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OIL

Total in $4.2 billion Norway development

French energy giant Total said on Thursday it was launching development of the Hild gas and oil field in the Norwegian North Sea with investment of $4.2 billion.

Published: 2 February 2012 17:10 CET

Total holds a 51 percent stake in the Hild field that has estimated reserves of 190 million barrels of oil equivalent, with production set for the end of 2016 and to reach a peak of 100,000 barrels per day.

Processed gas would be shipped to Britain via pipeline and oil shipped off by tankers.

Norway's offshore energy development company owns a 30 percent stake and state-owned oil and gas company Statoil has a 19 percent share.

The project still awaits final clearance by the Norwegian authorities.

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POLITICS

France vows to block EU-South America trade deal in current form

France has vowed to prevent a trade deal between the European Union and the South American Mercosur bloc from being signed with its current terms, as the country is rocked by farmer protests.

Published: 31 January 2024 15:46 CET
France vows to block EU-South America trade deal in current form

The trade deal, which would include agricultural powers Argentina and Brazil, is among a litany of complaints by farmers in France and elsewhere in Europe who have been blocking roads to demand better conditions for their sector.

They fear it would further depress their produce prices amid increased competition from exporting nations that are not bound by strict and costly EU environmental laws.

READ ALSO Should I cancel my trip to France because of farmers’ protests?

“This Mercosur deal, as it stands, is not good for our farmers. It cannot be signed as is, it won’t be signed as is,” Economy Minister Bruno Le Maire told broadcasters CNews and Europe 1.

The European Commission acknowledged on Tuesday that the conditions to conclude the deal with Mercosur, which also includes Paraguay and Uruguay, “are not quite there yet”.

The talks, however, are continuing, the commission said.

READ ALSO 5 minutes to understand French farmer protests

President Emmanuel Macron said Tuesday that France opposes the deal because it “doesn’t make Mercosur farmers and companies abide by the same rules as ours”.

The EU and the South American nations have been negotiating since 2000.

The contours of a deal were agreed in 2019, but a final version still needs to be ratified.

The accord aims to cut import tariffs on – mostly European – industrial and pharmaceutical goods, and on agricultural products.

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