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Total will focused on Maersk Oil and other 2017 deals-CEO



By Reuters

DAVOS, Switzerland
Petroleumworld 01 26 2018

Total's chief executive Patrick Pouyanne said on Thursday the group had the means to make more major acquisitions but 2018 would be focused on absorbing Maersk Oil and other deals made last year.

“We have the means if we wish but it is not my priority, there are still many operations that we need to absorb, so 2018 will be rather the time to digest”, Pouyanne said at the World Economic Forum in Davos, Switzerland.

He added, however, that if there were great opportunities, Total could consider them.

Total bought the oil and gas business of Danish company A.P. Moller Maersk in a $7.45 billion deal which the French major said would strengthen its operations in the North Sea and raise its output to 3 million barrels per day by 2019.

Reporting by Bate Felix and Benjamin Mallet, writing by Sybille de La Hamaide, editing by Gus Trompi from Reuters. 01 25 2018

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