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.