Total expects hydrocarbon output growth to exceed 9%

Total expects hydrocarbon output growth to exceed 9%

Baku, Azerbaijan, April 26

By Leman Zeynalova – Trend:

Total expects its hydrocarbon output growth to exceed 9 percent as of 2019, Trend reports citing the company.

“Production growth should exceed 9 percent in 2019, thanks to the ramp-up of projects started in 2018 and the start-ups this year of Kaombo Sul in Angola, Iara 1 in Brazil, Culzean in the UK and Johan Sverdrup in Norway. To take advantage of the favorable cost environment, the Group is working to launch profitable projects, including Mero 2 in Brazil, Tilenga & Kingfisher in Uganda and Arctic LNG 2 in Russia,” reads a report on Q1 2019 results released by Total.

The French company’s hydrocarbon production was 2,946 thousand barrels of oil equivalent per day (kboe/d) in first quarter 2019, an increase of 9 percent compared to last year, due to: +11 percent related to the start-up and ramp-up of new projects, including Yamal LNG in Russia, Ichthys in Australia, Kaombo North in Angola and Egina in Nigeria, +3 percent portfolio effect linked in particular to the integration of Maersk Oil’s assets, -2 percent linked to production quotas, in particular in the United Arab Emirates, and to the deterioration of safety conditions, notably in Venezuela, -3 percent due to the natural decline of the fields and to planned maintenance, notably in Qatar, said the company.

Refinery throughput volumes increased by 2 percent in the first quarter 2019 compared to the first quarter 2018, as a result of improved use of facilities in the first quarter of 2019 linked to improved operational performance this year, reads the report.

Total is a major energy player, which produces and markets fuels, natural gas and low-carbon electricity. Its 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, the company’s ambition is to become the responsible energy major.

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Follow the author on Twitter: @Lyaman_Zeyn

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