Bloomberg reported that Total SA (NYSE:TOT) aims to sell between $15 and $20 billion in assets over the next two years in order to raise money for oil and gas projects. It also plans to boost its oil output by 3 percent a year until 2015, up from its previous targeted increase of 2.5 percent each year.
As quoted in the market news:
Total has increased the pace of acquisitions and asset sales in recent years to shuffle its portfolio and raise production. The French explorer is following BP Plc (BP/) which has a target to sell $38 billion of assets by the end of 2013 and has completed about $32 billion so far. Total completed $15 billion of asset sales in 2010 and 2011, including in European refining capacity and shares in drugs maker Sanofi.