Total Produce Share Discussion Threads

[waldron] 14/1/2007 09:47

London "Sunday Times" says Israel plans to attack Iran

Crude oil briefly bounced $1.25 cents to $57.75 / barrel following an article in the "Sunday Times" of London, indicating that Israel has drawn up plans to destroy Iranian uranium enrichment facilities with a tactical nuclear strike. The Times said:

"Israelis have become increasingly convinced that a "second holocaust" of the Jews is brewing, stoked by Mahmoud Ahmadinejad, the Iranian president and chief Holocaust denier, who has repeatedly called for Israel to be destroyed."

But speculation of a future war between Israel and Iran is baseless. That's the majority opinion of Tel-Aviv traders and the crude oil markets these days. The Tel-Aviv-100 stock index rose to a record high of 945.5 last week, up 15% from a year earlier, close behind the MSCI Emerging market index which gained 19 percent. Israel's economy expanded by a healthy 5% last year, losing 0.9% of growth due to $3.4 billion of damages from the summer war with Hizbollah.



The earliest clue of an impending war between Israel and Iran can be found in the Israeli shekel exchange rate. Yet the shekel gained 10% against the US dollar to a 5-½ year high in 2006. The Bank of Israel lowered its overnight loan rate by 100 basis points to 4.50%, or 75 basis points below the US fed funds rate, in order to rescue the dollar. Nearly $20 billion of foreign direct investment flowed into Israel last year, bolstering the shekel, led by a $4.5 billion investment from Warren Buffet.

Israel cannot play Russian roulette and attack Iran, because its nuclear facilities are inhabited by Russian technicians, and Israel imports 60% of its oil from Russia. Because Israel has limited fossil fuels, its energy supply from Russia is of extreme importance for the functioning of its economy. Therefore, Ahmadinejad holds the trump card, while his chief ally, Russian kingpin Vladimir Putin controls most of Israel's oil supply, and can bring the Israeli economy to its knees.
Tehran is rewarding Moscow with a contract for LUKOIL, to give it a role in producing oil from Azadegan, one of the largest unexploited oil fields in the world. Said Russia's Atomic Energy Agency chief, Sergei Kiriyenko:

"LUKOIL has carried out some exploration at Azadegan and, according to a contract that will be signed in the future, Iran will allow the Russian party to participate in recovering oil in Azadegan directly."

"Russia sees no political obstacles to putting the Bushehr nuclear power plant into operation as scheduled. It is Russia's position that Iran has the right to civilian nuclear energy, in compliance with non-proliferation regulations," Kiriyenko said on Dec 12th.

Russian Deputy Industry and Energy Minister Ivan Matyorov said Iran has also offered to cooperate with Russian oil and gas companies in exploring for new deposits, both on its own territory and in other countries.

"Iranians believe that Gazprom in particular is an effective world leader, and they would like to cooperate with it. Specifically, Iranian companies have extended their presence in Venezuela and Bolivia in this domain, and they would like to cooperate with Gazprom in these regions as well," Matyorov said.

He said Russian state-controlled oil company Rosneft could soon start developing deposits in Iran.

Ahmadinejad holds another trump card over Israel. Some 12% of China's crude imports come from Iran. On Dec 20th, Iran and China's CNOOC (CEO), 0883.HK signed a $16 billion deal to develop Iran's northern Pars gas field and build plants to produce liquified natural gas. CNOOC would have a 50% share of the produced LNG. Sinopec [0386.HK] (SHI), is negotiating with Tehran to develop the giant Yadavaran oil field and to buy 10 million tons of natural gas per year for 25 years.

Why is Iran cheating on its pledge to OPEC?

Iran is home to approximately 10% of the world's oil and is the second largest exporter in OPEC, producing 3.8 million BPD. At the same time, Iran sits atop the world's second-largest reserves of natural gas. Today, 85% of Iran's export earnings, as well as half of its budget and a quarter of its economy is derived from energy exports. Despite oil exports of 2.5 million barrels a day however, Iran currently imports more than 40% of its annual consumption of gasoline from India, France, Turkey, and China, at an estimated cost of more than $3 billion annually.
Yet given a difficult investment environment and concerns over its nuclear program, Iran has been unable to upgrade its oil facilities, nor increase production capacity for the past few years. Oil production was stagnant last year, which resulted in the oil sector expanding by just 0.6% in real terms. Instead, Iran's economy is being driven by higher government spending, which grew by 5.4% in real terms in 2006, the highest rate of growth in five years.

Strong government spending is eroding much of Iran's oil revenue. While hydrocarbon revenue increased 28.3% last year, government expenditures grew a massive 39.6 percent. Tehran provides subsides for many staple items and housing, which total $25 billion a year. These subsidies are now costing the government roughly 15% of Iran's GDP. Heavily subsidized gasoline is just 35 cents a gallon.

The latest plunge in crude oil, perhaps inspired by Saudi Arabia, is likely to put a squeeze on Iran's budget surplus, which could turn into a deficit if oil prices fall towards $45 per barrel. To finance the government's subsidies, Iran's central bank increased the broad money supply by 36% in 2006, sending inflation soaring to 14.6% in September. Tehran cannot afford to cutback on oil production and reduce its oil income, without cutting back on subsidies and risk riots in the streets.

