Total Produce Share Discussion Threads

[ariane] 12/2/2007 07:20

Total's incoming CEO de Margerie to keep focus on trouble spots


LONDON (AFX) - Incoming Total SA CEO Christophe de Margerie said in an
interview with the Financial Times that the company is unafraid of getting
involved the world's trouble spots.
Commenting on Total's activities in the Persian Gulf region after the
Iran-Iraq war, Margerie said: "We had the same strategy vis-a-vis the two
countries, which was: 'Well, they would be certainly desperate to get access to
manpower, in terms of management, money and it might be the right time to come
back when nobody is ready to do it -- not because of laws, because at that time
there was no embargo, no fights, but people were scared to work in the Middle
East'."
He told the newspaper: "I believe the only chance in the world is through
communication, contact and by trying to persuade people. It is true that then
you meet people that might not be of the acceptable standard and then others
tell you that you are not doing things properly. I can tell you, I don't care
about it, except if it has an impact on my company."
Last year, de Margerie spent two days in a prison being questioned by French
investigators over whether he paid kickbacks to Iraqi officials while the
country was still under UN sanctions -- an allegation he said is nonsense.
"They know everything about what I have been doing," he said. "You think I
go to see people to talk about redistribution of money and money-laundering? Who
can believe this, except people who like to make stories?"
De Margerie says he will not change the policy that has seen Total sell its
US assets to make it easier to keep those in places such as Iran and Myanmar.
[e-mail]
jsa

[waldron] 10/2/2007 05:51

Attention Business, Foreign, National And Energy Editors:

Platts Survey: OPEC Oil Output Falls in January, But Above Target
LONDON, Feb. 9 /CNW/ -- Platts--The 10 OPEC members bound by the cartel's
output agreements produced an average 26.95 million barrels per day (b/d) in
January, down 50,000 b/d from December's 27 million b/d, but still well above
the group's November 2006 and February 2007 targets, a Platts survey showed
February 9.
Total OPEC output, including volumes from Iraq and new member Angola,
averaged 30.11 million b/d in January, 1.21 million b/d higher than December's
28.9 million b/d, the survey showed. Iraq does not participate in OPEC output
agreements, while Angola, whose membership of the cartel is just over a month
old, has yet to accept or be allocated any output target.
The survey showed that the so-called OPEC-10 in January were still
650,000 b/d above their 26.3 million b/d target output level which came into
effect on November 1, 2006. This target was superseded on February 1, 2007 by
a new, lower output target of 25.8 million b/d following OPEC's mid-December
decision to expand the 1.2 million b/d production cut agreed in October to 1.7
million b/d.
"OPEC's output has not declined much from what it was in December, but
from OPEC's perspective, that's OK," says John Kingston, Platts global
director of oil. "Firm prices near $60 mean the group's current production
levels are not excessive relative to demand."
But the second quarter looms, and that is traditionally the weakest
demand quarter, he cautions. "If OPEC wants to defend current prices near $60
it may prove difficult to do if the group's production levels stay just under
27 million barrels per day. Most other projections see the market's need for
OPEC oil in the second quarter to be less than that."
Output decreases totaling 70,000 b/d from Algeria, Libya, Saudi Arabia
and Venezuela were partly offset by a 20,000 increase in Nigerian production,
which edged up to 2.25 million b/d from 2.23 million b/d.
Iraqi volumes were sharply down in January, partly as a result of the
main Gulf export terminal at al-Basrah being closed for three days to install
refurbished measuring meters. Bad weather also took its toll on exports.

The survey estimated Angolan production at 1.5 million b/d. Angolan
production has been rising steadily in recent years. Oil minister Desiderio da
Graca Verissimo e Costa said in December that Angola was aiming to achieve
crude production of 2 million b/d by mid-2007, several months earlier than
previously targeted.




Platts, a division of The McGraw-Hill Companies (NYSE: MHP), is a leading
global provider of energy and metals information. With nearly a century of
business experience, Platts serves customers across more than 150 countries.
From 14 offices worldwide, Platts serves the oil, natural gas, electricity,
nuclear power, coal, petrochemical and metals markets. Platts' real time news,
pricing, analytical services, and conferences help markets operate with
transparency and efficiency. Traders, risk managers, analysts, and industry
leaders depend upon Platts to help them make better trading and investment
decisions. Additional information is available at


Founded in 1888, The McGraw-Hill Companies (NYSE: MHP) is a leading
global information services provider meeting worldwide needs in the financial
services, education and business information markets through leading brands
such as Standard & Poor's, McGraw-Hill Education, BusinessWeek and J.D. Power
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Sales in 2006 were $6.3 billion. Additional information is available at





For further information: Kathleen Tanzy [phone], Europe: Shiona
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[mrphil] 06/2/2007 17:17

Many thanks for that gateside, much appreciated. My TOT were already pretty safe, but I think you have now "saved" my BLK & FFY, at least for the time being!

