Total CEO: US Shale Oil Would Shut Down if Oil Fell to $50/Bbl
06/14/2012| 07:35am US/Eastern
By James Herron
VIENNA--If the price of oil were to fall to $50 per barrel amid an economic crisis, U.S. shale oil production would no longer be profitable and fields would have no choice but to shut down, said Total SA (TOT) Chief Executive Christophe de Margerie Thursday.
Total is now planning its long-term oil projects to generate an acceptable return at $100 per barrel, Mr. de Margerie said at the Organization of Petroleum Exporting Countries International Seminar in Vienna.
Shorter-term projects are required to make an acceptable return at $80 per barrel, he said.
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