Iran's all-out commitment to nuclear invincibility is also worrisome to its Sunni neighbors. Jordan, Egypt, Saudi Arabia and other Sunni-ruled Arab states now fear that US troops might withdraw hastily, leaving an Iraq dominated by Iranian-backed Shi'ite militias. That in turn could lead to the emergence of a Shi'ite Crescent linking Iran, Iraq, and Syria with Hezbollah in Lebanon and Hamas in Gaza.

While apparently ruling out the military option for 2007, the Europeans and the US are quietly engaging in economic warfare with Iran, by demanding that international banks and oil companies to pull out of dozens of Iranian projects, including development of Iran's two massive new oil fields Azadegan and Yardavan that could expand Iran's output by 800,000 BPD over the next four years.

US officials already have already warned that they will hold China accountable under Washington's unilateral sanctions laws if Beijing proceeds with a $16-billion project to develop Iran's North Pars gas field. Japan's INPEX had secured the right to lead the $2 billion-plus development of Azadegan with a 75% stake, but pulled out of the deal in October under heavy US pressure.

In late 2005, Dutch bank ABN Amro agreed to pay $80 million in fines stemming in part from improper transactions with Iran through its subsidiary in Dubai, United Arab Emirates. UBS Bank and Credit Suisse of Switzerland recently announced they were suspending most new business with Iran, and British-based HSBC said it would no longer accept dollar transactions from within Iran.

The United States is expected to announce sanctions against Bank Sepah, a big Iranian commercial bank, under a presidential order aimed at freezing the assets of proliferators of weapons of mass destruction. Bank Sepah, established in 1925 is the oldest of the Iranian banks, and has a large network of branches in Iran as well as offices in Paris, Frankfurt and Rome.

Can economic warfare succeed in toppling Iran's Ayatollah Khameini before he gets the bomb in 2009? If US military intervention against Iran has been ruled out for 2007, the big question is whether Saudi Arabia is behind the latest plunge in oil prices, to wreck havoc on Iran's budget and economy? Meanwhile, Iran is banking on strong demand for crude oil from Asia to put upward pressure on the price, and there will be plenty of jawboning from Ahmadinejad.

[waldron] 12/1/2007 10:26

Oil up as market recovers from 19 month lows, traders worry about OPEC cuts


LONDON (AFX) - Oil rose as the market recovered from a 4 pct slide yesterday
that took prices to fresh 19 month lows under 52 usd a barrel and as traders
worried about the possibility of further OPEC output cuts.
At 9.56 am in London, front-month Brent North Sea crude contracts for
February delivery were up 1 usd at 52.70 usd a barrel, after plunging 1.99 usd
yesterday to 51.70 usd, the lowest level since May 31 2005.
Meanwhile, front-month New York light sweet crude contracts for February
delivery rose 93 cents to 53.75 usd a barrel, after tumbling 2.14 usd to close
at 51.88 usd yesterday, the lowest point since May 27, 2005.
Oil prices have lost some 15 pct of their value this year as US heating oil
demand waned and inventories built up on account of the very mild winter
temperatures.
[e-mail]
ma/tc

[gateside] 12/1/2007 08:01

Total Produce in Euro23 million transaction to acquire Redbridge Holdings Ltd


Total Produce plc, Europe's leading fresh produce company, announces that it has
acquired 100% of Redbridge Holdings Ltd ("Redbridge"), the UK fresh produce
company, for a maximum cash consideration of STG#11.75 million (EUR 17.5
million). The consideration comprises an initial cash payment of STG#8.75
million (EUR13 million) plus a further cash payment of up to STG#3 million
(EUR4.5 million) payable in 2010 if certain minimum profit targets are reached
during the three years ended 31 December 2009. The aggregate cost of the
transaction reflects a net liability of STG#3.8 million (EUR 5.5 million)
arising from a deficit in Redbridge's defined benefit pension scheme, bringing
the total effective maximum cost to STG#15.5 million (EUR 23 million).


Redbridge is a leading fresh produce company holding strong market positions in
the retail and wholesale sectors in the UK. It recorded turnover of STG#236
million (EUR 352 million) in 2006. Headquartered in Peterborough, the company
has 668 employees. Denis Punter, the Chairman of Redbridge will retain this role
in the company and is being appointed Chairman of Total Produce Limited, the
principal UK subsidiary of Total Produce plc. Seamus Mulvenna, the Managing
Director of Total Produce Limited is also being appointed Managing Director of
Redbridge and Roger Allmond who was the Chief Operating Officer of Redbridge is
being appointed Finance Director of Redbridge and of Total Produce Limited.


Commenting on the transaction, Carl McCann, Chairman of Total Produce 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."


Mr Denis Punter, Chairman of Redbridge 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. We are very pleased to have
joined with Total Produce, Europe's largest fresh produce company."


Excluding the net pension liability of STG#3.8 million (EUR 5.5 million),
Redbridge has net assets with a value of approximately STG#4.8 million (EUR7.2
million) at completion. The company recorded turnover of STG#236 million (EUR352
million) and profit before tax and exceptional items of STG#2.4 million (EUR 3.6
million) in the year ended 30 September 2006. Total Produce expects the
acquisition to be earnings enhancing from the date of completion.



