Total has posted a 17% increase in earnings for 2011 over the previous year, and has set its investment budget at $20 billion, the majority of which will be dedicated to the E&P areas of the business. The company’s net income for 2011 was $15.9 billion.
“The successful start-up of the Pazflor field in Angola was the crowning achievement of an important year for Total,” said CEO Christophe de Margerie.
“This start-up and the ones to follow will ensure a return to production growth in 2012 and the years to come,” he added.
The CEO said that three giant discoveries in 2011 and the strengthening of the company’s position in LNG and deep-offshore put the French major on a sure footing for growth in 2012.
In a statement which coincided with the release of its annual results the CEO committed the Group to a 2012 net investment budget of $20 billion.
Total reported on Friday that its fourth quarter 2011 upstream production was 2.384 million barrels of oil equivalent per day.
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