Speaking during the group’s annual shareholders meeting, Mr. de Margerie said Total still expects its hydrocarbon output will increase an average 3% a year between 2011 and 2015.
Over the past two years the company has focused its strategy on an aggressive search for additional oil and gas reserves, as demand from emerging markets, notably Asia, keeps increasing.
“Clearly in terms of exploration we decided to shift gears,” Mr. de Margerie said, noting that the group recently acquired many blocks in Brazil’s deep offshore fields as part of its new policy for riskier exploration locations.
“Now we need to make discoveries,” he added.
He said he remains confident the group would be able to produce as much as 3 million barrels of oil equivalent per day by the end of 2017.