Total Share Discussion Threads

[ariane] 12/12/2007 09:25

Total must move into nuclear power, but won't take Areva stake - CEO UPDATE




(Updates with comment about stake in Sanofi-Aventis)
PARIS (Thomson Financial) - Total, the French oil giant, will need to expand
into the nuclear business to adapt to the new global energy market, but the
company isn't interested in acquiring a stake in French nuclear engineer Areva,
CEO Christophe de Margerie said.
"In twenty years, I don't see how we could be absent from clean coal and
nuclear," de Margerie said in an interview in Les Echos. "But that will require
lots of preparation, a reflection on partnerships that could take place. So it's
not going to happen tomorrow."
Total is not however interested in taking a stake in Areva, the state-owned
nuclear engineering firm that the government has talked about privatizing.
"It's not our intention," de Margerie said. "Strategically, Total is not
interested in minority stakes in industrial companies."
De Margerie also said that Total would disclose in its year-end accounts how
much of its 13 pct stake in French pharmaceutical company Sanofi-Aventis it has
sold this year. "Our strategy is to sell (the shares) little by little. We'll do
it progressively," de Margerie said.
[e-mail]
gk1/jms/gk1/jag

[ariane] 11/12/2007 15:00

Total S.A Canada : The Surmont Oil Sands Project Produces First Commercial Oil
Date : 11/12/2007 @ 14:35
Source : UK Regulatory (RNS and others)


Total S.A Canada : The Surmont Oil Sands Project Produces First Commercial Oil





TOTAL S.A.
Total announces the start-up of commercial production in the first phase of the
Surmont Project today in Canada. The Surmont lease is located about
60 kilometres southeast of Fort McMurray in Alberta's oil sands. Total holds a
50% interest in the project, which is operated by ConocoPhillips.
Phase One of the project has a capacity of 25,000 barrels per day and it is
expected to reach plateau production by 2012. Phase One development will be
followed by Phase Two, which is slated for commercial start-up before the middle
of the next decade. Phase Two will reach plateau production of 75,000 barrels
per day, bringing production for both phases of Surmont to approximately 100,000
barrels per day. Future phases at Surmont are also under study.
The initial Surmont pilot project began in 1997. In 2003, the partnership
decided to launch the first phase of commercial development at Surmont using
Steam Assisted Gravity Drainage (SAGD). SAGD is a method that involves the
injection of steam deep into the oil sands. The steam melts the bitumen, which
is then recovered in its liquid state and pumped to the surface for further
processing. First steam was injected into the ground in June 2007 at Phase One,
resulting in the first commercial production announced today.
Total is also the operator of the Joslyn Lease with a 74% interest. The project
will be mainly developed using surface mining technologies in two phases of
100,000 barrels per day each. A limited portion of the lease is already on
stream using SAGD technology. The Group announced in November 2006 the first
commercial oil. The production potential of the surface mining phases and of
SAGD technology is currently estimated to 230 000 barrels per day.
Total's share of the aggregate production from Surmont and Joslyn should reach
more than 250,000 barrels per day in the next decade.
In addition, the Group has initiated the process to build an upgrader in
Strathcona County, in the Edmonton area. Phase one of the Total Upgrader should
produce 150,000 barrels of bitumen and could be commissioned before 2015. Phase
Two should increase total bitumen processing capacity to over 200,000 barrels
per day.
* * * * *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

[waldron] 07/12/2007 09:22

Kazakh president says Eni's role as Kashagan operator not in question




MILAN (Thomson Financial) - Kazakh president Nursultan Nazarbayev said Eni
SpA's role as operator of the consortium developing the Kashagan oilfield is not
in question, TV CNBC reported.
Nazarbayev said his government intended to ask either for compensation for
delays in the Kashagan project or for an increase of the stake the Kazakh
national oil company KazMunaigGas has in the consortium, CNBC reported.
The president said the government wants a "peaceful agreement", adding it is
not thinking about abandoning the contract.
Eni has an 18.52 pct stake in Kashagan. Besides KazMunaiGaz, the other
members of the consortium are Exxon Mobil, Royal Dutch Shell, Total,
ConocoPhillips and Inpex.
[e-mail]
sj/sal

