Engie Eyeing Oil & Gas Deals

French gas and power group Engie (formerly GDF Suez) hopes to make acquisitions in the exploration and production of oil and gas in coming months, its head of International Exploration and Production said on Thursday.

"We want to have reserves of more than one billion barrels of oil equivalent. We have no timing for this target, but going above this level means acquisitions," Didier Holleaux told an Engie seminar.

At the end of 2014, Engie had about 760 million barrels of oil equivalent, more than 13 times the 55.5 million barrels it produced last year.

"Acquisitions are unpredictable. We are looking at opportunities," Holleaux said.

He also said that because of low oil prices the firm had reduced its investment budget by 25 to 30 percent from its original requirements.

Reporting by Geert De Clercq