Total CEO Sees No Short-term Relief For Oil Prices
May 03 2012 - 6:37AM
Dow Jones News
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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