Total Sets Oil Growth Target

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.


Short URL : https://goo.gl/X5e8JS
  1. https://goo.gl/FQgWZi
  • https://goo.gl/GqPcxa
  • https://goo.gl/YAB18K
  • https://goo.gl/ZSsFas
  • https://goo.gl/NcdXjB

You can also read ...

679 tons of carbon dioxide will be prevented from entering the atmosphere during the project’s 20-year lifetime.
Solar power is becoming an increasingly important part of the...
India Will Lead International Oil Demand by 2035
Oil market participants and analysts have been closely...
Oil Markets Split
Oil markets were split on Tuesday, with US crude still...
Oil Producers to Mull  Long-Term Cooperation
OPEC and non-OPEC oil producers, including Russia, will...
Iran is currently drawing crude from West Karoun block at an unacceptable extraction rate of 5-6%.
Iran's Petroleum Engineering and Development Company has...
Gas Delivery to Power Plants Cuts Pollution, Raises Revenues
Supplying natural gas to power plants, instead of liquefied...

Add new comment

Read our comment policy before posting your viewpoints