Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

Total to Spend 80% of $28B Budget on Upstream in 2013

change text size

Total reported Wednesday that it will spend more than 80 percent of its organic investment budget for 2013 of $28 billion on its upstream activities.

The French major said it expected to achieve production growth targets of 3 percent per year, on average, through to 2015 and that it would potentially achieve 3 million barrels of oil equivalent per day (boepd) by 2017. In 2012, the company produced an average of 2.3 million boepd compared with 2.35 million boepd in 2011.

Total said its production growth should be fueled by 2012 start ups as well as anticipated 2013 start ups, including Anguille in Gabon, Angola LNG, Kashagan in Kazakhstan and the extension of OML 58 in Nigeria.

Meanwhile, the firm said that it is continuing to work in cooperation with the UK authorities towards "a safe and progressive" restart of the Elgin-Franklin field during the first quarter of 2013. Total confirmed that it suffered a three percent decline in its total production due to the Elgin gas leak incident in the North Sea as well as flooding affecting its Nigeria operations.
 

 



A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

More from this Author
Jon Mainwaring
European Editor | Rigzone.com
 -  Oilfield Discovered Onshore UK near Lo... (Oct 24)
 -  Inside BP's Upstream Learning Center (Oct 24)
 -  GDF, BP Make 'Significant' Discovery i... (Oct 23)
 -  What's Going on in Kurdistan? Q&A with... (Oct 20)
 -  North Sea Future: Innovation Needed (Oct 17)
Most Popular Articles
From the Career Center
Jobs that may interest you
Business Development Manager
Expertise: Business Development, Client Representative, Regulatory Compliance
Location: Arvada, CO
 
Manager, Environmental
Expertise: Engineering Manager, Environmental Engineer
Location: Los Angeles, CA
 
Sr Regulatory Analyst - Southern Region
Expertise: Business Development
Location: The Woodlands, TX
 
search for more jobs