TotalEnergies signs offshore Syria accord, faces French hearing
Igår, 15:52
(Alliance News) - TotalEnergies SE on Tuesday reported an accord with ConocoPhillips and QatarEnergy for exploration offshore Syria.
The Paris-based oil major has signed a memorandum of understanding with its Houston, Texas-based peer and Doha's state-owned energy company, as well as the Syrian Petroleum Co.
This covers exploration of Block 3, offshore Syria, in the Mediterranean Sea, laying out "a framework for technical and commercial discussions".
Julien Pouget, senior vice president of Middle East and North Africa Exploration & Production at TotalEnergies, commented: "We are pleased to enter into this new partnership with the Syrian Petroleum Company with which we had a long and fruitful relationship from 1988 to 2011, and we look forward to cooperating with QatarEnergy and ConocoPhillips to assess Syrian offshore exploration opportunities in the Mediterranean Sea."
TotalEnergies shares rose 1.2% to EUR77.80 on Tuesday afternoon in Paris, tracking oil, with spot Brent crude trading at USD107.33 a barrel around midday on Tuesday, up from USD103.97 on Monday. Spot West Texas Intermediate firmed to USD101.14 a barrel from USD97.96.
ConocoPhillips edged up 1.5% to USD117.30 per share pre-market in New York.
The cooperation agreement comes as French parliament summons TotalEnergies Chief Executive Patrick Pouyanne to appear at a hearing next month, where he will face questions over the company's profits during the US-Israeli war on Iran.
There are calls for a windfall tax on TotalEnergies and other fuel companies, to offset the higher prices hitting consumers as a result of conflict in the Middle East.
"Today, the issue of Total's taxes – which in 2025 saw it pay zero euros in corporation tax – and the question we are asking... regarding price caps are topical", Eric Coquerel, president of France's finance committee, told AFP.
Coquerel said he had received a "positive" response from Pouyanne, and that the CEO "will no doubt face some rather difficult questions, but I believe he is expecting them".
Last month, TotalEnergies hiked its shareholder payout after profit surged 51% to USD5.93 billion in the first quarter of 2026 from USD3.92 billion a year prior. The company upped its first interim dividend by 5.9% to EUR0.90 per share from EUR0.85.
TotalEnergies has implemented a cap on fuel prices at petrol stations in France and announced some special offers, but Pouyanne said last week that such "socially responsible decisions" might be reversed if its French operations faced extra charges.
By Holly Munks, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2026 Alliance News Ltd. All Rights Reserved.
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TotalEnergies signs offshore Syria accord, faces French hearing
Igår, 15:52
(Alliance News) - TotalEnergies SE on Tuesday reported an accord with ConocoPhillips and QatarEnergy for exploration offshore Syria.
The Paris-based oil major has signed a memorandum of understanding with its Houston, Texas-based peer and Doha's state-owned energy company, as well as the Syrian Petroleum Co.
This covers exploration of Block 3, offshore Syria, in the Mediterranean Sea, laying out "a framework for technical and commercial discussions".
Julien Pouget, senior vice president of Middle East and North Africa Exploration & Production at TotalEnergies, commented: "We are pleased to enter into this new partnership with the Syrian Petroleum Company with which we had a long and fruitful relationship from 1988 to 2011, and we look forward to cooperating with QatarEnergy and ConocoPhillips to assess Syrian offshore exploration opportunities in the Mediterranean Sea."
TotalEnergies shares rose 1.2% to EUR77.80 on Tuesday afternoon in Paris, tracking oil, with spot Brent crude trading at USD107.33 a barrel around midday on Tuesday, up from USD103.97 on Monday. Spot West Texas Intermediate firmed to USD101.14 a barrel from USD97.96.
ConocoPhillips edged up 1.5% to USD117.30 per share pre-market in New York.
The cooperation agreement comes as French parliament summons TotalEnergies Chief Executive Patrick Pouyanne to appear at a hearing next month, where he will face questions over the company's profits during the US-Israeli war on Iran.
There are calls for a windfall tax on TotalEnergies and other fuel companies, to offset the higher prices hitting consumers as a result of conflict in the Middle East.
"Today, the issue of Total's taxes – which in 2025 saw it pay zero euros in corporation tax – and the question we are asking... regarding price caps are topical", Eric Coquerel, president of France's finance committee, told AFP.
Coquerel said he had received a "positive" response from Pouyanne, and that the CEO "will no doubt face some rather difficult questions, but I believe he is expecting them".
Last month, TotalEnergies hiked its shareholder payout after profit surged 51% to USD5.93 billion in the first quarter of 2026 from USD3.92 billion a year prior. The company upped its first interim dividend by 5.9% to EUR0.90 per share from EUR0.85.
TotalEnergies has implemented a cap on fuel prices at petrol stations in France and announced some special offers, but Pouyanne said last week that such "socially responsible decisions" might be reversed if its French operations faced extra charges.
By Holly Munks, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2026 Alliance News Ltd. All Rights Reserved.
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