Total of France said its LNG sales in the first quarter of this year dropped 12 percent to 2.77 million tonnes, as compared to the same quarter a year before.
The company sold 12.15 million tonnes of LNG in 2014, down 1 percent compared to 2013.
Total said in a report on Tuesday that its adjusted net income was 2,602 M$, down 22 percent mainly due to lower oil prices.
French player’s net cash flow in the first quarter was also negative to 1,438 M$, compared to 1,313 M$ in the first quarter 2014.
In the context of the sharp decline in oil prices, Total said it is pursuing the implementation of its strong response which includes delivery of its new upstream projects, a decrease in investments, a significant cost reduction program that is already bearing fruit and an acceleration of divestments.
In addition to the volatility in energy markets, the beginning of 2015 has been marked by rising geopolitical tensions.
“ Due to the deteriorating security conditions in Libya and Yemen, production was halted in February 2015 in onshore Libya and in April 2015 in Yemen. Due to the geographic diversity of the Groups portfolio, the impact of these events on the Groups results is limited ,” Total said.
“ Since the beginning of the second quarter, refining and petrochemical margins have remained strong, despite the structural overcapacity in Europe, which will weigh on margins in the medium term ,” the company added.
LNG World News Staff; Image: Total