Russia seen as biggest source of oil output by Total

April 24, 2014

France's Total expects the biggest share of its oil and gas output to come from Russia by 2020 and plans to stay there for the long haul despite recent tensions with the West over Ukraine, a top executive said, Reuters reported on April 23.

Total executives said they expected its production in Russia to soar to 400,000 barrels of oil equivalent per day (boe/d) by around 2020, almost doubling from 207,000 boe/d last year, thanks to its partnership with Russia's Novatek and their giant Yamal LNG project in Siberia.

Its Russian operations would therefore overtake those in Norway and Nigeria, which have been vying for the top position in its production portfolio in the past few years but have struggled to keep output rising at mature oilfields.

"Russia is a country that has large resources, oil and gas, conventional and non conventional. We have good partnerships," Michael Borrell, Total's exploration and production chief for continental Europe and Central Asia, told reporters on the sidelines of an oil conference on April 23.

Copyright: Reuters, 2014