Total Embraces Political Risk With $450 Million Bet on Libya - Bloomberg:
"Total SA, the French oil and gas company, isn’t averse to adding political risk to its portfolio. It just bought Marathon Oil Corp.’s Libyan assets for $450 million in a move that will more than double its production in the North African nation where output is frequently disrupted by a civil war. Chief Executive Officer Patrick Pouyanne is betting the low-cost fields he just bought into will increase output by more than a third by the end of the decade. He’s no stranger to bold moves. Last July, Total was the first Western major to sign a contract with Iran since U.S. and international sanctions were eased in January 2016. Yet, Pouyanne is still waiting to see what the U.S. will decide regarding Tehran before making his final decision to develop the first phase of giant South Pars 11 gas field in the Persian Gulf, which would require $1 billion of investment from Total."
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