BTW Did you like the picture of your new neighbour in the Beaulieu river?! MrP

[gateside] 06/2/2007 11:47

MrP.

Fyffes was one of the first shares that I bought and have held them for a number of years now.

After the demerger of BLK, I added to my holdings in both FFY and BLK. Now that TOT have beem demerged as well, consequently my holdings in FFY were reduced again. So since the new year I have bought yet more FFY and added to my holdings in TOT. So yes, I am keen to hold shares in all three, maybe that does not help with your question, but i can see value in all three and have always been impressed with Fyffes management, something which is important to me when I invest in a company. If your thinking of selling any of the three, I expect it will be a lot clearer come March, when Fyffes will be issuing their Final results. I assume at a similar time there will be results in both BLK and TOT.

FFY is alawys going to be more vulnerable to fluctuations in the Dollar, and there has been talk for years now, about consolidation in the Tropical fruit sector. I like the joint venture that TOT announced last week in India, I see them as being the lowest risk of the three, it will be interesting to see what sort of dividend they intend paying. There could always be a possibility that someone might try to make a bid for TOT. I have also been impressed with the numerous acquisitions that BLK have made, and they now have an impressive portfolio of property in Ireland, the UK and in Europe.

I'm holding all three and intend to continue to do so for a good while to come.

[mrphil] 05/2/2007 07:52

Gateside, out of the three shares we have ended up with following the FFY break-up, TOT is the one I am keen to hold on to but not too sure about the other two. What are your thoughts? MrP

[ariane] 03/2/2007 08:59

Total SA's Next 'King of Crude'
By David Gauthier-Villars
Word Count: 1,333 | Companies Featured in This Article: Total, Exxon Mobil, BP, Royal Dutch Shell
Paris

In 1995, the giant French oil company Total SA ignored U.S. calls to boycott Iran, and instead drilled there -- planting the French flag in one of the world's largest pools of oil and natural gas. The man in charge of the project: Christophe de Margerie.

Today, the 55-year-old executive, known as "Big Moustache" for his bushy handlebar, is set to take the helm of Total, the world's fourth-largest oil company by market value.

Mr. de Margerie is scheduled to take over Total on Feb. 14 with several controversies still looming large. He expresses a continuing desire to do ...

[ariane] 29/1/2007 17:10

Oil prices hover above $55 a barrel


NEW YORK (AFX) - Oil prices slipped Monday, wavering above $55 a barrel as
traders took profits, but the losses were limited by forecasts of more cold
weather across the U.S. East Coast.
An unusually warm winter in the U.S. drove crude oil below $50 a barrel
earlier this month, but the price has since risen about 10 percent as cold
weather returned. Forecasters predicted below-normal temperatures on the U.S.
East Coast would continue into at least the first week of February.
The Northeast accounts for 80 percent of heating oil use in the country, the
Energy Department says.
Light, sweet crude for March delivery on the New York Mercantile Exchange
fell 20 cents to $55.22 a barrel in late morning trading, after rising as high
as $55.96 and falling as low as $54.60.
March Brent crude on the ICE Futures exchange in London fell 34 cents to
$54.95 a barrel.
Heating oil fell less than a cent to $1.5900 a gallon; gasoline fell more
than 2 cents to $1.4631 a gallon; and natural gas futures rose 14.5 cents to
$7.320 per 1,000 cubic feet.
Ken Hasegawa of Tokyo brokerage Himawari CX said traders were uncertain if
oil prices would continue to rise, "as supply is not tight at all, and
profit-taking sales may drive the price below $55 (a barrel) if crude fails to
breach $56."
Traders were also watching reports about how many OPEC members were
complying with the cartel's pledges to cut output.
Tank tracker Lloyds Marine Intelligence Unit said Friday that oil exports
from the Organization of Petroleum Exporting Countries fell to less than 23
million barrels a day in December from just under 24 million barrels a day in
November, according to Dow Jones Newswires.
Saudi Arabia, the world's largest crude oil producer and exporter, was the
quickest to implement OPEC's production cuts; its exports in December were 1.1
million barrels a day lower than before the OPEC's October call for production
cuts.
OPEC said it would begin cutting production by 1.2 million barrels a day in
November, but some traders speculate that some cartel members were not
complying. The 12-member group said late last year it planned to cut production
an additional 500,000 barrels a day starting Feb. 1.
Crude prices are still down about 10 percent from where they were at the
beginning of the year, but the return of colder weather and signs of OPEC
compliance led prices to rise by 7 percent last week -- the first week this year
that prices have finished higher.
"We feel that the rally is cautiously moving forward," wrote Peter Beutel of
Cameron Hanover in a research note. "It needs to show some confidence this week,
if it is going to build anything meaningful."

