Total’s global liquids output is on track to rise 15% annually over 2018 to average more than 1.55mn b/d. Output is up across all of its geographic regions, except for the peripheral Asia Pacific which is down 50% to 14,000 b/d. Volumes rose 2% quarter-on-quarter to 1.61mn b/d in Q3. Total attributes the gains to the March acquisition of Maersk and of Marathon’s 16.33% stake at Libya’s Waha, alongside the September purchase of a further 0.5% stake in Russia’s Novatek to bring its holding up to 19.4%.
Total partners Novatek at the 11mn t/y Yamal LNG project (rising to 16.5mn t/y next year) with a 20% stake. December’s start-up and this year’s expansion at the project boosted Total’s European gas output from 2.67bn cfd last year to 2.99bn cfd over the first nine months this year. Global gas output is on track to edge down from 6.66bn cfd last year to 6.46bn cfd this year, but received a boost on 23 October with the first export from Australia’s 8.9mn t/y Ichthys LNG project where it has a 30% stake. (CONTINUED - 299 WORDS)