French oil giant Total saw second-quarter profits dip 3% despite reporting its first output rise in three years after being hit by a fall in oil prices.
The Paris-based group saw production rise to 2.29mboed during the second quarter of 2013, aided by production resuming at the Elgin North Sea platform in March.
But the company – Europe’s third largest behind Shell and BP – saw profits fall to $3.57billion.
“The restart of production at Elgin/Franklin in the UK and the first cargo from Angola LNG were notable events of the quarter,” said chairman and chief executive Christophe de Margerie.
“The launch of the Egina deep-offshore project and progress on Yamal LNG illustrate our ability to prepare for the future in a sustainable manner by developing competitive and diverse projects.
“In this respect, the group expects to benefit from an extended series of start-ups over the next several years.”
The restructuring of the company’s refining business led to a fall in margins of $24.1 a tonne, compared to $26.9 in the first three months of the year, although the company admitted it needed further work to strengthen the division.
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