GlobalData expects Total’s natural gas production to grow to 5.5 billion cubic feet per day (bcfd) by 2021. The South Pars Phase 11 field will drive the company’s gas production with a 10.6% share of all production in 2021. Tambeiskoye South (Yuzhno-Tambeiskoye) and Ichthys LNG Project will follow with 8.7% and 6.2% respectively.
By 2021, Total will have participation in 115 producing gas fields and will produce associated gas from 61 oil fields. The company is expected to have an equity-weighted production of about 5.5 bcfd in 2021, with new projects contributing over 1.2 bcfd.
Conventional gas fields will be responsible for 4.4 bcfd of production in 2021, while unconventional oil fields and coal bed methane (CBM) projects will contribute 151 million cubic feet per day (mmcfd) and 147 mmcfd respectively. Conventional oil projects will contribute 706 mmcfd of associated gas by 2021. Unconventional oil fields and heavy oil projects will be responsible to 6.7 mmcfd and 4.0 mmcfd each in 2021.
Shallow water gas production will represent 50.8% of the company’s total gas in 2021. Onshore fields contribute around 35.7%, while deepwater and ultra-deepwater fields will respectively contribute about 12.7% and 0.9% to 2021 natural gas production.
Total’s capital expenditure and production from conventional, unconventional and CBM gas projects
Source: GlobalData Upstream Analytics
Total SA is expected to spend $8.3bn over the next four years on conventional, unconventional and CBM gas projects, with capex peaking in 2018 at $2.8bn. The UK is expected to have the highest remaining capex per boe with $20/boe, followed by Azerbaijan and Indonesia with $10.1/boe and $8.9/boe respectively.
Among the fields in which Total SA has equity stake, South Pars Phase 11 field in Iran is the major gas producing field with contribution about 578 mmcfd of gas in 2021, with remaining break-even gas price of $0.14 per thousand cubic feet (mcf).
The Tambeiskoye South (Yuzhno-Tambeiskoye) Project in Russia, an onshore gas producing field, is expected to contribute about 512 mmcfd of gas 2021 with remaining break-even gas price of $2.79 per thousand cubic feet (mcf).
Ichthys LNG Project in Australia, a shallow water producing field, is expected to contribute around 342 mmcfd of gas in 2021 with the remaining break-even of $1.85 per mcf.