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Total becomes world's second biggest LNG player

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With the acquisition of Engie’s portfolio of upstream liquefied natural gas (LNG) assets, completed today for an overall value of $1.5 billion, Total has become the world’s second biggest LNG player.
The portfolio acquired by Total includes participating interests in liquefaction plants, as well as a share in the Cameron LNG project in the US.
(Image via Wikimedia).

The portfolio acquired by Total 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.

Commenting on the acquisition, Patrick Pouyanne, Chairman and Chief Executive of Total, said:

“Acquiring Engie’s LNG business is a real step change for Total allowing us to leverage size and flexibility in the fast growing and increasingly commoditized LNG market. This transaction makes Total the second largest global LNG player among the majors with a worldwide market share of 10% and the Group will manage an overall LNG portfolio of around 40 Mt per year by 2020. It also helps us to build a position in the US LNG market, with the 16.6% stake in the Cameron LNG project.”

Following the transaction, Total takes over the teams in charge of the upstream LNG activities at Engie.

By 2020 Total’s LNG portfolio will consist of:
  • A total volume of LNG managed of 40 Mt / 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.

  • A worldwide LNG trading contracts portfolio of 28 Mt / year to supply each LNG market with competitive and flexible resources.

  • A role of a key supplier for the European market with regasification capacities of 18 Mt / year.

  • A fleet of 18 LNG carriers, of which 2 FSRUs (floating storage and regasification units).

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Tags: Oil & Gas
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