When Total’s chief Christophe de Margerie launched a “high risk, high reward” oil exploration strategy two years ago, he was betting he could hit a bonanza, where his rivals had failed..
Courtesy: Wikipedia
Now it appears the French oil company is following the industry trend of making smaller and fewer finds. This despite the fact global investments in oil exploration are expected tom top $1-trillion in three years.
This week, Margerie told Reuters he gives himself until the year-end to find a major deposit or cut the exploration budget next year following several disappointing drilling campaigns.
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