MOSCOW (MRC) -- French energy producer Total could invest up to USD10 billion in the North Sea over the next five years but cost discipline must be maintained as a matter of urgency, reported Hydrocarbonprocessing with reference to Chief Executive Officer Patrick Pouyanne's statement.
As part of its efforts to cut costs the company had looked at joint oil and gas infrastructure decommissioning in the region with peers Shell and BP, Pouyanne told an industry conference in Aberdeen, Scotland.
He added that Total intended to participate in an upcoming offshore wind bid round in Scotland as the firm continues to expand investments in low carbon and renewable energy.
Total was not limited by funds to invest in low carbon power projects, but by the capacity to develop projects, he said.
As MRC informed before, in June 2019, Total started up a biodiesel refinery in La Mede in southern France using palm oil. The start-up of the 500,000 tons-per-year refinery was delayed several times.
Total S.A. is a French multinational oil and gas company and one of the six "Supermajor" oil companies in the world with business in Europe, the United States, the Middle East and Asia. The company's petrochemical products cover two main groups: base chemicals and the consumer polymers (polyethylene, polypropylene and polystyrene) that are derived from them.
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