[waldron] 03/12/2007 09:12

Total, Galp strike oil in Angola block 32, initial tests show output 5,400 bpd
Date : 03/12/2007 @ 08:29
Source : TFN


Total, Galp strike oil in Angola block 32, initial tests show output 5,400 bpd




LISBON (Thomson Financial) - A consortium including Total has struck oil in
block 32 in offshore Angola, with initial tests producing 5,400 barrels per day,
said Galp Energia SGPS, which owns a 5 pct stake in the contractor group.
In a statement, Galp said the 26 degree API oil was found in a well drilled
at 1,607 metres below sea level and 9 km north of a previous discovery made in
May this year in the same block.
Total has a 30 pct stake in the consortium. The other members of the
contractor group exploring the block are state-owned oil company Sonangol with
20 pct, Marathon Oil with 30 pct and Exxon with 15 pct.
[e-mail]
jg/hjp/jg/ms1

[waldron] 02/12/2007 19:27

Total Eni-led consortium, Kazakh govt agree to finalise Kashagan deal by Dec 20 UPDATE
Date : 02/12/2007 @ 18:59
Source : TFN


Total Eni-led consortium, Kazakh govt agree to finalise Kashagan deal by Dec 20 UPDATE




(Updates with Kazakh group KMG to increase stake in project)
MILAN (Thomson Financial) - Eni SpA said the international consortium it
leads has signed an agreement with the Kazakh government to finalize a
settlement by Dec 20 over the development of the Kashagan oil field.
The two sides are in a dispute over the buildup of costs and delays in the
startup and production at Kazakhstan's largest field, which is estimated to have
recoverable reserves of around 13 bln barrels of oil.
In a statement, the consortium said it had signed a memorandum of
understanding with the Kazakh government establishing the framework of a
settlement agreement between the two sides, and set Dec 20 as the deadline to
finalize the terms.
Eni and its partners made "good progress" in their negotiations with
Kazakhstan "through open and constructive dialogue," the statement said.
The Eni-led consortium also includes Royal Dutch Shell, Total and Exxon
Mobil Corp.
Italian news agency ANSA cited Kazakh oil and gas producer KazMunaigGas
(KMG) as saying that a deal with the Eni-led consortium is close.
According to the Kazakh company, the deal would see its role in the project
"increase significantly" after months of dispute on the issue.
"All members of the consortium but one agree on the need to bring KMG to the
same level as other major shareholders," ANSA cited the company as saying.
[e-mail]
ysc/jlw/ysc/jlw

[waldron] 02/12/2007 19:08

Total to invest 1.5 bln usd in Algeria, GDF 1.0 bln - Sarkozy
Date : 02/12/2007 @ 17:13
Source : TFN


