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.


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