French oil giant Total said today that its takeover of Maersk Oil had helped raise production by 7% in the first half of 2018.
Start-up of the Edradour and Glenlivet fields in the North Sea in August 2017 also boosted the firm’s performance.
Total produced 2.71 million barrels of oil equivalent per day in the first six month of the year, compared to 2.53m in H1 2017.
Strikes were held on three of Total’s North Sea platforms earlier this week, but the impacts would not have been felt on the firm’s first half results.
Recent media reports said Total planned to divest stakes in a number of smaller fields bought as part of the Maersk Oil deal earlier this year, including Golden Eagle, Dumbarton, Bruce and Keith.
The £5.8billion acquisition, completed in the first half of March, made it the second largest operator in the North Sea with an output of 500,000 barrels per day by 2020.
The purchase also handed Total a 49.99% operated stake in one of the UK’s biggest offshore gas developments, the Culzean field, which is expected to come online in 2019.
Total chief executive Patrick Pouyanne said the company had taken full advantage of the increase in crude prices and had lifted its adjusted net income to £4.85 billion in the first half of 2018, up 28% year-on-year.
Sales rose by 25% to £75bn.
Also today, Total said it had agreed to buy KKR-Energas’ two gas-fired combined cycle power plants (CCGT) in the North and East of France, which represent an electricity generation capacity of approximately 825 megawatts (MW).
Recommended for you