Total Produce is one of the leading operators within the European general
produce sector. The group is comprised of the general produce business which was
demerged from Fyffes plc on 30 December 2006. This business recorded turnover of
Euro1.7bn and operating profits of Euro32m in the year ended 31 December 2005.
Including Redbridge, the group generates a turnover in excess of EUR 2 billion,
has almost 3,900 employees and trades from more than 80 facilities throughout
Europe. Shares in Total Produce were admitted to trading on the IEX and AIM
markets of the Dublin and London stock exchanges on the 2nd January 2007.

[waldron] 11/1/2007 19:34

Conocophillips Venezuela may nationalize oil projects


CARACAS, Venezuela (AFX) - Venezuela could nationalize four heavy oil
projects in the oil-rich Orinoco River basin if the state is unable to negotiate
a majority stake with the foreign oil companies that run them, the finance
minister said Thursday.
The remark by Finance Minister Rodrigo Cabezas clarified that the government
is still seeking to obtain majority control through talks with the companies
after President Hugo Chavez announced plans this week to take control of
"strategic sectors" in telecommunications, power, oil and natural gas.
"If the Energy and Petroleum Ministry's negotiations with the four strategic
concessions of the (Orinoco) oil belt were to arrive at nothing, the state could
perform an act of nationalization," Cabezas told state television.
Separately, Cabezas told the Venezuelan newspaper El Universal that as the
state nationalizes dominant telecommunications company C.A. Nacional Telefonos
de Venezuela, or CANTV, "shareholders will receive the fair price of their value
of their shares."
Asked if the call for nationalization includes top power company
Electricidad de Caracas, owned by Arlington, Virginia-based AES Corp., Cabezas
said "it includes the entire electricity sector."
Venezuela's government has been in talks since last year with foreign oil
companies that operate heavy crude upgrading projects in the eastern Orinoco
area, seeking a controlling stake through the formation of new "mixed
companies." Such joint ventures have already been formed in other parts of the
South American country, and most companies have shown a willingness to continue
investing under new terms.
The six firms that currently control the Orinoco projects include British
Petroleum PLC, Exxon Mobil Corp., Chevron Corp., ConocoPhillips Co., Total SA
and Statoil ASA.
Chavez is seeking special powers from the National Assembly to allow him to
enact "revolutionary laws" by decree, and Cabezas told state TV they would
likely include reworking the country's banking laws and reforms for insurance
companies.
"Next week we will decide for sure what laws fall under the president's
special powers," he said.
Venezuela has strict controls in place that limit currency trading, and
Cabezas noted that the price of the dollar in the black market has risen to
historic levels but said there are no plans to devalue the Venezuelan currency,
the bolivar.
He said in Chavez's new six-year term, the government will seek to raise
taxes on companies with hefty profits but will allow private companies to
continue to operate freely.

[beechtree] 09/1/2007 11:40

Me too-I have not done my homework on TOT but am holding the shares I received from the split from Fyffes. Nice to see the rise today and also the steady rise in Fyffes since the split.

[catandcrow] 09/1/2007 10:35

I haven't realy done my homework on this one but have bought as a cheap spin-off play - probably under some selling pressure at the moment - might rise after it wears off.

[gateside] 07/1/2007 20:08

Someone should tell the guy who wrote the following in The Sunday Times that the best way to get good returns from the stockmarket is to have patience and invest for the longer term. The company has only been trading for 4 days, can't belive that someone gets paid to write such utter rubbish. I agree that this is far from the most exciting company in the world, but I shall be using the dip in price to add to my current holding.


Banana splat

WE have long questioned the rationale behind the splitting up of Fyffes. Shareholders in this company now find themselves in a three-way split. There is Blackrock International, a property play; Total Produce, a general produce arm launched on the IEX in Dublin and AIM in London; and a tropical fruit division that has clung on to the original Fyffes monicker.

The management of all three companies have been told to go forth and maximise value for shareholders - even though replication of back-office functions and other costs may weigh them down as they undertake their journey.

Investors seem particularly unimpressed with Total Produce, which, given the lukewarm reception to its market debut, would be better named Totally Underwhelmed. Having opened at 76c on the IEX, the stock drifted to finish the week down 2c a share or 2.6%. Not the type of split the banana company had in mind.

[gateside] 06/1/2007 21:24

Fyffes spin-off total produce begins trading on Dublin and London stock exchanges

Total Produce Plc has announced today that it has been admitted to trading and that dealing in its ordinary shares will commence today on the IEX market of the Irish Stock Exchange and the AIM market of the London Stock Exchange.

"We are very pleased at today's launch of Total Produce on the IEX and AIM markets. The Group is one of the leading fresh produce distributors in Europe and has a strong and experienced management team. Our ambition is to enhance shareholder value through a combination of organic growth and by continuing to pursue acquisitions of companies in the General Produce and Distribution Sector."

