French energy producer Total could invest up to $10 billion in the North Sea over the next five years but cost discipline must be maintained as a matter of urgency, CEO Patrick Pouyanne said on Sept. 3.
As part of its efforts to cut costs the company had looked at joint oil and gas infrastructure decommissioning in the region with peers Royal Dutch Shell and BP, Pouyanne said during 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.
Pundits weigh in on whether the stars will align for a successful 2019 and how the oil and gas industry can navigate the headwinds and tailwinds ahead.
The combined company, which has an enterprise value of $11 billion, will be renamed DCP Midstream LP and will trade with the ticker symbol "DCP" on the New York Stock Exchange.
A supply gap of up to 200 million tonnes per year in 2030 is the prize for U.S. liquefaction projects as gas exports take center stage.