Ticker FP

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Market closed
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Price Euros
As of 21:47 11 Dec 2019
Market cap. Euros
125,913.30 million
As of 21:47 11 Dec 2019

Latest updates

Total to sell $5bn of assets

French energy company Total plans to assets worth around $5bn (£4bn) to focus on low projects that can withstand low oil prices.

It made the announcement as it reported a 19% drop in underlying second quarter profits, in part because of the low oil prices compared with the second quarter of 2018.

"Markets remained volatile with Brent averaging $69 per barrel in the second quarter, an increase of 9% compared to the previous quarter but natural gas prices were down 36% in Europe and 26% in Asia," Patrick Pouyanne, chief executive, said.

Total using supercomputers to find oil

The Pangea III supercomputer at Total's scientific centre in Pau, France
IP3 / Getty Images
The Pangea III supercomputer at Total's scientific centre in Pau, France

French oil and gas giant Total has announced it has a new supercomputer, built by IBM, that is now the most powerful computer in the global energy industry, and the 11th most powerful supercomputer globally.

The Pangea III computer is designed to help geologists find oil cheaper, faster and with a higher success rate, by processing complex seismic data to find hydrocarbons 10 times faster than currently possible.

"What used to take a week, now takes us a day to process," said Total's senior vice president for exploration Kevin McLachlan.

Total hopes to make tens of millions of dollars of savings on oil wells by getting better seismic images.