Total continues strategy despite not getting the big find

The French major faces a juggling act with its high-risk, high-reward growth strategy

Total's production may be on the rise, but that “big find” still eludes the French major. In the third quarter, the latest period for which results are available, Total said production rose 2% to 2.3 million barrels of oil equivalent a day (boe/d), the second consecutive quarterly rise, helped by the start-up of projects such as Ekofisk South in Norway, as well as the resumption of production from Elgin, in the North Sea, and Ibewa, offshore Nigeria. The company expects production to continue to increase in the fourth quarter.Total said a $400m annual rise in its exploration bill contributed to a drop in third-quarter net profits, which fell 19% year-on-year to €2.72 billion ($3.7bn), below