After the total profit has dropped. Total asset sales projects of $ 5 billion

The French energy giant, Total, announced Thursday the sale of badets worth about $ 5 billion, primarily for exploration and production in the upstream sector, in order to focus on low-level projects aimed at reducing the gap between revenues and expenditures to reduce oil prices.

The Company reported a 19% decrease in adjusted net income for the second quarter, which was $ 2.9 billion compared to the same period last year due to a combination of factors. unfavorable on the market.

These factors include lower oil prices compared to the second quarter of 2018, a 7% drop, sharp declines in gasoline prices and lower margins for refining operations.

"Markets remain volatile with an average price per barrel of $ 69 per barrel in the second quarter, up 9% from the previous quarter, but natural gas prices fell 36% in Europe and 26% in Asia "said Patrick Boyan, chairman of Total 's board of directors.

The company, which has been conducting a series of acquisitions and expansions, particularly in the gas and electricity market under the leadership of Bojan, said that it was preparing for its future by focusing on its core business in the gas and deepwater sectors.

In a statement, Total said the strategy would be complemented by the release of badets that do not link revenues and expenses, except in the case of high oil and gas prices, such as the sale of mature badets. in the North Sea in the United Kingdom.

"The active portfolio management policy will continue with the sale of badets of $ 5 billion over the 2019-2020 period, the majority coming from exploration and production," said M Bojan.

In early April, the French company said its net profit for the first three months of the year had dropped 4 percent year on year to $ 2.8 billion. dollars for the first time since the fourth quarter of 2016, due to the volatility of oil prices and the cost of debt, despite the company's production. And gas at a record level.

Total oil and gas production reached a record 2.95 million barrels per day in the first quarter, up 9% year-over-year.