The Straits Times
Published on Sep 24, 2012

Total plans to raise up to $24.5 billion with asset sales


LONDON (AFP) - French oil group Total said on Monday it intended to raise US$15-20 billion (S$18.4 billion to S$24.5 billion) with asset sales by the end of 2014 and aimed to boost production after expected flat output this year.

Total plans to dispose of some exploration and production activities and some refining and chemical interests to raise US$15-20 billion from 2012 to 2014, finance director Patrick de la Chevardiere told a press conference alongside a presentation to investors.

It also said it intended to raise oil and gas production by 3.0 per cent a year on average from 2011 to 2015, from 2.5 per cent from 2010 to 2015, with the increase arising wholly from projects already in production or being developed.

The new production schedule follows a series of incidents which have constrained output this year, particularly a leak which has disrupted gas production from the Elgin field in the North Sea since the end of March.