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Total to sell more assets, cuts oil output target LONDON: French oil company Total is to sell more assets and cut costs to generate more cash and is to revamp exploration plans after reducing its oil production target. Total, which has struggled with production outages in Libya, Kazakhstan and Nigeria, on Monday cut its 2017 output goal to 2.8 million barrels of oil equivalent per day from a previous 3 million. France's biggest company by market value and the West's fourth biggest oil and gas group launched a "high-risk, high-reward" drilling strategy two years ago. But this has had disappointing results as high-cost investments did not lead to large discoveries. "We have more than 15 major projects to fuel the future growth. Two thirds of those projects are operated by us so that gives us confidence we will achieve the targets," chief financial officer Patrick de La Chevardiere said at Total's investor day in London on Monday. Total, like ...

UK gas prompt nudges higher on less Norwegian gas LONDON: Prompt natural gas prices in Britain rose on Monday morning as low imports from Norway left the system undersupplied.Prices for within-day delivery were trading at 49.60 pence per therm at 0836 GMT, up 0.20 pence since their last settlement. Prices for delivery on Tuesday were up 0.05 pence at 49.40 pence per therm.With supply flows at about 153.8 million cubic metres (mcm) per day on Monday and demand expected to be about 167.8 mcm, ...
Total to sell off more assets, cuts oil output target LONDON: French oil company Total is to step up plans to sell off assets, cut investments and reduce operating costs to deliver on a promise to generate $15 billion in free cash flow in 2017.The oil group, which has struggled with production outages in Libya, Kazakhstan and Nigeria, said on Monday it had reduced its 2017 output goal to 2.8 million barrels of oil equivalent per day from a previous 3 million."We have more than ...
Oil falls below $98 on sluggish demand, ample supply LONDON: Brent crude fell below $98 a barrel on Monday, dropping for the third session in four, as sluggish demand and ample supplies outweighed expectations of a cut in oil output from the Organization of the Petroleum Exporting Countries (OPEC).Comments from OPEC's secretary general last week that the group could cut output next year buoyed Brent, but investors' attention turned back to the gloomy economic outlook in Europe and China, which has curbed oil demand.A ...
EU carbon tops 6 euros as buyers lend support LONDON: European carbon prices were poised to end the week almost flat after buyers stepped in to lift prices from six-week lows and restore optimism that supply curbs would drive further gains.By 1547 GMT, front-year EU Allowances were up 4 cents at 6.03 euros ($7.75) a tonne, little changed in a quiet session with barely 5 million units changing hands. The benchmark carbon contract has crept above 6 euros in steady trade that traders said ...
West Africa Crude Low supply supportive, Nigerian overhang weighs LONDON: Differentials for West African crude oil were supported by demand from European refiners, and lower supply available for November exports.The Forcados grade of crude oil was set to export around 176,000 barrels per day (bpd) in November compared with 225,000 in October, a shipping list indicated.Exports for the benchmark Qua Iboe grade were also lower for November than October, while Angolan exports were set at 1.53 million barrels per day, the lowest since April.Angolan ...
North Sea Crude-Forties steady, Asia shipments in focus LONDON: North Sea Forties crude differentials held steady on Friday, supported by pending and potential VLCC shipments to Asia which would reduce supplies in northwest Europe. Vitol has booked the VLCC Seeb for a shipment to South Korea and GS Caltex is understood to be the buyer, according to market sources.The vessel is anchored offshore Hound Point in the Firth of Forth waiting to load, according to shipping data. Another could be on the way ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJanuary
Trade Balance $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyMarch 13, 2015
Reserves $16.273 bln