Total is setting aside $2bn for potential acquisitions in 2017. But these won’t be in the Permian.

Building on a theme he explored in a recent MEES interview (MEES, 25 November 2016), Total CEO Patrick Pouyanné told his firm’s 9 February Q4 earnings call “US shale is too expensive for me, I will be very straight. I studied – we spent, both of us, with Patrick, a lot of [time studying a lot of] files. I don't want to buy assets at $80 per barrel or...