Total is looking to spend around $7 billion a year until the end of the decade on new projects to halt production declines and slightly increase output, with Brazil, Iran and brownfield sites all set for final investment decisions (FID).
The French supermajor’s chief executive Patrick Pouyanne had indicated last month that capital expenditure for the period from 2017 to 2020 was being pared back to between $15 billion and $17 billion per year – a reduction on a previous estimate of on average $2 billion.
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