Total selling assets, but share in NOVATEK and "Yamal LNG" refuses
France's Total announced a large-scale three-year plan of spending cuts and asset sales due to lower production forecasts.Oil production in 2015 will likely be 2.3 million barrels of oil equivalent per day (b.N. E./d) instead of 2.6 million b.N. E./day., as anticipated. In 2017, the production will be below the previous estimate of 2.8 million, not 3 million b.N. E./day. In the second quarter of 2014, the Total profit decreased by 12% due to a decline to a record low and reduce the profitability of refining.The Total investment will amount to $26 billion this year and $25 billion in 2017 and in 2018 will reach the peak level of $28 billion While Total expects to save about $2 billion a year by selling assets and reducing costs. Total also intends to review the strategy of exploration.Chief financial officer Total Patrick de La Severdia reported that the group retains a stake in NOVATEK in the amount of 18% and continues to work on the project "Yamal LNG". In particular, we are searching for new funding sources, as access to dollar funding has become impossible because of the sanctions. Negotiations with the export credit agencies of France, Italy, and also with Chinese and Russian banks, said the Treasurer Total. The French group expects to start production on the project "Yamal LNG" no earlier than 2017.