Total has set a budget for 'organic investments' this year of $24 billion, 80 percent of which will be dedicated to the upstream segment of the French oil major's business, the firm said Friday.
In the upstream, Total expects to implement its strategic to accelerate production growth and increase the profitability of its asset portfolio. The firm said that the ramping up of its Pazflor field, offshore Angola, and the start-up of several major projects – including Usan in Nigeria, Angola LNG and Bongkot South in Thailand – will contribute both to production growth in 2012 and to achieving its objective of growing production by an average of 2.5 percent each year between 2010 and 2015.
After launching the Ichthys LNG project in Australia last month, Total said it intends to continue work on the drivers for post-2015 growth by preparing to launch projects in West Africa, Russia and Canada. At the same time, it said, it would continue its "dynamic exploration effort" and has budgeted $2.5 billion – a 20-percent increase from the previous year – to fund this program.
"The successful start-up of the Pazflor field in Angola was the crowning achievement of an important year for Total. This start-up and the ones to follow will ensure a return to production growth in 2012 and the years to come," said Total Chairman and CEO Christophe de Margerie.
"Total is confident in its model for delivering sustainable growth, and, with a strong balance sheet, the group announces a 2012 net investment budget of $20 billion while remaining committed to a competitive return for shareholders."
Total also announced Friday that its net income for 2011 was $15.9 billion – a 17-percent improvement on 2010.
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