Total Produce is a spin-off from Fyffes plc and is one of the leading operators within the European General Produce and Distribution Sector. Its operations are comprised of the General Produce and Distribution Business which was demerged from Fyffes on 30 December 2006. This business recorded turnover of €1.7bn and operating profits of €32m in the year ended 31 December 2005, up from a turnover of €1.5bn and operating profits of €30m in the prior year.

Total Produce is primarily involved in the marketing and distribution of a broad range of branded fresh produce to pan European and National retailers and wholesalers. The Group procures its products worldwide and is one of the leading distributors of southern hemisphere fresh produce in Europe, in particular fresh produce sourced from South Africa and South America. Key products include bananas, citrus, apples, pears, stonefruit, grapes, tomatoes, pineapples, exotics, salads, vegetables and potatoes.

The Group operates through its subsidiaries, joint ventures and associates from a total of 66 retail and wholesale distribution facilities and 5 ancillary offices throughout Europe with facilities in Ireland, the United Kingdom, Sweden, Denmark, Spain, Italy, Holland, Belgium, France, the Czech Republic and Slovakia. It is one of the largest European ripeners of bananas with ripening facilities throughout Europe.

Total Produce commenced operations on 1 January 2007 with net debt of €10 million. The Group also has an obligation to pay the consideration for the remaining 40% of Everfresh Holding AB in the first half of 2007. This consideration is based on a multiple of average profits for the three years ending 31 December 2006 and is subject to a maximum remaining payment of €49.6 million. In addition to existing debt in certain non wholly owned subsidiaries and joint ventures the Group has negotiated new credit facilities amounting to €200m with a number of banks.

Management Team

The board of Total Produce comprises three executive Directors and two non-executive Directors. Carl McCann (Chairman), Rory Byrne (Chief Executive) and Frank Gernon (Finance Director) are executive Directors. Rose Hynes and Jerome Kennedy are non-executive Directors.

Prior to the demerger Rory Byrne was executive director of Fyffes plc, holding the position of managing director of the General Produce and Distribution Business, for which he had operational responsibility. Frank Gernon was Financial Director of Fyffes plc, having previously held each of the senior financial positions in the company. Carl McCann was chairman of Fyffes plc and has extensive experience in the Sector.

Future strategy

The company says that the strategic objective of the board of Total Produce is to enhance shareholder value through a combination of organic growth and by continuing to pursue acquisitions of companies in the General Produce and Distribution Sector.

[mrphil] 02/1/2007 12:10

Morning gateside, thanks for the new thread! FFY getting a bit confusing on my portfolio as my original cost is all allocated against FFY with both BLK & TOT showing as nil cost. Still quite happy overall. MrP

[gateside] 02/1/2007 09:28

"Total Produce grows, sources, imports, packages, distributes and markets the complete fresh produce basket to the wholesale and retail trade"

[waldron] 19/12/2006 11:34

Total's gas contract in Iran subject of French inquiry for bribery - source


PARIS (AFX) - Total SA is the subject of an inquiry by the Paris public
prosecutor's office over possible bribery payments made by the company as part
of a natural gas contract in Iran between 1996 and 2003, a source close to the
matter told Agence France Presse.
The inquiry, for "fraud" and "corruption of foreign officials", will be led
by investigating judges Philippe Courroye and Xaviere Simeoni, and will apply
only to events after Sept 2000 because of statutory limits, the source said.


[e-mail]
afp/js/vb

[ariane] 01/12/2006 17:01

Eni unperturbed by Kazakhstan's planned audit of Kashagan project

LONDON (AFX) - Eni SpA is unperturbed by the Kazakhstan government's plan to
audit the rising costs at the Kashagan oilfield and impose a fine for delays in
the project.
Eni is the operator of Kashagan, one of the world's largest oil fields with
estimated reserves of around 45 bln barrels, up to 13 bln of which are
recoverable.
Paolo Scaroni, Eni chief executive, said the audit and the "extra payment"
the Eni-led consortium has to pay are all "contractual."
He dismissed fears the Kazakh government's action could turn Kashagan into
"another Sakhalin-2".
The 20 bln usd Sakhalin-2 gas project, which is being carried out by a
consortium led by Royal Dutch Shell PLC, had its license revoked this year by
the Russian authorities following delays and cost overruns.
Baktykozha Izmukhambetov, Kazakhstan's energy minister, said the state-owned
KazMunaiGas (KMG), will be hiring external auditors to check the project, whose
cost has risen from the original 29 bln usd.
KMG is a shareholder in the Kashagan project.
Scaroni said KMG "sharing in the decision" in the development of the
Kashagan field "make us confident" that the project will "not (be) another
Sakhalin-2."
Eni will give an update on the project, including the revised budget, in
January, he said.
Apart from KMG, Eni's partners in the project include Shell, ExxonMobil,
Total SA, ConocoPhillips, and Japan's Inpex.
[e-mail]
mbe/tc

