Total CEO Cautious on Halfaya Ramp-Up

Total’s Chief Executive, Christophe de Margerie, said on Wednesday that he expected the company’s output in Iraq to grow slowly.

We are still in an insecure environment,” he said, according to a report from Reuters. “Don’t tell me security is there, don’t tell me that after the departure of certain soldiers that will create more security… The logistics don’t exist,” he said.

Total, together with partners CNPC and Petronas, signed the final contract earlier this year to develop the Halfaya field, which has estimated reserves of 4.1 billion barrels of oil.

(Source: Reuters)

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