Total's Production Growth Will Be Driven by the Start-Up of Over 25 Projects Yielding 600,000 BOE/D by 2015

摘要

The worldwide hydrocarbon production of Total declined by 1% to 2,346,000 barrels of oil equivalent per day (boe/d) in 2011, but the French company is anticipating strong output growth between now and 2015. The expected increase will mainly come from the start-up of more than 25 oil and gas fields over the period from 2011 to 2015. They are effectively due to produce some 600,000 boe/d between them and will enable Total to more than offset the shrinking of its production base due to the natural decline of several existing fields. The company points out that this forecast, produced on the basis of a price for Brent of $100/barrel, is very well founded, since around 95% of these start-ups have either already taken place - in a few cases - or the corresponding projects are at the construction stage. Total's production will really start to take off this year, thanks to projects such as Pazflor and Angola LNG in Angola, Usan in Nigeria and Bongkot South in Thailand.