TotalEnergies posted adjusted net earnings of $9.9 billion but notably took a charge of $3.1 billion after it sold a 49 percent interest in a Siberian natural gas field to Russian energy producer Novatek. The tiny Gulf state is sitting on the world's largest gas field - with some 25 trillion cubic meters of gas locked in its North Field. The Liquid Natural Gas (LNG) plant at Raslaffan Industrial City in the north of Qatar.
Late last month, Europe's two largest energy companies Shell and TotalEnergies reported profits of more than $9 billion in the third quarter, though Shell's liquefied natural gas (LNG) division struggled to capture the benefits of high fuel prices. Sunak has so far resisted calls to increase the tax, which has been criticised as far too small by activists. The British Prime Minister Rishi Sunak unveiled the windfall tax on the profits of UK energy companies earlier this year when he was finance minister in Boris Johnson's government. "Finding the right balance between taxing 'excess profits' as a result of the war in Ukraine without deterring investment won't be easy."īP added on Tuesday that it will pay about $2.5 billion in taxes this year for its North Sea business, including $800 million related to the levy. Watch: BP more than doubled its third-quarter profit from a year earlier to $8.15 billion, lifted by strong natural gas trading, as it expanded its share buybacks by $2.5 billion amid rising calls to increase taxes on the energy sector /AHgvim0elw- Reuters Business November 1, 2022
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