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Total sees oil production growth of 5 percent until 2022

PARIS, Sept 25 (Reuters) - French oil and gas major Total extended its oil production growth target of 5 percent per year until 2022 and plans to focus on projects with a low breakeven, while reducing its costs in a market dominated by volatile oil prices.

The company told investors in a presentation that it aimed to achieve savings of $3.6 billion by the end of 2017, and was increasing targeted savings on operations from $4 billion in 2018 to $5 billion in 2020.

Total said it was relentlessly cutting costs and was targeting production costs below $5.5 per barrel of oil equivalent (boe) in 2017, from $5.9/boe in 2016 and $7.4/boe in 2015.

Total set its capital investment target, excluding resources acquisition, at $13-15 billion between 2018 to 2020 from a previous guidance of $14-$15 billion in 2017. (Reporting by Bate Felix; Editing by Sudip Kar-Gupta)