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