Oil markets balanced, prices at good level, says Total CEO

KUALA LUMPUR: The head of French oil firm Total said oil markets were balanced and there was no shortage of supplies, despite concerns over the impact of Western sanctions targeting Iranian oil exports over its nuclear program.
“The market is well supplied. There is no shortage,” Total chief executive Christophe de Margerie said at a conference in Malaysia when asked if he was concerned about the loss of Iranian supply on the oil market.
He also said the relaxation of military rule in Myanmar could lead to new projects there but that the company currently had no specific plans.
The CEO was to travel to Myanmar later yesterday from the World Gas Conference in Kuala Lumpur to meet authorities and members of civil society.
“Now we will see with the reopening... there, if there is something new for Total,” he said on the sidelines of the conference.
“And then of course we will be delighted to participate with the, I would say, additional development of Myanmar and maybe giving access to gas to some neighboring countries.”
Myanmar has surprised observers with a series of reforms following the end of nearly half a century of military rule last year, leading Western nations to start rolling back sanctions.
Total has been in Myanmar since 1992 — before international sanctions against the military junta were ratcheted up — and operates the offshore Yadana gas field that fuels power plants in Thailand.
The company’s presence in Myanmar has been contested by human rights activists, who accuse it of enriching the junta.
Total is one of the few major Western companies operating in Myanmar and has consistently defended its presence by saying that it contributes to the impoverished southeast Asian nation’s development. “There is no precise, let’s say, projects which we have in mind,” de Margerie said.
“And the reason for my visit is not to come and discuss new projects, but just to come back after a long period of time. And then we will see what we can do.”

He declined to specify how long he would stay in Myanmar, whose huge natural resources are also a major target for Asian countries, especially China, which have eschewed Western sanctions.
De Margerie added Total was exploring potential for future drilling in Africa, and in the Asian countries of Brunei, Indonesia, Malaysia, Philippines and “maybe one day Myanmar.”