Total’s Mena liquids output soared 24% in 2018 to average 520,000 b/d over the year. As a share of global production, the region’s output rose from 31.1% to 33.2%, despite overall output rising 16% to 1.57mn b/d. On the gas front, the region’s share also rose (to 12.2%) as Mena volumes edged above 800mn cfd for the first time since 2015. Global oil and gas output rose 8% in 2018 on a barrels of oil equivalent (boe) basis, and Total is targeting a 9% increase this year.
The French firm sees the Mena region as a crucial source of low cost production and has been expanding its footprint in recent years. Alongside new acquisitions in Abu Dhabi and Qatar, the purchase of Maersk Oil brought Total additional output in Algeria and Iraq (MEES, 23 November 2018). Access to cheap feedstock is also beneficial for Total’s downstream assets in the region, and the firm is expanding its Saudi Arabian refining JV Satorp (MEES, 8 February). (CONTINUED - 156 WORDS)