The French oil major said last week it would cut annual investment to between $15 and $17 billion from next year instead of previous plans for $17-19 billion, and that it now intends to shave $4 billion from operating costs instead of $3 billion by 2018, AFP reported.
"This is a strong commitment on our part. We do not intend to go beyond this range even if there was a sudden upsurge in oil prices," Total CEO Patrick Pouyanne said in a statement.
In February, Total said the global collapse in oil prices, which have fallen by some 70% since 2014 amid massive oversupply, made cost-cutting inevitable.
In 2015, it had ploughed $23 billion into investments before ramping that down this year ahead of Thursday's announcement of further cuts. Pouyanne said earlier this year that the entire industry was facing "quite a crisis" albeit forecasting prices would increase by yearend.
On divestment, Pouyanne said the firm has reached its objectives and does not see the need to do more. He confirmed that Total was looking at selling its Italian petrol station joint venture with Erg, while talks over the sale of its chemicals and equipment division Atotech, were ongoing.
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