Total steps up battle on costs in growth plan

摘要

London-Total extended its medium term production growth target Thursday, laying out a path to sustainable growth as capital discipline moves pay off and industry cost deflation supports its resilience to lower oil prices. The French oil major said it expects its oil and gas production to increase by an average of 5% a year over the 2014-2020 period, a year longer than previous guidance. The company’s oil and gas output reached 2.42 million boe/d in the second quarter helped by the start-up of the UK’s Laggan-Tormore gas field and Argentina’s Vega Pleyade gas condensate project.