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 Kingdom, Egina 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.
A Q1 highlight in Europe was the gas discovery Isabella, considered 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.