France’s Total Says Cutting Investment

Source: Oman Observer 9/23/2016, Location: Europe

French oil major Total said it would trim back costs and investment in 2017-2018 in the face of continued low oil and gas prices. Total said it would cut annual investment to between $15 and 17 billion from next year instead of previous plans for $17-19 billion, and that it now intends to shave $4 billion from operating costs instead of $3 billion by 2018.

In February, Total said the global collapse in oil prices, which have fallen amid massive over-supply some 70 per cent since 2014, made cost-cutting inevitable. In 2015, it had ploughed $23 billion into investments before ramping that down this year ahead of announcement of further cuts.

Chief Executive Patrick Pouyanne said earlier this year that the entire industry was facing “quite a crisis” albeit forecasting prices would increase by year end. He also announced a hiring freeze at Total, which employs some 96,000 people in around 130 countries.


United Kingdom >>  8/12/2022 - As the race to number 10 accelerates, Offshore Energies UK (OEUK) has written open letters to Rishi Sunak and Liz Truss asking them to help consumers ...
United States >>  8/12/2022 - Ocean GeoLoop AS, the green tech company developing multifunctional environmental technologies based on nature’s own processes, announced a NOK ~100 m...

Germany >>  8/11/2022 - RWE is actively forging ahead with the implementation of its Growing Green strategy. In the first half of 2022, the Group invested about €2 billion in...
United Kingdom >>  8/5/2022 - The Equinor-operated Rosebank oil and gas field will provide significant investment into the UK.

According to a socioeconomic study by Wood...


United States >>  8/5/2022 - Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) ("Calumet") today announced a series of transactions conducted by its unrestricted subsidiary...
Saudi Arabia >>  8/3/2022 - Saudi Arabian Oil Company (“Aramco”) today signed a Memorandum of Understanding (MoU) with China Petroleum & Chemical Corporation (Sinopec) covering m...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.