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Total CEO Sees No Short-term Relief For Oil Prices

Date : 05/03/2012 @ 6:37AM
Source : Dow Jones News
Stock : Total (FP)
Quote : 49.28  0.28 (0.57%) @ 11:35AM
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Total CEO Sees No Short-term Relief For Oil Prices

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There are no short term measures that could address the current strength in oil prices, French oil major Total SA's (TOT) Chairman and Chief Executive Christophe de Margerie said Thursday.

Asked about a potential use of strategic oil reserves, de Margerie declined to comment.

Earlier Thursday Maria Van Der Hoeven, executive director of the International Energy Agency, said the organization "stands ready to act if there is a major disruption" and alternatives aren't available.

Eric Besson, France's energy minister, also said "we are ready to intervene if necessary."

De Margerie said that unless geopolitical tensions abate around the world, and notably in the Middle East, "prices will remain too high."

In spite of several attacks over the past two months, which left one of its employees and one local soldier dead, Total remains committed to develop Yemen's gas field, de Margerie also said, adding he hopes a solution would be soon found to avoid Total's employees from being exposed to attacks.

As for the next Iraqi exploration round, de Margerie said he was still waiting to see the documents before reaching a decision on whether to bid.

-By Geraldine Amiel, Dow Jones Newswires; -33 1 40171767; geraldine.amiel@dowjones.com

(Benoit Faucon contributed to this story)



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