France-based oil firm Total has reduced its average annual hydrocarbon output growth target for the 2006 to 2010 period from the previous over 5% goal to just 4%, due to the effect that increased oil prices are having on some of its production sharing agreements and projects, Reuters has revealed.
<p>The publication reported Total's chief executive, Christophe de Margerie, as saying: We have unfortunately not been able to keep up with this sustained rhythm. This is due for half to a rise in oil prices. <br /><br />Although 2007 production will be higher than last year's, Mr de Margerie said that it was too early for the company to be able to reveal whether the increase over 2006 production would be around 1.5% to 2%. The company had set a previous goal of a less than 6% increase in oil and gas production for 2007, Reuters said.</p>