(MENAFN) Total, French oil company, announced selling assets along with cutting costs to collect more cash, in addition to revamp exploration plans after cutting oil production target, Arab News reported.
France's biggest company by market value plans to sell USD10 billion worth of assets in 2015-2017, having achieved a target of USD15 billion-USD20 billion of sales in 2012-2014.
The oil giant cut its 2017 output target to 2.8 million barrels of oil equivalent per day from a previous 3 million, following a struggle it faced with production outages in Libya, Kazakhstan and Nigeria.
"We have more than 15 major projects to fuel the future growth, two thirds of those projects are operated by us so that gives us confidence we will achieve the targets," Chief Financial Officer said.
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