[waldron] 28/1/2007 09:06

The Times January 27, 2007


Return of $50 a barrel is in sight
Steve Hawkes



Oil traders are watching weather reports as much as their trading screens as world crude prices hit their lowest levels since June 2005.

Brent crude has tumbled from a record $78.64 a barrel last year to $51.16 nine days ago after a mild Christmas across Europe. Dealers expect that $50 could be tested again in the coming weeks unless the cold snap continues.

[ariane] 27/1/2007 18:11

Russia to Prepare Bill Limiting Foreign Ownership Within Months

By Torrey Clark

Jan. 27 (Bloomberg) -- Russia will submit to parliament a bill that limits foreign ownership in strategic industries, such as oil, gas, metals and defense, in the ``coming months,'' Russia's First Deputy Prime Minister Dmitry Medvedev said today.

The bill will be ``clear, fully balanced and answer all questions that arise in daily practice,'' Medvedev said in a speech at the World Economic Forum in Davos today. ``The worst thing in business is opacity and unpredictability.''

President Vladimir Putin in May 2005 ordered the government to draft legislation spelling out restrictions on foreign ownership in industries that relate to state security, such as infrastructure, defense, the so-called natural monopolies of power and natural gas and strategic mineral resource deposits.

Russia has tightened its grip on its natural resource wealth, which underpins the country's economy. Last month, Royal Dutch Shell Plc and its partners agreed to sell a majority stake in the Sakhalin-2 oil and gas project in the Russian Far East to state-controlled OAO Gazprom. Sakhalin was the only major oil and gas project fully owned by foreign investors.

To contact the reporter on this story: Torrey Clark in Moscow at [e-mail] .

Last Updated: January 27, 2007 11:07 EST

[ariane] 27/1/2007 06:51

Jan. 26, 2007, 10:52PM
Crude prices increase as OPEC trims exports
Northeast's cold weather helps crude clear $55


By J.W. ELPHINSTONE
Associated Press

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NEW YORK - Oil prices rose more than $1 to settle above $55 a barrel Friday on concerns that producers were complying with OPEC's production cuts and on expectations of continued blustery weather in the Northeast.

Light, sweet crude for March delivery on the New York Mercantile Exchange rose $1.19 to settle at $55.42 a barrel. In a volatile week of trading, oil prices have climbed nearly 6.6 percent after dipping below $50 a barrel last week.

On the ICE Futures exchange in London, Brent crude settled at 55.29 a barrel, up $1.17.

Tank tracker Lloyds Marine Intelligence Unit said Friday that oil exports from the Organization of the Petroleum Exporting Countries fell to less than 23 million barrels a day in December from just under 24 million barrels a day in November, according to a Dow Jones newswire report.

Saudi Arabia, the world's largest crude oil producer and exporter, was the quickest to implement OPEC's production cuts; its exports in December were 1.1 million barrels a day lower than before the OPEC's October call for production cuts.

"The market has been concerned about the rate of OPEC compliance. Yesterday, it was worried compliance was bad. Today, it's worried that it's good," said Tim Evans, an energy analyst at Citigroup Global Markets. "Overall, the larger story is that OPEC production is declining."

Victor Shum, energy analyst with Purvin & Gertz in Singapore, also pointed out that prices are being propped up by cold weather in the U.S. and the announcement Tuesday that the U.S. government plans to double the size of its Strategic Petroleum Reserve.

"If you look at trading this week, the market has found some support above the $50-a-barrel price mark. It appears to have found a floor due to a number of factors," Shum said.

