"Oil & Gas" Forum 2017 - Mr. Stéphane Michel

Good afternoon everyone, Mr. Ministers, Sheikh Abdullah Al Attiyah. I'm delighted to be here today. We will discuss the gas market, the context in which companies like TotalEnergies are managing the crisis, and our experience over the last two years. I'll finish by telling the story of Total in the Middle East and give you insight into Lebanon over the next five to fifty years. We are very pleased to see things moving with the steps toward a new government and the active action of the minister. We will work hard from now to September to make the best possible offer. The market has seen a sharp increase in supply matching demand, leading to price rises and stock builds. We have to realize that price earnings for companies like ours mean we need to adjust. Investment has grown more than seven billion, but with very few projects today. In the US, the shale gas revolution and LNG exports are helping interconnect markets. The market is plenty of gas everywhere. We are definitely on the right track with gas and energy. New LNG projects will be needed to supply the market post-2022-2023. We focus on operational excellence, cost control, and project selection. Safety is our core value: we have zero fatalities in our operations. We have saved over one billion dollars through cost reduction. We are developing projects in Russia (Yamal LNG), Australia (Ichthys), and deep offshore. We integrate the 2-degree scenario into our strategy, developing gas as a cleaner solution, and investing in solar, wind, and batteries. In the Middle East, we have a strong presence in Abu Dhabi, Qatar, and are returning to Iraq. We give back to society through education and local business support. Thank you.