European oil and gas giants post Q3 profits
LONDON, October 27, 2022 – Shell and TotalEnergies have both reported earnings of more than USD 9 billion in Q3 2022, the two energy giants announced on Thursday.
UK’s Shell announced profits of USD 9.5 billion in Q3 2022, which was slightly lower than the previous quarter.
The company cites recent developments as its reason for sustained profits, including the acquisition of Spring Energy in India, participation in Qatar’s North Field South LNG expansion project, the FID on the Rosmari-Marjoram development in Malaysia and acquisition of Shell Midstream Partners in the USA.
TotalEnergies recorded profits of USD 9.9 billion in Q3 2022, a slight rise from USD 9.8 billion recorded in the previous quarter, despite a USD 3.1-billion impairment related to its operations in Russia.
The company highlighted its acquiring stake in Qatar’s North Field South LNG expansion project, startup of production on its Ikike field in Nigeria, launch of the Begonia project in Angola and a significant discovery in Cyprus.
TotalEnergies also acquired a 50% stake in US renewables company Clearway Energy Group and interest in 12 GW of onshore solar and wind projects in Brazil.