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Total expects production growth to reach 9% in 2019

Oil&Gas Materials 30 October 2019 15:17 (UTC +04:00)

BAKU, Azerbaijan, Oct. 30

By Leman Zeynalova – Trend:

Production growth of French Total company is expected to reach 9 percent in 2019, thanks to ramp-ups in projects started in 2018, start-ups since the beginning of the year, Trend reports with reference to the company.

The Group will continue to implement its strategy for profitable growth on the integrated gas and low carbon electricity chains and the Integrated gas, renewables and power (IGRP) segment will benefit in 2020 from the start-ups of Yamal LNG train, as well as Cameroon LNG trains.

The Group maintains its cost disciple and the organic pre-dividend cash flow breakeven will remain below $30 per barrel.

Hydrocarbon production was 3,040 thousand barrels of oil equivalent per day (k/boed) in the third quarter of 2019, an increase of 8 percent compared to last year, due to +12 percent related to start-up and ramp-up of new projects, -3 percent due to natural decline of the fields, -1 percent due to the maintenance, notably in Norway.

This is while in the first nine months of 2019, hydrocarbon production of Total was 2,981 k/boed, an increase of 9 percent compared to the last year due to +12 percent related to start-up and ramp-up of new projects, +1 percent due to portfolio effect, notably the integration of the Maersk Oil assets, -3 percent due to natural decline of the fields, -1 percent due to the maintenance, notably in Nigeria and Norway.

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