Total sets 2019 exploration budget around $1.2b

The French oil giant, Total has revealed plans to spend around $1.2 billion on exploration in 2019.

A statement by its senior Vice President for exploration, Kevin McLachlan said the budget will be around $1.2 billion and $1.1 billion, less than half of the budget for 2013 before oil price crashed, forcing it to cut spending. Total’s budget for Africa had fallen from 40 percent five years ago to 15 per cent. In all, 23 wells will be drilled in Africa this year- the 23 wells represent three times its plan in 2016 and 2017. The firm drilled 20 wells in 2013. The wells will be drilled in waters off Mauritania, Senegal, Namibia, South Africa, Guyana, and Brazil.