[ariane] 23/11/2006 13:57

Russian regulators seek to withdraw 140 oil/gas licences

MOSCOW (AFX) - Russia's environmental regulator has proposed stripping by
the end of the year about 140 licences held by foreign and Russian energy
companies, according to comments from the deputy head of Russia's environmental
monitoring agency Rosprirodnadzor.
Oleg Mitvol told Agence France-Presse the service has proposed the
withdrawal but that a final decision depends on Russia's subsoil agency Rosnedr.
Earlier today the RBK Daily business newspaper published a "blacklist" of
companies reportedly slated to lose licences over environmental concerns. Among
them were licences for Total, Rospan, a subsidiary of Russian-British TNK-BP, as
well as Russian firms Lukoil and Rosneft.
Mitvol said a list had been drawn up, but that the published version was
"incomplete."
Rosnedr is due to meet Friday on whether to remove Rospan's license in the
promising gas fields at Urengoi-west in Siberia, a potentially serious blow to
TNK-BP.
Mitvol reiterated that the regulatory attack was based on serious
environmental concerns, but critics claim that the government agency has
political motivations and is using regulations to force foreign companies to
accept greater Russian participation in their projects.
[e-mail]
afp/rar

[grupo guitarlumber] 19/11/2006 15:07

Qatari energy minister says OPEC may cut oil output - report
TOKYO (XFN-ASIA) - Qatar's energy minister Abdullah bin Hamad al-Attiyah
suggested that the Organization of Petroleum Exporting Countries may cut oil
output further at its next meeting in December.
In an interview with Kyodo News, he said recent global oil prices are
volatile due to speculative trading in an oversupplied market.
Al-Attiyah, who is on a nine-day tour to meet with Japanese political and
business leaders, said he saw "no shortage" of oil in the market, given mild
winters in countries such as Japan and the US and high inventories of oil.
"If you continue to see this volatile market, going down very sharply and
going up very sharply," he told Kyodo, "this is not good for business ... I hope
that oil markets will stabilize.
"I think OPEC has to do something about how to balance it on actual basis of
demand and supply," he said.
OPEC's next meeting will be in Abuja, Nigeria, on Dec 14.
Meanwhile, al-Attiyah said Qatar plans to expand global LNG shipments to 35
mln tons a year in 2007 from the current 29 mln tons, making it the world's
biggest LNG producer, Kyodo said.

afp/wk

[ariane] 11/11/2006 07:08

extract



Conclusions

This assessment should be taken "with a grain of salt", it is not to be expected that the future will follow these projections. But looking at these numbers, some trends clearly arise, the most important being a decline from 2005 onwards of the amount of oil coming to the market. This situation is a consequence of consumption growth at higher pace than production in most of the oil exporting countries.

Once the amount oil available for export becomes lower than the amount required by the importing countries costs start to rise, forcing an abnormal wealth transfer from buyers to sellers. This newly acquired wealth will improve affluence in exporting countries, which in turn drives up internal consumption (better automobiles, better and farther away from center homes, more goods imports and transportation, etc). This feedback loop will perpetuate itself until some event or constraint tackles consumption growth in the exporters' side, or until the importers collapse from lack of new wealth to transfer. The former is the most likely scenario.

For oil importing countries like the EU these projections bring a worrisome conclusion: mitigation strategies for oil scarcity should have started taking effect in 2005. For this to have happened, planning should have started in the late 1980s or early 1990s. Although programs for liquid hydrocarbons replacement exist in the electric generation sector in the EU, US or Australia, none of these countries seems to have prepared to phase out oil in the transportation sector. In the case of the EU it is also important to note the failure in planning for an alternative to nuclear electric generation (an important energy source in some member states) since its stalling due to negative public opinion.

Finally another consequence must be observed: unfortunately, as laid down originally by Colin Campbell, the Oil Depletion Protocol may only function if exporting countries restrain their oil consumption. Up to the Peak Oil epoch the Protocol can work if exporting countries match their consumption growth with that of production, freezing the amount of oil coming on market. After Peak Oil these countries would have to decrease their internal consumption in order to mach the decline rate of world production with that of world consumption. It is hard to envision less wealthy countries reducing their consumption in order to provide oil to wealthier countries. Let's just hope for the best.

[grupo guitarlumber] 08/11/2006 09:02

extract

3rd Quarter Results

RNS Number:7246L
Total S.A.
08 November 2006




Third quarter 2006 results stable at 3.1 billion euros

Interim dividend of 0.87 euro per share,
an increase of 16% (+25% expressed in dollars)(1)


Main results

* Third quarter 2006 adjusted net income(2) 3.11 billion euros -

3.96 billion dollars(3) +4%

1.35 euros per share +2%

1.72 dollars per share +6%

* Nine months 2006 adjusted net income(4) 9.85 billion euros +10%

12.3 billion dollars +8%

4.24 euros per share +12%

5.28 dollars per share +11%


Highlights since the start of the third quarter 2006

* Continuing exploration success

- Positive results in the Gulf of Mexico, Congo, Libya, Nigeria, Angola,
Indonesia and UK North Sea

- New acreage in Nigeria, Indonesia, Colombia, Gulf of Mexico and the
Netherlands

* Entry in two major LNG projects : Brass LNG in Nigeria and Ichthys LNG in
Australia

* Launched development of the Tempa Rossa field in Italy

* Start-up of Phase I Joslyn field SAGD (steam-assisted gravity drain)

* Acquisition of 4.35% of Cepsa for 4.54 Euro/share as per the agreement with
Santander to settle the arbitration process

