PARIS: The development of new oil reserves and a more aggressive exploration strategy will enable French oil group Total to meet its targets for boosting production of oil and gas, chief executive Christophe de Margerie said yesterday.
Speaking to a general meeting of shareholders, he said that Total was developing new reserves with capacity of 800,000 barrels of oil equivalent per day in extra output.
This would help the group achieve the target for hydrocarbon production of 3.0 million barrels per day by 2017, compared with 2.3 million barrels in 2012, and to increase production by 3.0 percent on average from 2011-2015.
Margerie told a general meeting of shareholders: All this gives us visibility in terms of production. The three million barrels per day are now off the starting blocks. There is no reason for not achieving this.”
However he said that as happened last year when an accident occurred in the form of a big gas leak on the North Sea Elgin platform, incidents could arise but they should not obstruct the intention to increase output and investments.
Margerie, referring to a sudden probe by European Union officials at several companies in the oil sector on Tuesday on suspicion of manipulating prices, said that Total was not involved.
He was “very surprised” that manipulation could have been carried out, given his knowledge of the ethical code of conduct in companies mentioned.
AFP