Total to invest 1.5 bln usd in Algeria, GDF 1.0 bln - Sarkozy




ALGIERS (Thomson Financial) - Oil giant Total is to invest 1.5 bln usd in
Algeria and state utility Gaz de France 1.0 bln, President Nicolas Sarkozy said
ahead of an official visit beginning tomorrow.
Cited by Algerian national news agency APS, Sarkozy also said the two
countries will sign an agreement on cooperation in nuclear energy, confirming an
earlier statement by Algeria's energy minister.
French official sources in Algeria told Agence France-Presse that the Total
and GDF deals will be part of package of deals with a total value of 5 bln usd
to be signed by French groups during Sarkozy's visit, due to run until
Wednesday.
Sarkozy will travel with Laurence Parisot, head of France's employers
federation and around 100 French business leaders.
He told APS GDF will invest the money as expected in the Touat gas field and
will also extend its contract to buy Algerian gas to 2019.
GDF had said in October a decision would be made by on the investment by the
end of the year.
GDF obtained rights to explore the Touat field in 2003, and has a 75 pct
stake in the field's operating consortium, alongside Algerian oil group,
Sonatrach.
Production from the field is scheduled to begin in 2011.
Total's investment will be at the Arzew site in western Algeria, where in
July it won a contract from Sonatrach to build a 3 bln usd ethane cracker to
produce various types of polyethylene and ethylene destined for domestic and
international markets.
Sonatrach said at the time that Total, which beat Saudi group Sabic for the
order after offering to share a larger proportion of the profits, is to hold 51
pct of the joint venture controlling the plant and Sonatrach the remaining 49
pct.
Sarkozy told APS today: "Without delay, we need to move forward on the
specifics and the specifics (are) interdependency in energy..."
Algeria is the third biggest supplier of gas to France after Norway and the
Netherlands and ahead of Russia and total energy imports from the country are
currently worth around 4 bln eur annually.
Sarkozy said the investments by GDF and Total will create around 7,000 jobs
in Algeria and "could lead very soon" to France be coming the country's largest
foreign investor.
French building materials group Saint-Gobain said in a separate announcement
today it has agreed to pay 8.89 mln usd to acquire a plaster factory, EPD,
situated at Ouled Djellal, 420 kn south of Algiers.
AFP's French sources said investments in Algeria currently total 2.1 bln usd
and that a further 5 bln are in preparation for the short and medium term, of
which half in the energy sector.
They said around 2.5 bln usd in investments are expected as part of
Algeria's privatisation programme.
[e-mail]
mrg/jlw

[waldron] 21/11/2007 10:50

Total wins right to explore for gas in Chile, gets 100 pct of Otway tract




PARIS (Thomson Financial) - Energy giant Total said it has won a tender to
explore for natural gas in Chile, and will sign a contract in the next few
months to have a 100 pct interest in the 5,965-square-km Otway tract.
Financial details were not disclosed.
The project marks Total's entry into Chile, and is part of its strategy of
diversifying its exploration activities.
Exploration on the tract will begin with seismic surveys in 2008, followed
by the drilling of two wells.

[e-mail]
mjs/slj

[waldron] 14/11/2007 10:50

Total BP makes another major gas discovery in Azerbaijan UPDATE




(Adds details, background)
LONDON (Thomson Financial) - BP PLC said it made another major discovery in
the offshore Shah Deniz gas field in Azerbaijan.
The well, known as SDX-04, located 70 kilometres south-east of Baku, struck
a "new high-pressure reservoir" in a deeper structure below the currently
producing reservoir, BP said in a statement.
Test flows were at the maximum capacity of the on-board equipment of 35 mln
standard cubic feet a day, equivalent to 1 mln standard cubic meters a day.
"Results confirm sufficient gas at Shah Deniz for a second stage of
development. Although further work is required to define this second phase, it
will likely be similar or larger than stage 1 -- 8.6 bln cubic metres a year,"
BP said.
SDX-04 was drilled to a depth of over 7,300 metres, the deepest well in the
Caspian.
"We believe the results have significantly added to our understanding of the
entire field. Such a deep, high pressure reservoir will require new technologies
that are presently under development in the industry," said Bill Schrader,
president of BP Azerbaijan.
BP is the operator of and 25.5 pct shareholder in the 4.5 bln usd Shah Deniz
project. StatoilHydro owns 25.5 pct, while Azerbaijan's state-owned oil company
SOCAR, Russia's LukOil, NICO and France's Total own 10 pct each. TPAO holds the
remaining 9 pct.
Shah Deniz, which came on stream in December last year, supplies gas to
Azerbaijan, Turkey and Georgia. It was producing over 300 mln standard cubic
feet of gas and 25,000 barrels of condensate in July.
This year, BP hopes to bring average volumes at Shah Deniz to 63,000 barrels
of oil equivalent per day, consisting of 2.7 bln cubic metres of gas and 0.8 mln
tonnes of condensate.
At 10.19 am, BP shares were up 2.4 pct at 597-1/2 pence.

