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
- Forum focus on solar desalination
- Oman launches ME-first solar driven oil recovery
- Kuwaiti oil service workers on strike over pay
- Aramco awards Midyan project to L&T
- Taqa looking at share options
- Aramco seeks bids for power plant
- Qatar sets up $1bn energy infrastructure fund
- Sembcorp inks Oman utilities JV project
- Saudi diesel import set to hit record levels
- $1bn Salalah IWPP opened officially