Pouyanne stated that his company will adapt to the current situation on the market through "controlling investments and reducing costs."
"We will further reduce our investments by 10 percent in 2015. Then exploration: in the past two years, the exploration expenditures were 2.8 billion [dollars], we shall reduce them by 30 percent in 2015," Pouyanne said.
From 2010 until mid-2014, world oil prices had been stable, at around $110 a barrel. Since June prices have significantly decreased amid market oversupply. During a November 2014 meeting OPEC stated it would not change oil output levels, causing a further slump in global oil prices.
Wholesale crude oil prices currently stand at around $45 per barrel of WTI and below $50 per barrel for Brent.