Total to sell $15-20 billion in assets by yearend 2014

Total SA outlined plans to sell $15-20 billion worth of assets by yearend 2014, and the sales could include upstream assets, refineries, and pipelines, executives said.

Christophe de Margerie, chairman and chief executive officer, outlined Total’s plans to investors during a presentation in London on Sept. 24. Total will use income from the sales to reinvest in projects it already owns and to fund exploration, he said.

Most of the divestiture will come from the exploration and production division, de Margerie said, although he declined to name specific assets. Total’s plan to sell assets to help grow its profitability follows similar divestiture efforts by BP PLC and ConocoPhillips.

Total also plans to grow its production an average 3%/year during 2011-15, which is up from its earlier comments that it was seeking to grow production an average 2.5%/year during that time.

After 2015, Total hopes to accelerate production growth to reach 3 million boe/d in 2017.

Of the 3 million boe/d target, 70% of the projects are either in production or in development, executives noted.

On the downstream side, an ongoing restructuring of refining and chemical operations is expected to provide savings of $650 million/year for Total by 2015 through improved efficiencies.

Related Articles

Judge bars Anadarko e-mails as evidence in Macondo blowout hearing

03/21/2014 A federal district judge in New Orleans refused to accept e-mails between Anadarko Petroleum Corp. and BP PLC as evidence in a hearing to determine...

Industry group welcomes most UK budget moves

03/21/2014 Oil & Gas UK voiced support for all but one of several measures affecting the offshore producing industry announced in the UK government’s annu...

MARKET WATCH: Crude oil, gas futures prices slide entering spring

03/21/2014

The first day of spring in the northern hemisphere was marked by lower crude oil and natural gas futures prices.

OMV acquires West of Shetland licenses from Hess

03/21/2014 OMV AG has reached an agreement with Hess Corp. to acquire four licenses in West of Shetland, UK, including Cambo field and the Blackrock prospect,...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected