Total eyes more production

9%

Jump in Total production to reach over 3M barrels oil

paris — French energy major Total is eyeing further strong growth in oil and gas production in 2019 after record output in 2018 enabled it to post a 28 per cent jump in full-year earnings.

Total said production is expected to rise by 9 per cent to reach over 3 million barrels of oil equivalent per day in 2019.

The company said on Thursday output reached an all-time high of 2.8 million barrels of oil equivalent per day in 2018 thanks to the start-up of various operations and increased production in liquefied natural gas (LNG) and deep sea projects in Australia, Angola, Nigeria, Russia and Brazil.

Total also announced a major, new discovery off the coast of South Africa that could contain around 1 billion barrels of total resources of gas condensate and light oil. The company reported a rise in full-year profit to $13.6 billion, following on from strong results from other oil majors, while its cash flow was at around $26 billion, up 18 per cent compared with the previous year.

“These excellent results reflect the strong growth of more than 8 per cent of the group’s hydrocarbons production,” Total’s chief executive officer Patrick Pouyanne said, adding its output growth was strongest among its peers.