PARIS, (AP) — Total SA expects its oil production to rebound in 2010 after cuts by OPEC and falling demand caused by the global recession weighed on its output this year, the company said Wednesday.
The forecast was included in slides on the French oil giant’s Web site ahead of a presentation to analysts later in the day.
Total’s oil production dropped 6 percent in the first half of this year because of the OPEC cuts and the recession, as well as security issues that disrupted production in Nigeria.
The exact size of the production rebound that Total forecasts for next year wasn’t specified in the chart, and a company spokesman was unable to provide that information.
On a global level, Total said that investment cuts and project delays would result in a 4 billion barrel-a-day decrease in its forecast for global oil production capacity by 2015.
The drop in production capacity in mature areas such as the United States, North Sea, Russia and Mexico is expected to accelerate over that period, declining by 6 percent a year on average. Total had previously forecast a 5 percent annual decrease.
This will drive an increase in OPEC countries’ share of global oil production capacity, to 54 percent of the total by 2020 from 43 percent last year, according to the presentation.