Total “needs new oil projects”-eyeing Angola/Nigeria tie-backs

摘要

Total said it is seeing a giant underinvestment in oil that could lead to a supply crunch and is looking at reviving stalled tie-back projects in Angola and Nigeria this year. The company is one of those at the forefront of the energy transition and cut its capex last year from US $18 Bn to $13 Bn. However, last week chief executive Patrick Pouyanne warned there is a now a strong risk of a supply crunch in the mid-term due to underinvestment.