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Monday, 16 July 2018

Total completes acquisition of Engie's upstream LNG business




Total SA has completed the acquisition of Engie’s portfolio of upstream liquefied natural gas (LNG) assets for an overall enterprise value of $1.5 billion. Additional payments of up to $550 million could be payable by Total in case of an improvement in the oil markets in the coming years.
This portfolio includes participating interests in liquefaction plants, notably the interest in the Cameron LNG project in the US, long-term LNG sales and purchase agreements, an LNG tanker fleet as well as access to regasification capacities in Europe.
Following the transaction, Total takes over the teams in charge of the upstream LNG activities at Engie.
Total’s LNG portfolio by 2020:
  • A total volume of LNG managed of 40Mt / year.
  • A liquefaction capacity portfolio of 23 MT/year, well distributed among the major LNG production areas: Middle East, Australia, Russia and the United States.

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