UPDATE: Total CFO: Co Continues To Review Buy Opportunities

Oil major Total SA (TOT) continues to review acquisition opportunities but won't consider buying units if sellers persist in assuming a high oil price scenario, Chief Financial Officer Patrick de la Chevardiere said Thursday.

Looking at potential buys is "normal business," he said while speaking on a conference call to discuss the company's first-quarter results.

But if the seller has a $80 a barrel-$100 a barrel scenario in mind, deals won't be possible, he said.

"Many people are still thinking in a world of 80-plus dollars a barrel scenario and they are not ready - and I mean UTS is one example - to accept offers based on $50/barrel," de la Chevardiere said.

Total last month withdrew its C$830 million hostile bid for Canada's UTS Energy Corp. (UTS.T) after failing to win over enough shareholders.

Still, "there are many areas where we have some gaps to be filled," he said.

He went on to list Canada, the Gulf of Mexico, "any opportunity in Brazil, of course," Australia and non-conventional gas.

-By Adam Mitchell, Dow Jones Newswires; [phone]; [e-mail]