French oil and gas major Total raised its 2018 savings and oil production targets after a new record quarterly output, costs savings, and high oil prices lifted its net profit in the second quarter.

The group said adjusted net profit for the second quarter soared 44 percent to $3.6 billion, beating analysts’ estimates of $3.4 billion. Oil production rose by 8.7 percent to 2.717 million barrels of oil equivalent per day, driven by the early completion the Maersk Oil deal, and the ramp-up of several projects including Yamal LNG in Russia and Moho Nord in Congo.

Total raised its production growth target to 7 percent in 2018 from 6 percent previously, expecting a boost from the start-up of its Kaombo North project in Angola, Egina in Nigeria, Australia’s Ichthys LNG and Tempa Rossa in Italy.

Source: Reuters