Total books disappointing second quarter
Growth in production was not enough to compensate for a major price drop in gas for French oil major Total. The company will continue its LNG efforts at the expense of older oil fields, however.
Last month, oil and gas company Total commenced extraction at British gas field Culzean. Although the opening of the field, which was among the most attractive assets in the company's Maersk Oil acquisition, happened ahead of schedule, the timing was perhaps not ideal. The European gas prices realized by the French company last quarter ended up 36 percent lower than a year prior.
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