Total to boost exploration budget
Paris, February 14, 2013
Total plans to raise its exploration budget in 2013 under an investment policy that takes advantage of high oil prices and financing from large-scale asset sales.
The world's fifth largest oil company by market value said it would spend $2.8 billion on exploration in 2013, up from $2.5 billion last year, with prospects to drill in Ivory Coast, Gabon, Kenya and Brazil.
In the fourth quarter, Total posted a 13 per cent rise in adjusted net profit to 3.08 billion euros ($4.2 billion), buoyed by high oil prices and a bump in refining margins.-Reuters
More Energy, Oil & Gas Stories
- Qatar ready to invest in Turkey power project
- Asia gasoline margins set to plunge in 2014
- Egypt signs oil exploration deals with foreign firms
- Eaton appoints new Mideast GM
- Sustainable energy ‘should be top priority’
- Bapco achieves safety milestone
- Iran, Iraq put Opec on notice of big oil increases
- Iraq, Kurds close to deal on oil exports, revenue
- Kuwait refinery signs up Honeywell
- Alstom to set up Saudi power generation JV