[e-mail]
mbe/lam

[waldron] 11/11/2007 18:36

OPEC to discuss output hike if needed - Saudi, Kuwaiti oil ministers
Date : 11/11/2007 @ 18:29
Source : TFN


OPEC to discuss output hike if needed - Saudi, Kuwaiti oil ministers




KUWAIT CITY (Thomson Financial) - The Saudi and Kuwaiti oil ministers said
OPEC will discuss the possibility of raising oil output if needed to cool
soaring prices.
"It is premature (to speak of a hike). When OPEC meets, we will discuss this
issue," Ali al-Nuaimi, oil minister of Saudi Arabia, told reporters during a
short visit to Kuwait.
He did not specify which meeting of the cartel he was referring to. OPEC is
holding a summit in Riyadh on Nov 17-18 and ministers are also due to meet in
Abu Dhabi on Dec 5.
Kuwait's acting oil minister Mohammad al-Olaim said OPEC will "not hesitate
to shoulder its responsibilities."
He said the cartel would be willing to increase output "if there is a need
to raise production in accordance with market parameters."
Nuaimi said oil prices were being determined by the market and the oil-rich
Gulf states had no control over prices.
"Prices are fluctuating everyday and are determined by the market ... Gulf
states do not control prices. Gulf states are trying as much as possible to
ensure supplies and stabilise the market," the Saudi minister said.
Olaim said current oil prices were a cause of concern for all parties, but
OPEC would not take a decision before analysing information and data about the
market.
"During the Abu Dhabi conference, we will assess the market situation and
the stocks and talk about if there is a need to raise output," he said.
Oil prices have been nearing the 100 usd per barrel mark. On Wednesday, it
raced to all-time highs of 98.62 usd in New York and 95.19 usd in London.
[e-mail]
jag

[waldron] 08/11/2007 16:58

Total "overweight," target price raised

Thursday, November 08, 2007 7:42:01 AM ET
J.P. Morgan Securities

LONDON, November 8 (newratings.com) - Analysts at JP Morgan maintain their "overweight" rating on Total (PFP.PSE), while raising their estimates for the company. The target price has been raised from €62 to €63.

In a research note published this morning, the analysts mention that the company's 3Q results reflect impressive growth prospects of the company's E&P operations relative to several of its key peers. Total's volume growth potential is highly impressive for the medium and long term, the analysts say. The company's reserve replacement is expected to remain above average in 2007, JP Morgan adds. The EPS estimates for 2007 and 2008 have been raised from €5.40 to €5.42 and from €5.52 to €5.62, respectively.

[waldron] 07/11/2007 16:56

Total FY production growth hit by oil prices; to book Shtokman reserves UPDATE




(Adds details on Shtokman, other projects; amends bpd figure in 2nd
paragraph)
PARIS (Thomson Financial) - Total expects growth in production this year to
be closer to 1 pct than 2 pct if oil prices remain at record highs, chief
financial officer Robert Castaigne said during a conference call following the
oil group's third-quarter results.
Higher crude prices affect production because oil companies receive fewer
barrels in production-sharing contracts when prices rise, he said, adding that a
1 usd rise in oil prices leads to a 2,000 barrel per day drop in Total's
production under such contracts.
Total CEO Christophe de Margerie gave guidance for a 1.5-2 pct rise in 2007
production at the beginning of September, although Castaigne referred in the
conference call to a 1-2 pct target range.
In its quarterly statement this morning, Total said production rose 2.5 pct
in the third quarter compared to the year-earlier period. It also confirmed its
2006-10 target for 4 pct average annual growth in production.
Regarding the Shtokman gas field in Russia, Castaigne said the French group
"will clearly have the possibility to book its share of the reserves", without
giving any further details.
Total signed a 25-year agreement in July to develop jointly the offshore
field with Gazprom.
In other upstream developments, Castaigne said that the Dolphin project in
the Gulf is now at the end of the first phase, with production of 1 bln cubic
feet per day reached in September. The second phase production target of 2 bln
cubic feet is expected to be attained in the second quarter of 2008, he added.
Concerning the Nkossa platform in Congo, which was disrupted by a fire in
May this year, production should return to its previous level of 65,000 barrels
per day during 2008, Castaigne said.
In the Gulf of Mexico, Total plans to continue acquiring blocks, he said,
despite its lack of success in exploration there until now.
Total this morning reported a 3 pct fall in third quarter net profit to 3.00
bln eur, as weak refining margins and gas prices offset higher oil prices.

