The chief executive of French oil major Total believes that Britain should stick by its decision to leave the European Union.
This is despite the fact that he thinks Brexit is a fundamental mistake that could be a real issue for the UK economy.
"It's a choice. It's democracy, we have to respect it. (But) I think it's a fundamental mistake," Total CEO Patrick Pouyanne told an industry conference in Aberdeen today.
"Everything that is an export activity will face taxation. That could be a real issue for the UK economy, not for Total," he added, pointing to refining and car parts.
The Total CEO also said the company could invest up to $10 billion in the North Sea over the next five years but cost discipline must be maintained as a matter of urgency.
As part of its efforts to cut costs the company had looked at joint oil and gas infrastructure decommissioning in the region with peers Shell and BP, Pouyanne said.
He added that Total intended to participate in an upcoming offshore wind bid round in Scotland as the firm continues to expand investments in low carbon and renewable energy.
Total was not limited by funds to invest in low carbon power projects, but by the capacity to develop projects, he said.
