Oil group Total said it was focusing on long-term growth after seeing third-quarter profits drop 19%.
The company posted net profits of EU2.7billion for the last three months, down 19% from a year, with profits for the year to date down 10% to EU8.3billion.
Narrower refining margins and increased exploration costs helped bring down the total, although the company said it expected oil and gas output to grow this year depending on production from the giant Kashagan field.
“Significant progress was made in the quarter with the start-up of Kashagan in Kazakhstan, of Ekofisk South in Norway and the launch of major projects, including the Fort Hills mining project in Canada, that will contribute to our growth for several decades,” said Total chief executive Christophe de Margerie.
“The group is improving its outlook for sustainable post-2017 production growth under terms consistent with its strict return criteria, while confirming its commitment to reduce near-term investment.”
Production was up slightly to 2,299 thousands barrels of oil equivalent per day for the quarter, boosted by the restart of production from the Elgin and Franklin field in the North Sea, although ongoing problems in Nigeria and Libya continued to impact on output.
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