November 10, 2014 / 11:34 AM / 3 years ago

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

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.

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

“$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

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