* Agreement on new contractual framework in Bolivia and an increase in the
share of Block XX to 75%


Paris, November 8, 2006 --- The Board of Directors of Total, chaired by CEO
Thierry Desmarest, met on November 7, 2006 to review the consolidated accounts
for the third quarter 2006. Adjusted net income was 3,111 million euros (MEuro) in
the third quarter 2006, in line with the level of the third quarter 2005.
Commenting on the results, Thierry Desmarest said :


"After a long period of advances, oil prices lost ground during the third
quarter, following a slowdown in demand growth and as perceptions in the market
about the risks related to global oil supplies eased. Refining margins were
lower than the very high levels reached in 2005 following hurricanes in the Gulf
of Mexico, but market conditions for petrochemicals improved as the cost of
naphtha fell near the end of the quarter.


Expressed in dollars, the 4% increase in adjusted net income reflects the
benefits of a slightly more favorable environment, which were partially offset
by an increase in UK petroleum taxes and lower production volumes. Nonetheless,
the profitability of Total, 29% for the 12 months ended September 30, is still
at the level of the best among the majors. This performance reflects the quality
of the Group's portfolio of activities and the benefit of continued capital
discipline.


Total is continuing to implement its investment program, designed in particular
to generate production growth of close to 4% per year on average for the period
2005 to 2010. Notably with the start-up of the giant Dalia field in Angola
anticipated next month, the return to a period of strong growth is confirmed for
2007. The interim dividend was raised by 16%, a larger increase than the
increase in net income, and this demonstrates that the company is confident of
its ability to return to sustainable long-term strong production growth."

[waldron] 22/10/2006 06:22

Statement re Oil-for-Food

RNS Number:7773K
Total S.A.
20 October 2006


Paris, October 19, 2006 - As often referred to in the press, for over 2 years
the conditions for applying the United Nations sponsored oil-for-food program
have been the subject of different investigations.

On October 19, 2006 Mr. Christophe de Margerie, President Exploration and
Production for the Total Group and member of the Executive Committee, after
being held in custody for 48 hours, has been formally charged within the
framework of the investigation being held in Paris.

The Group would like to reassure Mr. de Margerie of its solidarity.

Total confirms that at no time did the Group circumvent the United Nations
embargo against Iraq and strictly adhered to the rules of the oil-for-food
program organised under the control of the United Nations. All oil acquired by
the company, without exception, was purchased officially with the required
authorisations under UN within the framework of the oil-for-food program put in
place in 1996. The Group has never purchased, either directly or indirectly, oil
that has been smuggled illegally from Iraq.

The Group reaffirms that it exercises its activities while respecting the law
and adhering to its ethical code and values regardless of the difficulty and the
complexity of its different activities.

Total is one of the world's major oil and gas groups, with activities in more
than 130 countries. Its 95,000 employees put their expertise to work in every
part of the industry - exploration and production of oil and natural gas,
refining and marketing, gas trading and electricity. Total is working to keep
the world supplied with energy, both today and tomorrow. The Group is also a
first rank player in chemicals. www.total.com



This information is provided by RNS
The company news service from the London Stock Exchange

END

STRVBLBLQBBFFBL

[waldron] 22/10/2006 06:15

Drilling Report

RNS Number:5677K
Total S.A.
17 October 2006


Confirmation of the Potential of a Fourth Production Zone
With the Orquidea-2 Discovery in Angola's Offshore Block 17

Paris, October 17,2006 - Sociedade Nacional de Combustiveis de Angola (Sanangol)
and Total E&P Angola, a wholly-owned subsidiary of Total, announce that the
Orquidea-2 appraisal well has confirmed and expanded the potential of the
Orquidea discovery in Block 17 offshore Angola.

Located approximately 2 Kilometres from the Orquidea-1 discovery well and
drilled in a water depth of 1,165 metres, Orquidea-2 identified and confirmed
the Miocene objectives encountered by Orquidea-1 and also identified deeper
Oligocene reservoir levels. The Oligocene and Miocene objectives are both oil-
bearing.

The Orquidea structure is located near the Lirio, Cravo and Violeta finds. This
dual drilling success confirms the potential for development of a fourth
production zone in Block 17, for which preliminary design is underway. The
production zone is located in the northwestern area of Block 17 and will
complete the Girassol and Dalia zones, to be followed soon by the Pazflor
production zone,

Sonangol is the Block 17 concessionaire. Total E&P Angola, operator, has a 40%
interest in Block 17, alongside partners Esso Exploration Angola (Block 17)
Limited (20%), BP Exploration (Angola) Ltd. (16.67%), Statoil Angola Block 17 AS
(13,33%) and Norsk Hydro Dezassete a.s. (10%).

Block 17:
Deep-offshore Block 17 is Total's principal producing asset in Angola. It is
composed of three major production zones: Girassol, which is in production,
Dalia, which is under development with production scheduled to begin end 2006,
and Pazflor, where development studies are underway. The possibility of a fourth
major production zone, based on Cravo, Lirio, Violeta and Orquidea discoveries,
is currently being studied.

