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TOTAL HAS SUSPENDED MANY PROJECTS THIS YEAR
Total has suspended many projects this year.
Yazar: Tom Roberts
Yayınlanma: 1 Ağustos 2020 23:27
Güncellenme: 16 Kasım 2024 07:08
TOTAL HAS SUSPENDED MANY PROJECTS THIS YEAR
Reducing its investments in oil and natural gas projects by 25 percent this year, French Total made the highest cut in capital expenditures so far. The prices of oil and natural gas, which started in December 2019 and due to the fact that OPEC and Russia could not decide on production cuts on March 6, limited the activities of the company, resulting in a significant decrease in net income. In addition to the epidemic, large fluctuations in the markets and the ongoing conflicts in certain parts of Africa also affected the company activities negatively. Announcing that Total has suspended many projects this year, Total announced that it has postponed its "Tilenga" oil exploration, extraction and transmission project to 2022 due to these conditions, and that it has put its projects in Angola's largest offshore production areas for a while.The company also announced that in April it sold its assets with a total value of $ 400 million in Brunei, Sierra Leone and Liberia. Total suspended its project in the Preowei field, where it carries out hydrocarbon studies in Nigeria, has reported that it has stopped its seismic activities in the Egina field in the country for a certain period of time.
According to Total's 2019 outlook report, the falling oil and natural gas prices have limited the company's activities since Covid-19 and OPEC, which started in December 2019, and Russia could not decide to cut production, leading to a significant decrease in net income.
According to the report, which is pointed out that the company is revising its project, asset and energy reserves, Total has made the highest cut in capital expenditures so far, reducing its investments in oil and gas projects by 25 percent this year.
Emmanuel Dupuy, President of the European Perspectives and Security Institute stating that France continued its relations with its former colonies through energy companies after the colonial period, Dupuy said that Total and ELF Aquitaine companies represented the biggest French power in Africa in this process.
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