Source Pravda.Ru

Total To Reach 10% Production Growth Target

TotalFinaElf, Europe's third-biggest oil company by market capitalisation, will meet its goal of increasing production by ten percent this year thanks to growth in Venezuela and Angola, the Chief Executive Officer Thierry Desmarest said. Total is starting production at Venezuela's Sincor complex, while the Girassol field, off Angola's coast, is reaching peak output of two hundred thousand barrels a day “very quickly,” the CEO said. The Paris based company will achieve its target even as OPEC production cuts compel it to reduce output from some fields. “We remain very much in line with our targets of growing production by ten percent,” he said on the sidelines of a Paris industry conference. That's “in spite of the fact that the impact of the OPEC cuts is higher than what was expected at the end of last year.” Total aims to grow production faster than bigger rivals. Royal Dutch/Shell Group, Europe's top oil producer, has targeted a three percent annual production increase, while the number two BP has set itself a goal of 5.5 percent.

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