Natural gas settled at $7.175 per million British thermal units, up 27 cents, after plunging more than 51 cents on Thursday.

February heating oil futures gained more than 4 cents to settle at $1.5914 a gallon, while gasoline futures rose nearly 4 cents to settle at $1.4834 a gallon.

[waldron] 23/1/2007 12:17

Total oil project in Russia coveted by state-owned firm - press


MOSCOW (AFX) - An oil project in northern Russia, operated by the French
group Total and the target of criticism by Russian auditors, has attracted the
interest of authorities here who want the Russian public company Zarubejneft to
be given a stake, press reports said here today.
"Zarubejneft is going to participate in the Total project," said the
Kommersant newspaper, citing a source close to the matter.
"The fate of Sakhalkin-1 and Sakhalin-2 awaits the (Total-operated) Kharyaga
field."
The state-controlled Russian company Rosneft now has a 20 pct interest in
ExxonMobil's Sakhalin-1 energy project while another Russian state enterprise,
Gazprom, late last year took control of Sakhalin-2 from the Anglo-Dutch group
Shell.
The acquisition followed accusations against Shell of environmental
violations that were seen as pressure by the Russian state to ensure Gazprom's
participation.
Questioned by AFP, Total and Zarubejneft representative had no comment on
the Kommersant report.
The paper said the Kharyaga project is now the only energy sector
production-sharing operation in which Russian interests are less than 10 pct.
"That is why, as in Sakhalin-1 and Sakhalin-2, a large state company could
gain entry (into Kharyaga)," it added.
Total controls 50 pct of the field, the Norwegian group Norsk Hydro 40 pct
and local authorities 10 pct.
Russian authorities yesterday accused Total of violating the country's
environmental regulations in its exploitation at Kharyaga.

[e-mail]
afp/amb

[ariane] 19/1/2007 16:40

Oil continues to recover ahead of New York Feb contract expiry


LONDON (AFX) - Oil prices continued to recover with some level of indecision
setting in ahead of the expiry of the New York February contract on Monday.
Investors appear to still be considering whether to mount an attack on the
crucial 50 usd mark, analysts said.
At 4.13 pm GMT in London, Brent North Sea crude contracts for March delivery
rose 75 cents to 52.50 usd, after sinking 1.03 usd yesterday to close at 51.75
usd on news that US energy stocks had increased.
Meanwhile, front-month New York light sweet crude contracts for February
delivery were up 55 cents at 52.39 usd. Yesterday, the futures contract slumped
to 49.90 usd but bounced back above the psychological barrier by the close.
The March New York contract was up 60 cents to 53.26 usd.
"The bears haven't been too uncertain but the bulls are," said Alaron
analyst, Phil Flynn.
He believes that most of the news propping up oil prices has been fully
factored in, indicating that prices are likely to resume falls.
"The debate is whether the price goes down to 50 usd or 45 usd," said Phil
Flynn, Alaron analyst.
If the February contract closes above 51 usd, however, the price is unlikely
to get down to 45 usd, he added.
At the other end of the spectrum, there are still reasons helping underpin
oil prices.
Commenting on recent talk of colder weather in the US Northeast, Flynn said
some forecasters are saying a long winter is still possible.
"Private forecaster Accuweather for example is saying that the winter may
not end until March," noted Flynn.
Mike Fitzpatrick, an analyst at Fimat said unless the weather is out of the
ordinary, or geopolitical tensions erupt in producing regions, the path towards
the 46 usd to 48 usd level seems quite possible.
"This doesn't mean that the market must necessarily go there, but there is
little to prevent it from doing so," he warned, however.
Oil prices have dropped just under 20 pct since the start of the year as
mild winter temperatures weighed on demand for heating oil while adding to
stpckpile levels.
[e-mail]
as/ma

[ariane] 19/1/2007 13:19

URGENT Oil flow resumes on Ukraine pipeline to Europe


KIEV (AFX) - Russian oil resumed flowing today through an export pipeline
via Ukraine to the European Union after electricity was restored to a pumping
station hit earlier by stormy weather, pipeline operator Ukrtransnafta said.
[e-mail]
afp/amb

[grupo guitarlumber] 19/1/2007 10:14

Irish Stock Exchange Russian oil pipeline to Europe via Ukraine cut off due to storms UPDATE


(Updating with quote)
KIEV (AFX) - A pipeline carrying Russian oil to the European Union via
Ukraine has been shut off after high winds forced the closure of a pumping
station, an official said.
"The Druzhba pipeline was cut off Thursday at 9:50 pm (1950 GMT)
because of problems with power supplies," a spokesman for pipeline
operator Ukrtransnafta, Oleksander Dikusarov, told Agence France-Presse.

