Total CEO: Hints At Possible Capex Cuts By End-09
April 02 2009 - 4:19AM
Dow Jones News
Delays could mean French oil giant Total SA's (TOT) capital
expenditure will fall short of $18 billion this year, Chief
Executive Christophe de Margerie said Thursday.
While Total is maintaining a capex program of $18 billion for
2009, de Margerie said he doesn't know if the company will spend
the full amount, adding that there might be delays.
De Margerie also reiterated that more expensive oil projects,
such as extra-heavy crude, will "definitely need higher prices"
than the current level. A price of $75 to $80 a barrel might be the
right level, he said.
De Margerie spoke at an oil conference in Paris.
-By Adam Mitchell, Dow Jones Newswires; +33 1 40171756;
adam.mitchell@dowjones.com