[e-mail]
gt/wj//cmr

[waldron] 07/11/2007 16:00

Total sees FY production growth below 1.5-2 pct guidance if oil prices stay high




PARIS (Thomson Financial) - Total expects growth in production this year to
be slightly below its most recent guidance for 1.5-2 pct if oil prices continue
remain at record highs, chief financial officer Robert Castaigne said.
If crude prices remain high, production growth for 2007 will be closer to 1
pct than 2 pct, Castaigne said in a conference call following Total's
third-quarter results.
Higher crude prices affect production because oil companies receive fewer
barrels in production-sharing contracts when prices rise, he said, adding that a
1 usd rise in oil prices leads to a 3,000-4,000 barrel per day drop in Total's
production under such contracts.
Total CEO Christophe de Margerie gave the 1.5-2 pct guidance for 2007
production growth at the beginning of September.
In its quarterly statement this morning, Total confirmed its 2006-10 target
for 4 pct average annual growth in production.
[e-mail]
gt/wj

[waldron] 07/11/2007 12:13

Total's Profit Advances 29% on Higher Output, Prices (Update3)

By Tara Patel

Nov. 7 (Bloomberg) -- Total SA, Europe's third-largest oil company, said profit rose 29 percent because of higher production and record crude prices, sending the shares to their biggest gain in more than four years.

Third-quarter net income was 3.12 billion euros ($4.6 billion), or 1.37 euros a share, compared with 2.42 billion euros, or 1.05 euros, a year earlier, the Paris-based company said today in a statement. Profit excluding one-time items, changes in inventories and the value of a stake in drugmaker Sanofi-Aventis SA beat analysts' estimates.

Total increased production after starting up fields in Qatar and Norway. Output is expected to increase at an average rate of 4 percent a year between 2006 and 2010. Crude prices in New York were an average 6.4 percent higher in the third quarter than a year earlier.

``Total will be among the few major oil companies with an increase in earnings per share in dollar terms, reflecting the benefits of an increase in production,'' Colin Smith, an analyst at Dresdner Kleinwort, said by telephone from London.

Unlike Royal Dutch Shell Plc and BP Plc, Europe's two biggest oil companies, Total reports earnings in euros. The euro traded at an average of $1.37 during the third quarter, compared with $1.27 in the year-earlier period. Crude reached a record $98.62 a barrel in New York today.

Shell, BP

Total follows Shell, Europe's biggest oil company, in reporting higher third-quarter earnings. Shell, based in The Hague, reported a 16 percent gain in net income to $6.92 billion. In contrast, BP said profit dropped 29 percent to $4.41 billion and Exxon Mobil Corp. reported quarterly earnings slid the most in three years to $9.41 billion.

Total shares climbed as much as 4 percent, the biggest gain since March 2003. They traded 3.4 percent higher at 56.47 euros as of 11:43 a.m. in Paris.

Adjusted profit fell 3 percent to 3 billion euros. The median estimate from 13 analysts surveyed by Bloomberg was for profit of 2.91 billion euros on this measure. Earnings per share in dollar terms increased 5 percent to $1.82.

Chief Executive Officer Christophe de Margerie is counting on new projects in Angola to drive production growth after suffering losses in Nigeria and the Republic of Congo.

Angolan Output

Total said upstream production increased by 2.5 percent in the third quarter to 2.35 million barrels of oil equivalent per day, mainly due to higher output in Angola as well as new projects in Qatar and Norway.

Total's Dalia and Girassol projects offshore Angola are key to 2007 growth, the company has said. Girassol and Dalia are in Total's main Angolan production asset, offshore Block 17.

Dalia reached peak output of 240,000 barrels a day in April, while the Rosa field, connected to the Girassol floating production platform, will maintain production at 250,000 barrels a day until early in the next decade.

