CASPIAN OIL & GAS - BTC shareholder sees 30% drop in Q2 profit

BTC shareholder sees 30% drop in Q2 profit


French oil and gas major Total said on Thursday it received a profit of 2.2 billion dollars in the second quarter of 2016, down 30 percent compared to the same period of 2015.

Chief Executive Officer Patrick Pouyanne said oil prices remained volatile, but Total had gained from a recovery in Brent crude from the start of the year when it went below $28 per barrel to average $46 per barrel in the second quarter.

Total owns a 40 percent stake in the project for the development of Absheron gas condensate field in the Azerbaijani sector of the Caspian Sea. In addition, France’s Total has a 5 percent stake in the Baku-Tbilisi-Ceyhanproject.