French energy company Total gave the go-ahead on Thursday to develop its first major project since 2014 after reporting a sharp rise in quarterly profit that underscored its drive to cut costs throughout the oil price downturn. Total and its peers including Royal Dutch Shell and Exxon Mobil are cautiously refocusing on growth after years of slashing spending, which involved cutting thousands of jobs and scrapping major projects. Total, France’s largest company, kickstarted the sector’s first-quarter earnings reporting with an upbeat tone, as its adjusted net profit surged 56 percent to $2.6 billion compared with the same period of 2016. Analysts had forecast Total’s net adjusted profit at $2.4 billion in the quarter. Brent crude prices rose 58 percent during the period. “No question […]