Total Stops Buying Novatek Shares After MH17 Shot Down

"Results seem to be impacted by high levels of maintenance in both the upstream and downstream resulting in lower volumes and higher costs," they wrote.

The CFO said output had hit a bottom and was expected to rise as projects such as Laggan-Tormore in the North Sea and Ofon Phase 2 in Nigeria came on stream in the second half of the year.

De La Chevardiere said he would give an update on the group's long-term production targets - 2.6 million boe/d in 2015 and 3 million boe/d in 2017 - at an annual investor day conference in London in September.

"But it's clear that delays at Kashagan are not good news," he added, saying that the field's operator did not expect any restart of the giant Kazakh field before 2016.

The group will also unveil a new cost-cutting plan in September.

De La Chevardiere also said China's Sinopec had notified Total that it would not buy its Usan field in Nigeria after all, a $2.5 billion deal for a stake in the OML 138 block that the French group had announced in November 2012.

"I don't know their reasons. We have launched the process two days ago to find a bank to relaunch the sale process and find a new buyer," he said.


12345

View Full Article

WHAT DO YOU THINK?


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.

Ruslan Zakirov  |  July 30, 2014
This is seriously strange decision. Ukrainians shot down the Malaysian airplane but the sanctions are against Russia. How is the LNG plant in Russian up-North related to this airplane? How does it work? Why does a loser politician (no war in Iran, no war in Syria, no Snowden...), want the industry to suffer for his own pride? Where is the logic?


Most Popular Articles