November 10, 2014 / 11:34 AM / 4 years ago

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

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

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

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below