French energy giant Total said on Thursday it will sell assets worth around US$5 billion mostly from its upstream exploration and production ...
PARIS: French energy giant Total said on Thursday it will sell assets worth around US$5 billion mostly from its upstream exploration and production business as it seeks to focus on low breakeven projects that can withstand low oil prices.
"Markets remained volatile with Brent averaging US$69 per barrel in the second quarter, an increase of 9per cent compared to the previous quarter but natural gas prices were down 36per cent in Europe and 26per cent in Asia," Total Chairman and Chief Executive Officer Patrick Pouyanne said. The strategy would be complemented by the divestment of assets that only break even at high oil and gas prices, such as the recent sale of mature assets in the UK North Sea, Total said in a statement."This active portfolio management policy will continue with the sale of US$5 billion of assets over the 2019-20 period, the majority coming from Exploration and Production," Pouyanne said.
However, its European refining margins, while still volatile, increased at the start of the third quarter and its downstream business should benefit from restarting the Grandpuits refinery in France and the Leuna refinery in Germany.
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