Total Sets Oil Growth Target

French oil and gas major Total extended its oil production growth target of 5% per year until 2022 and plans to focus on projects with a low breakeven, while reducing its costs in a market dominated by volatile oil prices. The company told investors in a presentation that it aimed to achieve savings of $3.6 billion by the end of 2017 and was increasing targeted savings on operations from $4 billion in 2018 to $5 billion in 2020, Reuters reported. Total said it was relentlessly cutting costs and was targeting production costs below $5.5 per barrel of oil equivalent in 2017, from $5.9/boe in 2016 and $7.4/boe in 2015. Total set its capital investment target, excluding resources acquisition, at $13-15 billion between 2018 and 2020 from a previous guidance of $14-15 billion in 2017. In July 2017, Total signed a major deal for a total amount of $4.8 billion with Iran for the development and production of South Pars, the world's largest gas field.