The start-up of production from the Culzean field in the UK North Sea couldn’t prevent Total from becoming the latest major to report a slide in profits last year.
Adjusted net income dropped 13% year-on-year to £9.1 billion in 2019 as cash flow from operations remained flat on £19bn.
Total said the Brent crude price was 10% lower last year, while European gas prices were down 38%.
Revenues dropped 4% to £154bn, while consolidated net income was down 1% to £8.7bn.
But the Culzean gas field, which started up in June 2019, did help the Paris headquartered firm lift its production 9% to 3 million barrels of oil equivalent per day, assisted by start-ups and ramp-ups in Russia Nigeria, Australia, Angola and Norway.
Chief executive Patrick Pouyanne said the company had maintained strong cash flow in the face of a “lower price environment”.