Total cleans its portfolio and ready to invest aggressively
March 28: Total will book a $1.65 billion loss on the canceled Voyageur upgrader project in Canada's oil sands after selling its stake to Suncor for $500 million.
Alberta oil sands are beset by rising labor costs and a shortage of workers as well as a discount for the price of Canadian heavy crude as US oil output exceeds expectations (because of shale gas).
Company says its decision will save it $5 billion in investment in the next 5 years
Total' CEO Christophe de Margerie has pledged to raise production from new fields and explore more aggressively for reserves to revive output growth. He has also focused on selling non core or non profitable assets as part of a plan to raise as much as $20 billion to be invested.