Total SA scaled back the expansion strategy it pursued during the past decade of high oil prices, announcing a fresh round of investment cutbacks and project delays while reducing production targets.
The measures, laid out by the French energy company on Wednesday before an investor day in London, signal that the belt-tightening among global oil producers to protect dividends will extend into 2017 and hurt future growth.
The oil company, Europe’s largest after Royal Dutch Shell Plc, expects to produce 2.6 million barrels of oil equivalent a day in 2017 compared with a previous forecast of 2.8 million barrels a day. Growth will slow to 1 percent to 2 percent a year starting in 2019 from the current 6 percent to 7 percent.
Brazil Energy Insight 
Leave a comment