Total reduces investments, expecting long period of low oil prices

French oil and gas giant Total has intended to reduce investments next year, expecting a long period of low oil prices. This is stated in the company’s press release.

In 2016, the amount of the company’s investment in oil and gas projects will be reduced by 15% as compared with this year - from $23-24 to $20-21 billion. And in 2017, Total wants to invest even less in the projects - $17-19 billion instead of previously planned $20 billion. For comparison, in 2013, the actual capital investments of the French concern reached $28 billion.

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