French oil and gas firm Total wants to sell between $15 and $20billion (£9-12bn) of assets to finance a huge drive in oil production by 2014. The money raised is likely to come from selling mature fields and cutting exposure to European refining.

Operating in oil and gas exploration in more than 40 countries, the firm said today it plans to grow its production by an average of 3% a year. It said in a statement its “bold” exploration programme with “high-risk, high-reward prospects” has thrown up new acreage with the potential for “giant discoveries”.

Within five years Total estimates it could be producing around three million barrels of oil equivalent per day. It says 70% of the new production needed for this growth is already in production or under development.

Chairman and CEO Christophe de Margerie said creating value for shareholders and stakeholders is a “priority”.