On the Girassol structure, production from the Girassol field and the Jasmim
field, a satellite to Girassol that came on stream in November 2003, averaged
nearly 250,000 barrels per day of oil over 2005. The Rosa field, developed as a
15 kilometre tie back to the Girassol FPSO (Floating, Production, Storage and
Offloading) facility, was approved in July 2004 and is scheduled to come on
stream in the first half of 2007. It is expected to maintain the production of
the FPSO at its plateau of 250,000 barrels per day over a number of years.

Total is one of the world's major oil and gas groups, with activities in more
than 130 countries. Its 95,000 employees put their expertise to work in every
part of the industry - exploration and production of oil and natural gas,
refining and marketing, gas trading and electricity, Total is working to keep
the world supplied with energy, both today and tomorrow. The Group is also a
first rank player in chemicals. www.total.com





This information is provided by RNS
The company news service from the London Stock Exchange

END

DRLKDLBFQBBLFBK

[grupo guitarlumber] 15/10/2006 06:15

Oil and gas rights: the weapons of a new Cold War

In recent weeks, hardliners in the Kremlin have cancelled or renegotiated deals with Western firms in order to pursue Russia's national interests - but their plans may backfire

Oliver Morgan
Sunday October 15, 2006
The Observer


If there were any doubt about the ruthlessness with which Russia is executing its new nationalist energy policy, it was smashed last week. In an almost cursory announcement, Alexey Miller, chairman of the management committee of the massive Russian energy group Gazprom, told TV channel Russia Today that the state-controlled company would develop the 'supergiant' Shtokman gas field in the Arctic by itself and would not be inviting Western companies to join in.
At a stroke, Miller cut off five hopeful Western oil majors - Conoco and Chevron of the US, Statoil and Norsk Hydro of Norway, and France's Total, from taking a stake in the £10bn project to develop the world's third largest gas field, with 3.2 trillion cubic metres of reserves.

At the same time, Gazprom said it was abandoning plans to use Shtokman, which lies 500km north of the port city of Murmansk, to provide liquefied natural gas for transport by ship to the US, in favour of selling the gas into Europe by pipeline. The move could not have been a firmer snub to the US. It not only cut out two US oil companies from access to precious reserves, but deprived America of a valuable resource from a country that until recently appeared to be a reliable and stable ally.

Andrew Neff, energy analyst at Global Insight in Washington, says: 'There is an emerging demand/supply gap in the US which means that these developments will be seen negatively by US energy policymakers. Liquefied natural gas was going to be a magic bullet and Shtokman was an important part of that.'

The Shtokman decision does not stand on its own. It comes in a year that has already seen Gazprom cut supplies to Ukraine, while government ministers have more recently cast doubt over investments by Western companies in other areas. Shell's involvement in the £11bn Sakhalin-2 oil and gas project off Russia's east coast was thrown up in the air last month, as was US giant Exxon's in sister project Sakhalin-1. Meanwhile, there have been concerns over BP's rights to develop the 1.9 trillion cubic metre Kovykta field in Eastern Siberia, and Total has had similar problems in the Arctic. The main commercial benefactors of these moves are the mighty Gazprom and Rosneft, the state-controlled oil group.

Gazprom's reserves are bigger than those of any country in the world except Saudi Arabia and Iran. Production last year increased by 138 per cent, its profits by 169 per cent. The company is enmeshed into Russian life - it has huge influence over the towns in which it operates, running schools and health services, even operating leisure centres.

It is woven into the political fabric too. Gazprom chairman Dmitry Medvedev is also first Deputy Prime Minister in Putin's government, and board director German Gref is minister for economic development and trade. Miller, who took over the company in 2001, owes his position to Putin's patronage. It should come as little surprise that decisions affecting the company's future are driven as much by political factors as commercial.

Chris Weafer, head of strategy at Moscow-based Alfa bank, says: 'The major decisions with these companies - as happens with, for example, the United Aircraft Corporation - are taken in the Kremlin. That is because they have been identified as national champions - they combine an important economic role with a geopolitical one.'

The Russian government has until recently been content to allow foreign investment in Russian strategic industries as long as Russian entities maintain control. With the Shtokman decision - Gazprom would have taken a 51 per cent share of any venture - this appears to have changed. Why?

The first reason is the one given by Miller: that Gazprom and the Westerners could not agree terms. Despite its huge reserves, Gazprom needs capital and expertise to exploit them. According to Moscow-based Deutsche Bank/UFG, production from existing fields will fall from today's level of about 600 billion cubic metres to some 140 billion cm in 2020, which means that opening up fields like Shtokman and Kovykta is crucial.

In the past, with a low oil and gas price, Russia has signed deals (such as Sakhalin) it now believes are disadvantageous. With today's high prices, the balance may have swung too far the other way. As Stephen O'Sullivan of DB/UFG says: 'Foreign companies may have concluded that the political, technical and financial risks involved in the project were such that they could not offer Gazprom what it wanted to bring them on board as partners.' But, he adds: 'This was a political decision, along the same theme as with Sakhalin and Kovykta.'

Weafer agrees: 'Moscow has got tired of US criticism over a range of issues, most recently Russia's attitude to Georgia. Another sticking point was the US refusal to admit Russia to the World Trade Organisation at the July G8 summit.'

