TotalEnergies will invest to expand Fujairah oil export pipeline in Abu Dhabi, CEO says

The Troll Phase 3 Stage 2 subsea project in the North Sea began production on August 22, adding gas supply to the Troll A platform and Kollsnes plant. The project, operated by Equinor, is expected to produce 55 billion cubic meters of gas. The Troll partnership includes Petoro, Shell, TotalEnergies, and ConocoPhillips. The project started ahead of schedule and under budget, with Equinor citing efficient operations and drilling. Troll field supplies around 10% of Europe's gas demand.

TotalEnergies SE reported share repurchases from August 17-21, 2026, totaling 1,548,726 shares at an average price of €77.48 per share. The company acted under shareholder authorization and applicable laws, purchasing shares on multiple markets including XPAR, CEUX, TQEX, and AQEU.

TotalEnergies CEO Patrick Pouyanne stated that moving oil through the Strait of Hormuz costs only $10 per barrel, lower than investor fears. Iraq's SOMO offered discounts up to $29.80 per barrel on Basrah crude, covering the Hormuz premium. TotalEnergies reported $9.8B in Q2 cash flow, $6B in adjusted net income, and authorized $1.5B in buybacks, with its trading arm adding $500M in outperformance.

The European Commission approved a joint venture between CMA CGM and TotalEnergies for LNG bunkering services, citing negligible market impact in the EU. The deal was reviewed under a simplified procedure.

TotalEnergies resumed its $20B LNG project in Mozambique after a $4.7B loan was reauthorized by the U.S. Export-Import Bank. The U.S. government's 2025 executive order prioritizing energy abundance and its exit from the Paris Agreement have spurred oil and gas development in Africa.

Brent crude rose above $91 and WTI above $85 due to tensions in the Strait of Hormuz, including an attack on a vessel. Eight major oil firms, including Saudi Aramco, BP, and Chevron, nearly doubled Q2 profits to $87bn, benefiting from higher oil prices caused by the conflict. Saudi Aramco reported a 34% increase in net income to $33bn, while Chevron saw its highest quarterly profit in six years at $12.2bn.