French oil and gas group Total’s first-quarter turnover was down 6% to £40.6billion, although this was broadly in line with market expectations.
Lower oil prices and a 2% drop in group production after last year’s Elgin-Franklin leak also pushed its adjusted net profits down by 7% to £2.5billion.
The firm’s troubled UK development came back on stream last month and is now running at around half its capacity of 120,000 barrels of oil equivalent per day.
Group chief executive Christophe de Margerie said yesterday he was confident the firm would meet its goal to increase group production by 2-3% this year.
The company also said it made a £1.1billion loss on the sale of its stake in the Voyageur oilsand project in Canada.
More than 3,000 staff are employed by Total in the UK, with 1,200 at an operations base in Aberdeen and a further 1,000 people working in UK waters.
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