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Total to boost exploration budget

Paris, February 14, 2013

Total plans to raise its exploration budget in 2013 under an investment policy that takes advantage of high oil prices and financing from large-scale asset sales.

The world's fifth largest oil company by market value said it would spend $2.8 billion on exploration in 2013, up from $2.5 billion last year, with prospects to drill in Ivory Coast, Gabon, Kenya and Brazil.

In the fourth quarter, Total posted a 13 per cent rise in adjusted net profit to 3.08 billion euros ($4.2 billion), buoyed by high oil prices and a bump in refining margins.-Reuters

Tags: Total | Budget | exploration |

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