French oil major Total said yesterday that the start of production from two fields west of Shetland had helped it lift third-quarter profits.
Total announced first gas from the Edradour and Glenlivet fields in August, ahead of schedule and 30% under budget.
The development consists of a 22-mile tie-back of three subsea wells to the existing Laggan-Tormore production system, which includes an 89-mile pipeline and onshore gas plant.
Globally, the firm produced 2.58million barrels of oil equivalent during the three months, up 6% year-on-year.
Also during the third quarter, Total said was buying Maersk Oil for £5.8billion, a deal which will give it a 49.99% operated stake in the Culzean field, one of the UK’s biggest offshore gas developments.
Culzean is expected to come on stream in 2019.
Total said its cost cutting drive had also played a part in its “solid” third quarter performance.
Sales for the three months totalled £32.8billion, up 15% year-on-year.
Consolidated net income came to £2.1billion, compared to £1.5billion last year.
Total chief executive Patrick Pouyanne said: “The group took full advantage of the favourable environment thanks to the performance of its integrated model and its strategy to reduce its breakeven point.”
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