Meanwhile, as relations with the US sour, those with its Western neighbour Germany warm. Putin met Angela Merkel last week. Analysts sense this may explain the timing of Miller's announcement, which was greeted with enthusiasm by Burckhard Bergmann, chairman of E.ON subsidiary Ruhrgas. 'Gazprom's decision is good for the supply of gas to Europe because it improves the production base,' he said. Such enthusiasm is unsurprising - Bergmann is also a board member of Gazprom

Gazprom's plan was to allow access to reserves in return for access to Western markets. But Miller's hints that he would like to take a stake in Centrica, owner of British Gas, earlier this year were greeted with barely disguised hostility by UK ministers, who last week reiterated that such a move would be examined on national interest grounds. And after one of Russia's state banks bought a 5 per cent stake in European aerospace champion EADS, Putin's requests for a Russian seat on the board were rebuffed. Analysts say there are indications that Putin's attempts to balance liberal reformers in his administration, who include Medvedev and Gref, with 'hardliners' may be suffering a reactionary backlash.

Experts point to the influence of Igor Sechin, chairman of state-controlled oil group Rosneft, deputy head of Putin's administration, and one of a group known as the 'Siloviki' with close links to the security services.

There are discussions about restructuring BP's joint-venture with Russian group TNK, which hopes to develop Kovykta. Here, Gazprom would like to buy out the three oligarchs who currently own TNK, but it will have to fight off Rosneft. Meanwhile, it is seeking to improve terms for entry into the Sakhalin-2 project - Rosneft is already involved - in an agreement that was made with Shell last year to swap assets it has on the mainland for a stake.

From where the international oil groups like Chevron, Statoil, BP and Shell are standing, this all looks bad. Together, they now account for only 20 per cent of the world's reserves.

There could be nasty repercussions in Russia, too. Frank Harris, analyst at consultancy Wood Mackenzie Harris, says Gazprom may have abandoned the Shtokman partnership from a position of weakness - it would have cost too much. Costs could spiral as expertise is spread thinly across the growing number of projects around the world.

'Two years ago, liquefaction plants were built at $300-400 per tonne of capacity. Now that is probably $600 and may be even more,' he says.

Neff adds: 'Once they had decided to keep foreign companies out, they could not afford LNG.' This could deprive Russia of one of the key emerging technologies in oil and gas production in future.

The silver lining for the West is that Putin has hinted that companies may be allowed back into Shtokman on a contractual, rather than equity, basis. This would mean oil service operators, such as KBR and Technip of France, moving in.

From Gazprom's point of view these pose less of a short-term threat. But in the long run, it has to develop technical expertise of its own, and doing so through contracts, rather than equity partnerships, may well limit its ability to do so in the future.

[grupo guitarlumber] 14/10/2006 16:39

November 8 Third Quarter 2006 Results
November 17 & 18 Actionaria Investor Fair in Paris

[grupo guitarlumber] 12/10/2006 13:10

Russia not studying any withdrawal of Total's licence for Khariaga - minister

MOSCOW (AFX) - Russian natural resources minister Yuri Trutnev said there is
currently no question of withdrawing Total SA's licence for the Khariaga oil
project in Siberia.
"No work on a withdrawal of the licence for the Khariaga oilfield is being
undertaken ... we are in the process of carrying out checks, as with many
companies, concerning the application of licence agreements", the minister said,
cited by Russian news agencies.
Oleg Mitvol, the head of the environmental management service, said checks
would begin today on oil production sites in the Komis region, where Khariaga is
located.
The Khariaga field currently produces about 20,000 barrels per day and has
been the subject of bitter disputes over several years. The Russian government
has accused Total of excessive delays in the project's progress and of not
respecting the obligations of its licence agreement.
Total controls 50 pct of the Khariaga field, Norsk Hydro controls 40 pct and
the Yamalo-Nenets regional authorities control 10 pct.
The Russian government is currently putting pressure on foreign oil
companies over their production-sharing agreements which were signed in the
1990s, notably those involved in the Sakhalin-1 project led by Exxon Mobil and
Sakhalin-2, led by Royal Dutch Shell.
These production-sharing agreements were signed at a time when oil prices
were low and the Russian government was weak, and they are now considered in
Moscow as out of date and unfavourable towards the Russian state.
[e-mail]
afp/cmr/abr

[waldron] 27/9/2006 10:02

E.ON Ruhrgas shortlisted for Russia's Shtokman gas project

MOSCOW (AFX) - E.ON Ruhrgas has been shortlisted for the development of the
Shtokman gas field, said Russian daily business newspaper RBC, citing a
government official.
E.ON Ruhrgas is one of Gazprom's largest customers and imports about 30 pct
of its gas from Russia.
The newspaper cited Oleg Tolkachev, vice-president of the parliamentary
commission for natural resource monopolies, as saying the Russian government
wants to direct some of the deliveries from Shtokman towards Europe.
"The final list could be drawn up in a few months at the earliest," he told
RBC.
Gazprom, which is in charge of the Shtokman project, has already shortlisted
Statoil, Norsk Hydro, Chevron Corp, ConocoPhillips and Total.
[e-mail]
afp/jsa/jlw