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