Total rules out investing in U.S. shale oil after BP-BHP deal - CEO

FILE PHOTO: The logo of French oil giant Total on a flag at La Defense business and financial district in Courbevoie near Paris, France. May 16, 2018. REUTERS/Charles Platiau/File Photo - Copyright Charles Platiau(Reuters)

By Reuters

Published on 27/08/2018 - 14:34•Updated 10/05/2024 - 13:34

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STAVANGER, Norway (Reuters) - French energy group Total <TOTF.PA> is not looking at investing in the U.S. shale oil industry when asked whether peer BP's <BP.L> $10.5 billion acquisition of U.S. shale assets from BHP Billiton <BLT.L>, <BHP.AX> had made that sector more attractive.

"It's first quite expensive, second we don't have the human resources. BP had the human resources, BP had already a position, so I can understand their move but it's not my case,” Patrick Pouyanne said on the sidelines of an oil conference.