Energy giant Total is attempting to cut costs and execute the projects in an efficient way, one of the company’s leading figures has said.
The company’s president for the Middle East and North Africa region, Stephane Michel, told Gulf News that it had begun to reduce expenses even before the prices had begun to fall.
“We are trying to save on drilling rigs, on service rates and are renegotiating with the contractors to lower the costs,” said Michel.
He said none of their current projects are affected due to the fall in prices. “Ongoing projects are continuing. You can’t stop in the middle of the construction. We are trying to do the projects in an efficient way due to low oil prices.”
When asked about whether the company has any plans to cut jobs due to current fall in oil prices, he said they are not planning to reduce their workforce.
On the Abu Dhabi oil concession, Michel said it was important for the company.
“We worked for 70 years in the emirates and are definitely committed for the next. We are part of the tenders and we are waiting for the decision.”
