Total defies all expectations

Record-high oil output from fields like the recently opened Johan Sverdrup was more than sufficient to offset both low gas prices and the closing of Tyra.

Johan Sverdrup, of which Total owns 8.44 percent, was officially inaugurated in early January but also factored in the oil company's fourth quarter last year. | Photo: Ntb Scanpix/Reuters/Ritzau Scanpix

Despite major oil field Tyra closing during the fall to be rebuilt, French oil company Total's daily output at the end of the year rose by almost 8 percent year-on-year to 3.113 million barrels of oil equivalent, according to its fourth quarter fiscal report. This covers an increase in oil and gas output of 5 and 11 percent, respectively.

That increase is considerably higher than expected, just as the adjusted result of USD 3.17 billion for the quarter is higher than the predictions of even the most optimistic analysts.

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