Natural Gas Total Earns Second Spot among World’s Largest LNG Players
Following the 1.5 billion dollar acquisition of Engie’s upstream LNG assets, Total possesses 10 % of the worldwide market share and will be responsible for around 40 MT of LNG annually by 2020.
Paris – Total has recently announced the closing of the acquisition of Engie’s portfolio of upstream liquefied natural gas (LNG) assets for an overall enterprise value of 1.5 billion dollars. Additional payments of up to 550 million dollars 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.
Post the acquisition, the transaction has made 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. Following the transaction, Total will take over the teams in charge of the upstream LNG activities at Engie.