On Wednesday, French energy giant Total SA stated that it would book an exceptional impairment charge which would particularly focus on its Canadian oil sands and liquefied natural gas (LNG) projects.
The exceptional asset impairments will be taken into account in the second quarter of this year with an amount of USD8.1 billion. About USD7 billion of the amount will be allocated on the Canadian oil sands assets alone.
Total added that the charge would add to the company’s gearing ratio by 1.3%.
