Total continues strategy despite not getting the big find
The French major faces a juggling act with its high-risk, high-reward growth strategy
Total's production may be on the rise, but that “big find” still eludes the French major. In the third quarter, the latest period for which results are available, Total said production rose 2% to 2.3 million barrels of oil equivalent a day (boe/d), the second consecutive quarterly rise, helped by the start-up of projects such as Ekofisk South in Norway, as well as the resumption of production from Elgin, in the North Sea, and Ibewa, offshore Nigeria. The company expects production to continue to increase in the fourth quarter.Total said a $400m annual rise in its exploration bill contributed to a drop in third-quarter net profits, which fell 19% year-on-year to €2.72 billion ($3.7bn), below
Also in this section
5 March 2026
Gas is a central pillar of Colombia’s energy system, but declining production poses a significant challenge, and LNG will be increasingly needed as a stopgap. A recent major offshore gas discovery offers hope, but policy improvements are also required, Camilo Morales, secretary general of Naturgas, the Colombian gas association, tells Petroleum Economist
4 March 2026
The continent’s inventories were already depleted before conflict erupted in the Middle East, causing prices to spike ahead of the crucial summer refilling season
4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
