CEO Patrick Pouyanne said the company’s priority was "value over volume", adding that oil sands were among the high breakeven projects in Total's portfolio.
Fort Hills Mining News
Canada's dominant oil sands player, however, plans to spend about $900 million more next year.
The project is expected to boost output in northern Alberta by 180,000 barrels a day, with production set to begin by the fourth quarter of 2017.
Canada's oil giant Suncor Energy has allocated $7.8 billion for capital spending in 2014.