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    A photo taken on April 2, 2012 shows French energy giant Total's Elgin rig, 150 miles (240 kms) from Aberdeen in eastern Scotland, in the North Sea

    Total to Cut Exploration Spending by 30 Percent Amid Oil Price Slump

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    French petrochemical giant Total will decrease exploration spending by 30 percent, says the company's CEO Patrick Pouyanne.

    MOSCOW, January 30 (Sputnik) — French petrochemical giant Total will cut exploration spending 30 percent, following the recent oil price slump, CEO Patrick Pouyanne told Le Monde newspaper Friday.

    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.

    According to Pouyanne, the company will also cut down expenses by renegotiating contracts with suppliers. He added that Total has overcome periods of low oil prices in the past, and will come through without difficulties. Pouyanne assured all employees that they would keep their jobs.

    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.

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