[e-mail]
afp/vlb/jlw

[ariane] 19/1/2007 06:32

The Times January 19, 2007


Growing stockpiles force oil below $50
Tom Bawden in New York



Crude oil plunged below $50 a barrel in New York for the first time since May 2005 after a new report showed a surge in US oil and fuel supplies.
The price of oil fell by more than 3 per cent to $49.90 a barrel in early afternoon trading before climbing back to end the day at $50.50.



The drop to $49.90 represented a 36 per cent decline on the record $78.40 a barrel on July 14, 2006, and was prompted by lower-than-expected demand for heating fuels because of the mild winters in the US and Europe.

As a result, US stockpiles of crude oil jumped by 6.77 million barrels to 321.5 million last week, far exceeding analysts' forecasts of a 325,000 barrel increase. Petrol stockpiles jumped by 3.5 million barrels to 216.8 million over the same period, while distillate fuel rose by 910,000 barrels to 141.9 million, according to the US Energy Department.

The International Energy Agency yesterday cut its forecast for global oil demand this year, which is likely to put further downward pressure on prices. The agency predicted a 1.6 per cent rise in global oil demand for the year to 85.77 million barrels a day, 160,000 barrels a day less than it forecast a month ago.

The oil price decline has also been prompted by the belief that the Organisation of Petroleum Exporting Countries will fail to comply with reduced production targets, analysts said.

[gateside] 18/1/2007 21:32

Fresh produce powerhouse set for city

By Lautaro Vargas, 18 January 2007

Peterborough is to become home to the UK arm of a formidable European fresh produce powerhouse following the £15.5 million acquisition of Redbridge Holdings by Fyffes spin-off, Total Produce plc.
Already one of the leaders in the UK fresh food market, the acquisition teams Redbridge together with Total's principal UK subsidiary, Total Produce Limited.The new combined European business now has a turnover of E2 billion (£1.3bn), almost 3,900 employees and trades from more than 80 facilities throughout Europe.

Prior to the acquisition, Redbridge had more than 700 employees working at over 20 locations across the UK and Europe. Importing over 80 products from 40 countries and supplying over 50 million cases of produce, the company generated sales in excess of £240m. Total Produce's UK business involved 11 UK operations and lifts the total revenues for the firm close to £400m.

As part of the deal, Total Produce Ltd will continue to use the Redbridge brand. Redbridge chairman, Denis Punter, will become chair of Total Produce Ltd. Seamus Mulvenna, the MD of Total Produce Ltd is also being appointed MD of Redbridge and Roger Allmond, who was the chief operating officer of Redbridge, is being appointed FD of Redbridge and of Total Produce Ltd.

Carl McCann, chairman of Total Produce plc, said: "We are very pleased that Redbridge has become part of the group. This substantial company is a very important addition to our UK business.

"Denis, Roger and the team in Redbridge have built a very impressive and efficient business with very significant geographic and product strengths."

Punter said: "Redbridge is combining its activities with Total Produce which will create a much larger UK business. We believe that this is the right move to build and expand the business and to provide the very best service to our customers."

While under the deal Total Produce has acquired 100 per cent of Redbridge Holdings for a maximum cash consideration of £11.75m, the aggregate cost of the transaction reflects a net liability of £3.8m arising from a deficit in Redbridge's defined benefit pension scheme, bringing the total effective maximum cost to £15.5m.

The consideration comprises an initial cash payment of £8.75m plus a further cash payment of up to £3m payable in 2010 if certain minimum profit targets are reached over the next three years.

Excluding the net pension liability, Redbridge Holdings' net assets have a value of approximately £4.8m. The company's profit before tax and exceptional items was £2.4m in the year ended 30 September 2006.

Total Produce plc is comprised of the general produce business which was demerged from Fyffes plc on 30 December 2006 and listed on IEX and AIM markets of the Dublin and London stock exchanges on the 2nd January 2007.

Redbridge's origins stretch back to 1883 when Francis Nicholls was founded. Acquired by Geest then subject of an MBO in 1995, the company became Redbridge one year later after it acquired WorldFresh.

