French energy giant Total SA (TOT) said Monday it has raised its annual average production growth target to 3% for the period 2011-2015.
French energy giant
Total SA (TOT) 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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