Total is a shareholder in Dolphin Energy Ltd. along with Occidental Petroleum Corp. and Abu Dhabi, which operates a pipeline allowing the export of natural gas to the United Arab Emirates from Qatar's offshore North Dome field.

Snohvit, Europe's first offshore Arctic field development, is operated and 33.5 percent-owned by StatoilHydro ASA while Total is a partner among others with 18.4 percent.

Production at the N'Kossa oilfield in the Republic of Congo will reach 45,000 barrels a day this month, the company said Oct. 24. Output at the offshore field was halted in May because of a fire that killed two people and no target has been set to reach full production of 60,000 barrels a day.

Total, also Europe's biggest oil refiner, said Oct. 15 that refining margins slipped 17 percent in the period. The average margin fell to $23.90 a ton from $28.70 a year earlier. The margin was 44 percent below the second quarter.

Output from Total's refineries fell 2 percent during the quarter after maintenance was carried out at the Normandy and Lindsey plants.

To contact the reporter on this story: Tara Patel in Paris at [e-mail]

Last Updated: November 7, 2007 05:51 EST

[waldron] 07/11/2007 08:59

Total Q3 net profit 3.00 bln eur, down 3 pct UPDATE




(Updates with more detail)
PARIS (Thomson Financial) - French oil firm Total said its net profit fell 3
pct to 3.00 bln eur in the third quarter from 3.11 bln a year earlier as weak
refining margins and gas prices offset higher oil prices.
Total, Europe's third-largest oil firm, also confirmed its target for 4 pct
average annual growth in production over the 2006-2010 period and said it would
hike its interim dividend by 15 pct in euro terms to 1 eur per share.
Total's adjusted cash flow in the third quarter fell by 3 pct to 4.26 bln
eur from 4.40 bln a year earlier.
Its third quarter net profit was in-line with the 2.95 bln eur average
forecast of analysts surveyed by Thomson Financial News.
Expressed in dollar terms to aid comparison with industry rivals, Total said
its earnings per share rose 5 pct to 1.82 usd. That compares to a 20.9 percent
slide for BP and a 20.3 pct drop at Royal Dutch Shell.
Total's upstream division, which includes exploration and production,
reported 10 pct growth in third quarter operating profit to 2.23 bln eur, thanks
to higher oil and gas price realisations and increased production.
Total's hydrocarbon production increased 2.5 pct to 2.352 mln barrels of oil
equivalent per day in the third quarter, up from 2.294 mboe/d a year earlier.
Total cited the start up of new projects such as the Dalia and Rosa offshore
fields in Angola, Dolphin in Qatar and Shah Deniz in Azerbaijan as helping boost
production in the quarter.
Operating profit from the group's downstream business, which covers refining
and marketing, fell 34 pct to 526 mln eur in the quarter, which Total blamed on
lower refining margins and the US dollar's weakness compared to the euro.

[e-mail]
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[waldron] 07/11/2007 07:37

Total Q3 net profit 3.00 bln eur, down 3 pct




PARIS (Thomson Financial) - French oil firm Total said its net profit fell 3
pct to 3.00 bln eur in the third quarter from 3.11 bln a year earlier as weak
refining margins and gas prices offset higher oil prices.
Total also confirmed its target for 4 pct average annual growth in
production over the 2006-2010 period and said it would hike its interim dividend
by 15 pct in euro terms to 1 eur per share.
Total's adjusted cash flow in the third quarter fell by 3 pct to 4.26 bln
eur from 4.40 bln a year earlier.