[ariane] 18/1/2007 18:19

Oil prices plunge on inventory report


NEW YORK (AFX) - Oil prices plummeted to nearly $50 a barrel Thursday,
setting a new 20-month low, after the government reported larger-than-expected
jumps in crude oil and gasoline inventories.
A barrel of light, sweet crude for February delivery dropped $1.75 to $50.49
in midday trading on the New York Mercantile Exchange. Prices dropped as low as
$50.05, their lowest since May 25, 2005, shortly after the inventory report's
release by the federal Energy Information Administration.
Crude prices this week have continued to inch closer to the psychologically
important $50 barrier, and analysts said the market could cross the mark soon.
"I could tell you that it will be within the next couple of days or weeks,
but this market doesn't really dally," said Peter Beutel of Cameron Hanover.
U.S. crude oil stocks leaped by 6.8 million barrels to 321.5 million, when
analysts had been expecting an increase of just 325,000 barrels, according to a
Dow Jones Newswires Survey. The EIA said inventories are above the upper end of
the average range for this time of year.
Motor gasoline inventories, meanwhile, rose by 3.5 million barrels to 216.8
million, above analysts' expectations of a 2.6 million barrel rise. Distillate
stocks, including heating oil and diesel fuel, rose by 900,000 barrels to 141.9
million barrels, compared with analysts' expectations of a 1.3 million barrel
rise.
The EIA said inventories for both gasoline and distillate fuels are at or
above the upper end of the average range for this time of year.
"I think when you get these huge swings, you have to look not just at one
week but look at the average over the last three weeks," said Phil Flynn of
Alaron Trading Corp.
Over that span, Flynn said the inventory data show some support for crude
prices. If crude prices can stay above $50, Flynn said he thinks the market
could rebound. But if prices cross the threshold, they could drop further.
Before the EIA release, prices had bounced up and down around Wednesday's
settlement price of $52.24, as traders weighed the effect of a cold snap in the
U.S. Northeast and forecasts of bearish demand growth from the International
Energy Agency.
In lowering expectations for this year as well revising last year's figures
downward, the Paris-based IEA cited mild winter weather that has crimped energy
demand and weaker expectations for U.S. economic growth.
In its closely watched monthly oil market report, the energy watchdog
forecast global oil demand growth this year of 85.77 million barrels a day, down
160,000 barrels a day. And it said oil demand growth last year was 120,000
barrels a day lower.
March Brent crude on London's ICE futures exchange slipped $1.24 to $51.54.
Heating oil slipped by 3.53 cents to $1.4645 a gallon while natural gas
futures rose 1 cent to $6.244 per 1,000 cubic feet.
Gasoline prices fell 2.86 cents to $1.35 a gallon.
Oil powerhouse Saudi Arabia remans undeterred by crude's recent drop.
Saudi oil minister Ali Naimi, who earlier this week said he opposed calls
from other OPEC members for new cuts in production, announced Thursday his
country planned to increase its crude oil production capacity nearly 40 percent
by 2009 and double its refining size over the next five years to keep pace with
growing global demand.
Naimi blamed the sharp rise in global crude prices over the past two years
mostly on "insufficient investment and rising energy demand," especially from
the booming economies of Asia.
"The rise has been a wake-up call for the industry and for producers and
consumers alike, who are now beginning to address deliverability problem head
on," he said at an international energy conference in New Delhi.
But Yemen's oil minister, Khalid Mahfoudh Bahah, who was also attending the
conference in New Delhi, said he expects oil price to average between $55 a
barrel and $60 a barrel in the coming months.
Vienna's PVM Oil Associates said Naimi's opposition to further cuts for now
may be a call to other OPEC members "for better compliance with the already
agreed output reductions, the second of which has yet to come into effect."
OPEC has committed to a total cut in output of 1.7 million barrels per day,
including a 500,000 barrel-a-day reduction set to begin Feb. 1. A survey by Dow
Jones estimates OPEC has cut output by little more than half of its pledged
levels. Production remains near 27 million barrels a day or about 700,000
barrels a day above OPEC's target.

Associated Press writers Gillian Wong in Singapore and George Jahn in
Vienna, Austria, contributed to this report.

