31 Oct 2012 13:22

Total increases Q3 profit 20%

MOSCOW. Oct 31 (Interfax) - French oil and gas company Total increased its net profit in the third quarter by 20% year-on-year to 3.3 billion euro, the company said in a statement.

The company's output decreased by 2% to 2.3 million barrels oil equivalent a day. The decrease in production was the result of a gas leak at the Elgin platform, which led to the evacuation of personnel and a shutdown of projects in the North Sea. Total is attempting to launch these fields by year's end.

The company announced plans to raise production 3% a year in 2011-2015.

Furthermore, Total plans to drill new exploration wells in the coming months in the Gulf of Mexico, the North Sea, Gabon, Kenya, and the Ivory Coast.