French energy giant Total could invest up to $10 billion in the North Sea over the next five years, CEO Patrick Pouyanne said on Tuesday. 

But he added that cost discipline must be maintained as a matter of urgency.

Pouyanne told an industry conference in Aberdeen that as part of its efforts to cut costs, Total had looked at joint oil and gas infrastructure decommissioning in the region with Shell and BP.

He said Total intended to participate in an upcoming offshore wind bid round in Scotland as the firm continues to expand in low carbon and renewable energy. 

Pouyanne said Total was not limited by funds to invest in low carbon power projects, but by the capacity to develop projects, Reuters reported.