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Total to cut exploration costs by 30% in 2015: Le Monde

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Total's new chief said in a newspaper interview that the French oil company aimed to cut exploration spending by 30 per cent in 2015 to cope with falling oil prices.

[PARIS] Total's new chief said in a newspaper interview that the French oil company aimed to cut exploration spending by 30 per cent in 2015 to cope with falling oil prices.

"Over the last two years we spent US$2.8 billion on exploration, we will reduce that by 30 per cent in 2015," Patrick Pouyanne said in an interview due to be published in French afternoon daily Le Monde.

Shares in Total climbed 1.8 per cent in early trade.

REUTERS

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