The company sees capital expenditure dip to below $20 billion in 2015 from over $20 billion this year as it looks to increase "selectivity" in its projects and keep existing ones on time and in budget, it said in a presentation prepared for its investor day Monday in London.
As a result the goal is to increase free cash flow by 30% from 2012 to 2017, Total said as the company moves out of a phase of "intensive upstream investments" kicked off several years ago.
"The
