French oil and gas giant Total will reduce spending by 10% this year under plans by its new chief executive Patrick Pouyanne.
According to reports, the company plans to speed up billions of dollars of in asset disposals as part of the new cost-cutting plan.
The move comes after a number of companies announced job reductions would be made including Baker Hughes, BP, Talisman Sinopec and Schlumberger.
Mr Pouyanne is reported to have said the oil majors could be the big “winners” from the market downturn as they have strong balance sheets to borrow.
Total, he said, would make swift cuts which could include exploration and development in the North Sea, Canda’s oil sands and mature fields in African states including Gabon.
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