Oil & Energy
Total, Eni Earnings Drop Lower
French and Italian oil majors, Total SA and Eni SpA reported lower second-quarter profits on Friday, reflecting dollar weakness and production outages partly due to fighting in Libya which shut some fields.
Total said second-quarter net income, excluding one-offs and non-cash gains due to changes in the value of fuel inventories, fell 6 per cent from the same period last year to 2.79 billion euros ($4 billion), just below the 2.85 billion average forecast in a Reuters analysts poll.
Eni’s underlying net profit fell 14 per cent to 1.44 billion euros compared with an average forecast of 1.65 billion, as Libyan outages pushes its production down 12 per cent to 1.49 million barrels of oil equivalent per day (boepd).
A 13 per cent dip in the dollar hit both companies as the price of the crude they produce is denominated in the United States’ currency.
In dollar terms, Eni’s net income fell only 2 per cent and Total’s underlying result was up 7 per cent, performances that still paled in comparison to those of bigger rivals Royal Dutch Shell (RDSa.L) and Exxon Mobil , which posted profit rises of 56 per cent and 41 per cent, respectively.
Even at Norway’s Statoil, the rise was 39 per cent.
Total shares traded down 1.8 per cent at 37.65 euros by 1100 GMT in Paris, wiping more than 1.5 billion euros of its market value, while Eni shed 1.1 per cent to 15.21 euros in Milan.
The European oil and gas sector fell 1.1 per cent.
“The earnings miss against the consensus … was notable because it is so rare at Total, which is so consistent,” UBS analyst Jon Rigby said in a note, while CA Cheuvreux analyst Jean-Charles Lacoste called Eni’s update disappointing.
Total lost around 2 per cent of oil and gas output, despite the acquisition of a 12 per cent stake in Russian gas company Novatek , as the Libyan conflict and maintenance downtime in North Sea fields pushed overall production to 2.31 million barrels of oil equivalent per day.
This highlighted the difficulty for Western oil companies to match natural field decline with new finds.
Total has spent billions of euros in recent months to build up its presence in energy-rich countries such as Russia, Canada, Brazil or Australia, but it has yet to fully benefit from this investment.
The start-up of the 220,000 barrel per day Pazflor field offshore Angola should contribute “substantially” to near-term output growth, while major gas projects in Australia and Russia will bolster production at a later stage, the French group said.
It targets 2 per cent average annual output rise in 2010/15.
Meanwhile Eni predicted a 10 percent drop in hydrocarbon production from 1.82 million boepd in 2010, a fall stemming from the near complete shutdown of operations in Libya, where Eni is the biggest foreign operator.
Eni said it could quickly restart output at its Libyan fields when the fighting there ended, as no damage had been reported to its facilities — echoing comments on Thursday from Spanish rival Repsol , which also has large operations in the North African country.
Total, Europe’s largest refiner by capacity, also reported lower profits from its refining division due to weak crude processing margins. The so-called downstream business saw adjusted net operating income fall 59 per cent year on year.
Oil & Energy
The Tofu Brine Battery That Could End the Lithium Era
Researchers in Hong Kong and China have developed a new form of battery that is more eco-friendly and longer lasting than lithium ion batteries – and it runs on tofu brine. The new water battery is still in research phases, but if the technology proves to be scalable enough to hit commercial markets, it could be a game-changer for the energy and tech sectors.
“Compared with current aqueous battery systems … our system delivers exceptional long-term cycling stability and environmental friendliness under neutral conditions,” the research team, composed of scientists from the City University of Hong Kong and Southern University of Science and Technology in Shenzhen, Guangdong, said in a paper published this month in Nature Communications.
The researchers found that their battery model can be recharged over 120,000 times. “At over a hundred thousand cycles, this could mean a single water-based battery could last at least a decade or so,” states a recent report on the breakthrough from Interesting Engineering. “For applications like grid storage (solar farms, wind balancing), that’s extremely valuable,” the article went on to say.
This kind of lifespan would represent a drastic improvement over the battery technologies that dominate today’s market. Lithium-ion batteries degrade after between 1,000 and 3,000 charge cycles. This could prove revolutionary, as finding an alternative to lithium-ion batteries to power rechargeable devices is a major priority for Big Tech and the global energy sector.
Moreover, these tofu-brine batteries could prove safer and more environmentally friendly than lithium-ion batteries. According to the study authors, the full cells are environmentally benign and nontoxic and can be directly discarded to environments according to various standards.” Water based (also called aqueous) batteries can also potentially be cheap to produce as they rely on ingredients that are less rare in addition to being less hazardous.
