Total Reaps Mena Rewards Despite Iran Setback

Total is committed to its strategy of picking up low-cost Mena barrels despite its Iran gambit backfiring. Regional liquids output is at record levels and poised for further growth, although gas volumes remain constrained.

Total views the Middle East and North Africa as a key source of low-cost oil and gas reserves and has been increasingly focused on the region in recent years. The impact is clearly shown in the firm’s latest production figures.

Total’s Mena oil output is set to surge above 500,000 b/d for the first time over the course of 2018, leapfrogging Sub-Saharan Africa as the largest contributor to Total’s oil portfolio (see chart 1). And more is to come as key investments pay dividends.

At 526,000 b/d over the first nine months of 2018, Total is easily the largest oil producing IOC in the Mena region, ahead of ExxonMobil on around 380,000 b/d. (CONTINUED - 1763 WORDS)


chart 1: Total Net Liquids Output (‘000 B/D): Mena Overtakes Africa For 2018...
chart 2: ... But For Gas, Conflicts In Yemen & Syria Have Hit Mena Output (Mn Cfd)
chart 3: Total Net 2018 Mena Liquids Production* ('000 B/D): Abu Dhabi Crucial To Portfolio, Qatar And Libya Also Major Contributors
chart 4: Total Net 2018 Mena Gas Production* (Mn Cfd): Qatar Dominates, Algeria Volumes Rebound
chart 5: Maersk Oil Production: Total Secured A Portfolio Centered On North Sea And Algeria ('000 Boe/D)