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Total Sees Output Increase Through 2017 as Spending Peaks

Total SA, Europe’s third-biggest oil company, said annual production will rise in the next three years as capital expenditure peaks.

Total will start up projects in Norway, Angola and the North Sea in the coming months and keep output growth targets, the company said in a statement today. Capital spending is expected to fall to $24 billion to $25 billion in 2015 to 2017 compared with $28 billion to $29 billion this year, according to Chief Financial Officer Patrick de la Chevardiere.