Total says can withstand oil at $80, to continue projects

Mon Nov 10, 2014 6:33am EST
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ABU DHABI (Reuters) - Big oil companies such as Total TOTF.PA can withstand oil prices at $80 a barrel and the French firm will continue its current investment projects, Total's president for exploration and production said on Monday.

"$100 was a good level to ensure continuous supply of projects for the future," Arnaud Breuillac told a news conference at a major energy industry conference in Abu Dhabi.

But he added, "Large companies like Total have financial capability to weather a bit of time when the oil price is lower," and said Total did not want to cut back its investment budget.

"We will continue with our capital discipline. We have a strong roadmap for the next few years with a lot of projects, and all of them will continue."

Breuillac also said Total did not think oil prices would stay as low as $80 for long.

(Reporting by Maha El Dhana; Writing by Andrew Torchia)

General view of the French oil giant Total refinery in Mardyck near Dunkerque on January 28, 2010.  REUTERS/Pascal Rossigno