Reuters: Total CFO sees oil and gas output rising in 2008
Wed May 7, 2008 11:20am EDT
LONDON, May 7 (Reuters) – Total (TOTF.PA: Quote, Profile, Research) expects production of oil and gas to rise in 2008, even if oil prices stay high, the French oil major’s Chief Financial Officer said on Wednesday.
CFO Robert Castaigne told analysts on a conference call that despite unplanned outages on the Elgin-Franklin gas field in the North Sea, and the fact rising oil prices reduce the amount of oil Total is entitled to under production sharing contracts with host nations, production should be higher.
“In 2008, clearly our production should grow, even if we remain with $110-$120 per barrel,” he said.
Castaigne said the effect on Total’s production from field downtime in 2008 would be “comparable to what we had in 2007”, including outages in the North Sea and Libya.
(Reporting by Tom Bergin; editing by Rory Channing)
� Thomson Reuters 2008 All rights reserved
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