[ariane] 18/1/2007 09:41

IEA cuts 2006 oil demand growth estimate, lowers 2007 demand growth forecast


LONDON (AFX) - The International Energy Agency cut its 2006 world oil demand
growth estimate and lowered its forecast for 2007 oil demand growth, citing
large revisions to US data, mild weather and lower US GDP forecasts.
The energy watchdog said in a monthly report it now estimates oil product
demand grew by 0.9 pct last year to total 84.4 mln bpd - representing a downward
revision of 120,000 bpd from the last monthly report.
For 2007, the IEA sees oil product demand growing by an annual 1.6 pct to
total 85.8 mln bpd - representing a 160,000 bpd downward revision from the
previous report.
[e-mail]
ma/rar

[grupo guitarlumber] 17/1/2007 11:32

Saudi's Nuaimi says has 3 mln bpd spare crude oil capacity


NEW DELHI (AFX) - Saudi Arabia will have spare production capacity of 3 mln
barrels per day on Feb 1, the OPEC main producer's oil minister said today.
"Spare capacity on February 1 will be three million (barrels per day)," Ali
al-Nuaimi told reporters in New Delhi.
OPEC has an output cut of 500,000 bpd due to start Feb 1 after a reduction
of 1.2 mln bpd in November, as it tries to hold the line on prices, which have
fallen from peak highs of 78 usd per barrel in July to around 53 usd.
The spare capacity figures for the world's top oil producer and exporter
came after Nuaimi said there was no need for an emergency OPEC meeting to
discuss a possible output cut, since the situation in the crude oil market is
"healthy".
Saudi Arabia pumped around 9 mln bpd during 2006.
World oil prices rose slightly from 19-month low points today but remained
at 19-month lows after the market discounted any new OPEC reduction.
Crude futures had tumbled yesterday after Riyadh's signal that it would not
back an emergency meeting of the OPEC cartel aimed at propping up oil prices.
The Saudi minister was speaking in New Delhi on the sidelines of a gathering
of oil ministers from several OPEC members, including Iran.
This year's slump in oil prices has led to calls from Venezuela and Algeria
to deepen the two production cuts agreed at meetings in Doha last October and
Abuja in December, before the next scheduled OPEC meeting on March 15.

[e-mail]
afp/cmr

[grupo guitarlumber] 17/1/2007 10:59

French public prosecutor probes Total for alleged Cameroon corruption - report


PARIS (AFX) - The public prosecutor's office in Paris has launched a
preliminary probe into alleged corruption by Total in connection with its
production and sales of oil in Cameroon, the daily Le Figaro reported.
A Total spokesman declined to comment other than to say the company learned
of the probe from the report.
[e-mail]
afp/mjs/amb

[waldron] 16/1/2007 06:52

Total Venezuela to require state majority share in all oil operations


CARACAS (ASX) - OPEC member Venezuela announced plans yesterday to
"nationalize" oil production in a law requiring the state hold a majority share
in all oil contracts and oil companies working in the country.
Energy Minister Rafael Ramirez said the decision came after the failure last
year to reach agreement with foreign oil companies on joint contracts for
exploration and production in the Orinoco belt oil zone, despite ample
opportunity to negotiate.
"Now, no more negotiations are possible," he said. "The nationalization will
be pronounced by law," which Ramirez said was being drafted and will set out the
specific terms.
"We will assume majority control along the production chain from production
to sales," he said.
ExxonMobil, Chevron Corp, ConocoPhillips, Total, BP PLC and Statoil have
operations in the Orinoco belt, where they operate in joint ventures with the
state-owned oil company Petroleos de Venezuela (PDVSA) as majority partners.
Venezuela's constitution needs to be amended before such a law can be
passed, however.
"Once the law is passed, we will be able to give details on the terms,"
Ramirez said.
"For now, we are calling on all partners to discuss with each the future of
these strategic associations, which are extraordinarily profitable," he said.
The Caribbean country is the fifth largest exporter of crude oil in the
world, and only Latin American member of OPEC.
The US is Venezuela's top client, purchasing 1.5 million barrels per day.

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[waldron] 15/1/2007 18:44

The 2007 financial calendar is presented below :

2007 Event
February 14 Fourth Quarter and Full Year 2006 Results

April 4 Individual shareholders' Meeting in Lille

May 3 First Quarter 2007 Results

May 11 2007 Annual Meeting of Shareholders

August 2 Second Quarter & First Half 2007 Results

September 5 2007 Mid-Year Review

November 7 Third Quarter 2007 Results

November 16 & 17 Actionaria Investor Fair in Paris