. Over time, the Eni CCUS platform is expected to expand further, unlocking new business opportunities and reinforcing its contribution to decarbonization efforts. We look forward to see how this partnership will accelerate the development of these projects across different geographies, providing critical infrastructure to capture and permanently sequester CO2 emissions from hard-to-abate industries. • GIPs press release: https://lnkd.in/dfiP_TPv • Eni's press release: https://lnkd.in/dnNH5kvb • To learn more about how Rystad Energy delivers end-to-end transaction support: https://lnkd.in/d4pUyPaN • To learn more about how Rystad Energy provide data and analytics in CCUS: https://lnkd.in/dHBfa5uq

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Slaughter and May, Latham & Watkins and HSF Kramer are advising as Centrica and Energy Capital Partners buy the U.K.’s largest liquefied natural gas import terminal from National Grid for £1.5 billion. Slaughter and May is advising Centrica on its joint acquisition of National Grid Grain LNG and Thamesport Interchange, which together comprise National Grid’s liquified natural gas terminal business at Isle of Grain, in partnership with Energy Capital Partners (ECP). The team was led by corporate partners Robert Innes and Natalie Cook alongside energy and infrastructure partner Oliver Moir, competition partner Alex Bulfin, tax partner Sarah Osprey, technology, IP and service arrangements partner Duncan Blaikie, and pensions, employment and incentive partners Philippa O'Malley and Chris Sharpe. Latham & Watkins is advising ECP and Garden Bidco, led by partners David Walker and Beatrice Lo, with finance partners JP Sweny and Alexander Buckeridge-Hocking. National Grid is being advised by Herbert Smith Freehills, led by partners Charles Steward, Caroline Rae and Reza Dadbakhsh, with a team including partners David Coulling and Veronica Roberts. Full story from Molly Smith: https://lnkd.in/ezYCsdkT

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