Total Raises 2011-2015 Annual Oil Output Growth Target
LONDON - French energy giant Total SA said Monday it has raised its annual average production growth target to 3% for the period 2011-2015.
The new target, which is higher than the previous target of 2.5%, is based on projects that are either already in production or under development.
This would take production up to 3 million barrels of oil equivalent a day in 2017, the company said.
"We're confident of the 3% and the 3 million barrels a day," Total Chief Financial Officer Patrick de la Chevardiere told a news conference in London.
The higher guidance defies earlier gloom over the French group's performance following a series of incidents in its oil and gas producing division that lowered production.
The new guidance also underscores the massive efforts Total has made to boost its exploration and production performance to meet increased demand from Asia and other emerging markets.
Total also said it is putting $15-$20 billion worth of assets on the block over the 2012-2014 period.
Chevardiere said the divestments would come from all across the company and would include fields where Total has small stakes.
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