France's national oil company, Total, increased its net income by 13 percent to $2.9 billion in the first quarter of 2018, the company announced on Thursday.
The oil major's production reached a record level of more than 2.7 million barrels of oil equivalent per day in the first quarter of 2018 - a 5 percent increase from the same period of 2017.
'Oil prices continued to rebound in the first quarter of 2018. Brent rose to an average of $67 per barrel, supported by strong demand, OPEC and non-OPEC compliance, and geopolitical tensions,' Chairman and CEO Patrick Pouyannee was quoted commenting on the results.
'Cash flow after organic investments increased to $2.8 billion, up by more than 50 percent from a year ago,' Pouyanne added.
Total's combined liquids and gas production increased by 20 percent in the Middle East and North Africa but decreased by 48 percent in the Asia-Pacific in the first quarter of 2018 compared to same period of the previous year.
'The announced acquisition of Direct Energie allows Total to accelerate its development in gas and power generation and distribution in France and Belgium,' Pouyanne added.
Total proposed the acquisition of a 74.33 percent share of French international electric utility company Direct Energie for approximately €1.4 billion ($1.7 billion) on April 18.
By Huseyin Erdogan
Anadolu Agency
energy@aa.com.tr