Total Chief Urges Greater Access to OPEC Reserves

The chief executive of French energy giant Total believes Western oil companies must have better access to oil and gas reserves in OPEC countries and Russia to continue increasing their output, according to an interview with The Times newspaper published yesterday.

Thierry Desmarest said Total was able to replace its production only by exploration – the “classical route” of finding new oil reserves. “Our target is to continue to grow (output) at 4.0 percent per year. To obtain the additional reserves to keep production growing at 4.0 percent per year we need to conclude agreements with producing countries to get access to reserves,” he said.
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