In this difficult environment, the Group demonstrated its resilience by generating adjusted net income of $8.3 billion and had the highest profitability among the majors due to the strength of its integrated model and commitment of its teams to reduce the breakeven.

Petroleo Brasileiro SA said on Wednesday it will sell $2.2 billion worth of assets to France's Total SA, including stakes in oilfields and two thermal power stations.

Iran wants $200bn of investment in its energy industry over the next five years in order to raise production. Until now the country has been struggling to persuade overseas energy companies to commit amid wrangling over the contract terms offered by Tehran.

Total once again reported solid quarterly results with adjusted net income of $2.1 billion and operating cash flow before working capital changes of $4.5 billion. The Group increased cash flow by 13% compared to the second quarter 2016 despite a 27% reduction in European refining margins and flat Brent prices.

"Incahuasi is one of the largest gas and condensate fields brought on stream in Bolivia. Incahuasi’s production will contribute to Bolivia’s gas exports to Argentina and Brazil as well as domestic consumption”

Total E&P Russie, a 100% affiliate of Total group, has transferred a 20% participating interest in and the operatorship of the Production Sharing Agreement for the Development and Production of Oil in the Kharyaga Field (Kharyaga PSA) to Zarubezhneft-Production Kharyaga LLC, a subsidiary of Zarubezhneft JSC.

"Total captured the benefit of this rebound, and adjusted net income rose to $2.2 billion in the second quarter 2016 (versus the first quarter), an increase of 33 percent compared to the first quarter,"

Shell, Eni, Total and Statoil have announced green energy investments with a combined value of around $2.5 billion in recent weeks in a bid to diversify away from their core oil and gas markets.

The French oil company said on Wednesday it had made $1.6bn in adjusted net income in the first three months of the year. This marks a turnround from the previous quarter, when it made a loss of $1.8bn, but remains some way below the $2.6bn it made in the first quarter of last year.

“Our goal is to sell LNG,” she said. “We’re happy to help local developers by investing in infrastructure if it helps the market grow.”