PARIS, April 27 French oil and gas major Total
reported a better-than-expected net profit in the
first quarter of the year boosted by a recovery in oil prices,
allowing it to approve its first major project since 2014.
Total said adjusted net profit surged 56 percent to $2.6
billion compared with the same quarter in 2016, as Brent crude
oil prices rose by an average of 58 percent during the period.
"The strength of the balance sheet and relentless pursuit of
cost reductions allows the group to launch new projects and
acquire resources while fully benefiting from the ongoing
deflation in the oil sector," said Chief Executive Patrick
Pouyanne in a statement.
(Reporting by Bate Felix; Editing by Sudip Kar-Gupta)