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Total's CEO sees opportunities in low oil price environment - note

Published 2015-10-06, 08:00 a/m
© Reuters. Total's CEO sees opportunities in low oil price environment - note
TTEF
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PARIS, Oct 6 (Reuters) - The current low oil price
environment is an opportunity for oil and gas major Total
TOTF.PA to realign its costs, drive efficiency in upstream
operations and rediscuss tax issues with host producing nations,
its chief executive told investors.
Patrick Pouyanne spoke with investors in Geneva on Friday,
Raymond James Europe Research said in its note.
"As regards mergers and acquisition (M&A) opportunities, the
group is keen on capitalising on its strength (Africa, Middle
East, North Sea, Deepwater, LNG) rather than looking for U.S.
shale oil opportunities," the note said.
"Total sees more opportunities in Iran on the LNG side than
in conventional oil developments," the note said, adding that
oil sands are not well placed on the merit curve and Total could
sell further positions.
The group has said it is cutting its exposure to Canadian
oil sands projects in the context of lower global oil prices
after it sold 10 percent of its stake Alberta oil sands project
to Canada's Suncor Energy.
Total was not immediately available to comment.
Total put the protection of its dividend at the centre of
its strategy last month, as it set out reduced investment plans
and increased cost cuts in preparation for an extended period of
depressed oil prices.

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