News / Total profits slump
FRENCH energy giant Total has announced a huge drop in its net profit for the second quarter of the year, blaming it partly on the gas leak at its North Sea Elgin platform which hit the company’s share price heavily.
Total, which is spending £2.5 billion opening up the Laggan-Tormore gas field west of Shetland and building a gas plant at Sullom Voe, has said its quarterly profits slumped to just under $2 million, a fall of 42 per cent.
Chairman and CEO Christophe de Margerie said: “Recent incident, such as the one on the Elgin platform in the UK North Sea, confirm the crucial importance of safety in our operations.
“We cannot envisage profitable growth without prioritising personal safety and operational reliability.
“The entire company recognises that the complexity of our operations requires an even stronger commitment to safety and environmental protection.”
However environmental campaigners took the opportunity to warn of the dangers of prospecting for more oil and gas in ever more hazardous conditions.
WWF Scotland director Dr Richard Dixon said: “The gas leak at the Elgin platform endangered lives, cost the company many millions and added to climate change.
“This incident happened to a company with decades of experience in the well explored waters of the North Sea, showing that we shouldn’t even be considering exploring in the pristine and more hazardous waters of the Arctic.
“We should be trying to give up our addiction to oil and gas, and not seeking it out in more difficult places with the risks to the environment that poses when things go wrong.”
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