Total to cut spending, limit US drilling

摘要

London—French oil and gas major Total plans to limit spending at a number of its upstream plays and reduce drilling at its unconventional fields in the US this year in response to low oil prices, its chief executive said Wednesday. Speaking at the World Economic Forum in Davos, Switzerland, Total CEO Patrick Pouyanne said investments would fall as a result of the oil price decline but expects prices to rebound in due course as part of a normal commodity cycle.