TOTAL reports higher Q1 productionThe Johan Sverdup field contributed to a higher Q1 production for Total. Photo: Arne Reidar Mortensen / Equinor

TOTAL reports higher Q1 production

Production lifted by Culzean and Johan Sverdrup in the North Sea, amongst others.

Total reported this morning a consolidated net income of 1.6m for the first quarter of 2020, compared to a £2.4billion profit in the same period a year ago (down 35%) 

Hydrocarbon production was 3,086 thousand barrels of oil equivalent per day (kboe/d) in the first quarter 2020, an increase of 5% year-on-year, due to:  

  • +8% related to the start-up and ramp-up of new projects, notablyCulzeanin the United KingdomEgina in Nigeria, Johan Sverdrup in Norway and Ichthys in Australia.  
  • +2% due to lower prices and to portfolio effects, notably theincreased interest in the DUC field in Denmark.
  • -3% due to the natural decline of fields.
  • -2% due notably to partial production halt in Libya and to theTyraredevelopment in Denmark. 

Q1 highlight in Europe was the gas discovery Isabellaconsidered one of the largest undrilled exploration opportunities in the Central North Sea. 

The Group now anticipates 2020 production between 2.95 and 3 Mboe/d, a reduction of at least 5% from 2020 forecasts, reflecting the voluntary curtailment measures in Canada, the exceptional quotas announced by OPEC+, lower local demand for gas and the situation in Libya.