TOTAL: OIL WILL DISAPPEAR
French oil and gas company Total will cut spending on ageing North Sea fields and on U.S. shale production after the recent plunge in oil prices, its chief executive said on Wednesday, reports Reuters.
Speaking at a panel session at the World Economic Forum in Davos, Switzerland, Patrick Pouyanne said he expected oil prices to remain low in the first half of 2015 after falling almost 60 percent since June to below $50 a barrel.
Pouyanne told the Financial Times on Tuesday that Total planned to reduce capital spending by 10 percent this year from 2014's $26 billion and was also looking at imposing a hiring freeze…
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