Total’s chief executive said oil majors are well positioned to grow during the oil price downturn but should “be patient” when it comes to mergers and acquisitions.
Patrick Pouyanne made the comments after it was revealed Anadarko had become the latest company to launch a takeover bid for Apache, following in the steps of Shell and BG and Halliburton and Baker Hughes.
Anadarko has since confirmed its bid was rejected by Apache and it has now decided to pull out of its previous offer.
Pouyanne told a news conference:”My advice is to be patient with M&A.”