Lithium is environmentally harmful to extract, prone to fires, and its supply chains are geopolitically fraught. Currently, China alone controls half of the global lithium market, and is rapidly increasing its stake. In 2024, more than eight in ten battery cells on the planet were made in China. This means that finding a battery model that can compete with lithium-ion batteries in applications like grid-scale energy storage and electric vehicles would have revolutionary implications for global markets.
Researchers around the world have been racing to develop battery models that could diversify the market and make it more competitive and resilient. These models range widely in size, components, and application, with models currently under development for next-gen sodium-ion batteries, quantum batteries, nuclear batteries, and even sand and dirt batteries.
Of course, the irony is that the leading alternatives to lithium-ion batteries are also being developed in Chinese labs. If this new tofu-brine battery proves scalable and applicable outside of a laboratory environment, it could just be another step toward Beijing’s goal of near-total domination of clean energy technology value chains and status as the world’s first and premiere ‘electro-state.’
China’s extreme advantage in global battery making gives it a major point of leverage in global economies as the world continues to electrify at a rapid pace. It is estimated that European demand for lithium in batteries will reach kilo tonnes (thousands of tonnes) of Lithium Carbonate Equivalent by next year, and North American demand will reach 250 kit LCE. it’s all but certain that the vast majority of that demand will be supplied by China.
Other nations are aware of the risk of this dependency, and are taking pains to protect and promote domestic battery manufacturing, but these efforts may be too little, too late. “For globally competitive battery manufacturing industries to emerge outside of Asia over the next ten years, companies will need to do far more than ensure regulatory compliance,” summarizes a McKinsey & Company report released in January. “Challenges will need to be overcome on multiple fronts spanning supply chains, talent management, operations and technology.”
By: Haley Zaremba
Oil & Energy
REA TO Spend N100bn On Hybrid Mini-grids For Govt Agencies In 2026
The Rural Electrification Agency (REA) says it will spend N100 billion in 2026 to deploy hybrid mini-grids for government agencies within and outside Abuja.
The Managing Directors, REA, Abba Aliyu, disclosed this while addressing newsmen on the sidelines of the 2026 budget defence session
The approved funds form part of the National Public Sector Solarisation programme, a component of the agency’s broader N170 billion budget proposal for 2026.
The initiative is designed to improve electricity reliability for public institutions while reducing operational costs and easing pressure on the national grid.
Aliyu explained that the agency’s total proposed budget for 2026 stands at N170 billion, with N100 billion of the amount dedicated specifically to the solarisation initiative targeting government agencies.
He said the hybrid mini-grid systems combine solar power with complementary energy sources to ensure an uninterrupted electricity supply.
“The total budget size for 2026 operations is N170 billion, out of which N100 billion had been approved for National Public Sector Solarisation.
Aliyu cited the National Hospital in Abuja as an example where similar infrastructure had been deployed to ensure stable power and cut operational expenses.He added that beyond the Solarisation
Recall that earlier in February 2026, REA signed a Memorandum of Understanding with the Economic Community of West African States (ECOWAS) to deploy solar power systems to 15 public institutions across Nigeria.
The project will be implemented under the Regional Off-Grid Electricity Access Project (ROGEAP), a World Bank-supported initiative aimed at expanding off-grid electricity access across West Africa and the Sahel.
ECOWAS will provide a $700,000 grant to fund the installation of solar photovoltaic systems in selected rural health centres and schools in the Federal Capital Territory, Niger, and Nasarawa States.
Oil & Energy
PIA: TotalEnergies Transfers OLO Oilfield HCDT Obligation To Aradel ……Says HCDT Enabled Completion of 100 Projects In 2 years
In his remarks, the Community Affairs Manager, Aradel Holdings Plc, Blessyn Okpowo, affirmed the company’s commitment to honouring all PIA obligations and continuing Total Energies’ community engagement approach.“We want to say that in line with the PIA, we will honour commitments and duties required of the settlor and we want to work very smoothly with the way TotalEnergies has worked with them,” he stated.
He recognised the Commission’s role in approving the Community Development Plan (CDP) before project start, underscoring regulatory excellence.The parties noted that between 2023 and 2025, the trust has enabled the completion of more than 100 community projects, spanning water supply, electricity, road infrastructure, education, and healthcare with a further 40 projects currently ongoing.
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