Paris (awp / afp) – French oil giant Total, affected by the recent drop in prices of oil, will reduce its exploration spending by 30% in 2015, said Friday the group’s CEO in an interview to the newspaper “The World”.
“In the past two years, exploration expenditures were $ 2.8 billion,” said Patrick Pouyanné.
As already announced, the group plans more generally to reduce capital expenditures of 2 billion to 3 billion USD from 26 billion USD last year.
The company also wants to “amplify the decline” of operational costs bringing them to 1.2 billion USD, “an additional force of 400 million.”
The group will therefore include reviewing its investment in mature fields whose return on investment is increasing and curb investment on US shale gas, “greedy capital but operations can resume quickly if rising crude oil prices,” said the CEO of the French oil giant.
“Some of the savings will also come from the renegotiation of contracts with suppliers because when oil falls, the price of services and equipment down, “said Mr. Pouyanné.
” We must react, especially not overreact ” , he said, stating that “Total has the means to stay the course.”
The company, which continues to lose money with its refining activity, also plans to restructure its French sites and make announcements “in the spring,” he added.
No site will be closed and “all Total employees Total employees will remain.”
Thursday, the Anglo-Dutch group Royal Dutch Shell had announced a reduction of more than 15 billion USD investment in three years, after a fall in net profit at the end of last year on the back of diving During the black gold.
In addition, the group has also improved transparency around its 900 subsidiaries it owns in the world, including several in countries considered as tax havens (Bermuda Virgin Islands and Cayman Islands).
Patrick Pouyanné announced that the group would publish in March “the list” of its subsidiaries, against 200 currently listed in its registration document.
He claims “subscribe completely in continuity” of former CEO Christophe de Margerie, died in late 2014, which decided in 2012 that the group would create more subsidiaries in countries considered tax havens.
afp / al
(AWP / 30.01.2015 3:04 p.m.)
(AWP / 30.01.2015 3:04 p.m.) ^ ->
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