Total Still Sees 2% Production Growth This Year

Printer Friendly Version

France's Total, Europe's third-largest oil company, said it remains comfortable with its goal of increasing oil and natural gas production by 2% despite lost production at the hands of political uprisings in the Middle East and North Africa, particularly Libya where the company was forced to halt production.

Total (TOT) said it expects oil prices to keep hovering around $100 a barrel this year and next year and also warned current prices were now an issue for world economic growth, Reuters reported.

The company is aiming to increase production by 2% a year on average for the 2010-2015 time frame. That estimate excludes Total's recently acquired 12% stake in Russian gas company Novatek, which added 110,000-120,000 barrels per day to Total's oil and gas output, according to Reuters.

Separately, Total completed its $1.3 billion purchase of 60% of SunPower (SPWRA), the second-largest U.S. solar panel maker, today. That deal was announced in late April.

Archives:200920102011201220132014