France’s Total aims to slash its annual capital spending to between $17 billion and $19 billion from 2017 onwards as part of its strategy to address lower-for-longer oil price forecasts.
Spending peaked in 2013 at $28 billion and is due to fall to $24 billion to $25 billion this year and to between $20 billion and $21 billion in 2016.
More than 75% of this amount is expected to be ploughed into Total’s upstream portfolio, with most of the remainder heading downstream.
The