[e-mail]
gk1/jlw/gk1/ejp

[grupo guitarlumber] 30/10/2007 09:55

French foreign minister defends Total's presence in Myanmar




PARIS (Thomson Financial) - French foreign minister Bernard Kouchner
defended the much-criticised presence of oil group Total in Myanmar, claiming
that if it left the country it would cause suffering to the people of Myanmar
and Thailand.
Speaking at a press conference in Bangkok, he said French groups leaving
Myanmar would simply be replaced by other foreign corporations.
Economic sanctions in Myanmar need to be combined with some prospect of
economic progress for its people, he added.
Total has been the operator since 1992 of a gas field in Yadana in southern
Myanmar, which supplies Thai power stations.
The field, run in cooperation with Chevron, the Petroleum Authority of
Thailand Exploration and Production (PTTEP) and the Burmese company MOGE,
produced 17.4 mln cubic metres of gas per day in 2006.
On Oct 15, the European European approved new sanctions against Myanmar,
including an embargo on Burmese wood and metal exports but excluding petrol
products.
In line with the French government's instructions for corporations active in
Myanmar, Total chief executive Christophe de Margerie has said the French group
will not make new investments, but will not leave the country.

[e-mail]
ses/mrg/lam

[grupo guitarlumber] 30/10/2007 08:16

Ocean Power Technologies signs agreement with Converteam on wave energy system




LONDON (Thomson Financial) - Ocean Power Technologies (OPT) said it had
signed a cooperation agreement with Converteam for the development of high
temperature superconductor (HTS) linear generators for use in OPT's PowerBuoy
wave energy converters.
The two companies will jointly develop the technology for at least five
years, including investigating commercial opportunities and potential customers,
OPT said.
OPT is a wave energy technology developer, with major PowerBuoy projects in
Spain, the UK and the US, with customers including Iberdrola, TOTAL and the US
Navy.
Converteam specialises in the development of electrical motors and
generators, power converters and cryogenic systems, and the company has already
established a leading position in the wind power market, OPT said in a
statement.
OPT CEO George Taylor said formalising the relationship with Converteam
would result in a state-of-the-art power take-off system for its wave energy
technology. "A linear HTS generator installed in our PowerBuoys has the
potential to deliver significant reductions in the cost of wave generated
electricity," he said.

[e-mail]
ps/slm

[grupo guitarlumber] 26/10/2007 08:50

Total buys 40 pct stake in 3 licences offshore Australia from ConocoPhillips




PARIS (Thomson Financial) - Total said it acquired a 40 pct stake in three
exploration permits northeast of Ichthys in the Australian Browse Basin from
ConocoPhillips and that Inpex will be the operator, taking a 60 pct stake.
Total said in a statement that three blocs are around 200 km offshore in
water depths of 50-250 metres.
The group said it now has interests in 15 permits on Australia's North West
Shelf, most of them situated in Browse Basin, where the Group has a 24 pct
interest in the WA-285P permit containing the Ichthys field.
The Ichthys liquefied natural gas project, currently under study, should
come on stream early next decade, it added.


[e-mail]
mrg/sal

[grupo guitarlumber] 25/10/2007 10:19

StatoilHydro to take 24 pct equity stake in Gazprom's Shtokman project UPDATE




(Updates with details on agreement)
MOSCOW (Thomson Financial) - StatoilHydro ASA is to take a 24 pct equity
stake in Gazprom's mammoth Shtokman gas project, it said this morning.
The Norwegian oil giant confirmed earlier reports from the Kremlin's press
office, which said it will join the Shtokman natural gas production venture led
by Gazprom and in which France's Total also has a 25 pct stake.
"StatoilHydro will today, 25 October, sign a frame agreement with Gazprom to
become partner in the Shtokman development, phase 1," the firm said.
"StatoilHydro will come back with further information when the agreement is
signed."
[e-mail]
amk/cmr/amk/ra/ar/jlc

[grupo guitarlumber] 23/10/2007 08:06

KazMunaiGaz might double 8.33 pct stake in Kashagan consortium




MILAN (Thomson Financial) - Kazakh national energy company KazMunaiGaz might
gradually double its 8.33 pct stake in the Eni SpA-led Agip KCO consortium which
is developing the giant Kashagan oil field in the Caspian, the Italian daily MF
said, citing sources close to the negotiations.
In exchange, the Kazakh government would drop a 10 bln usd damage claim.
Yesterday, the consortium said it has reached an agreement with the Kazakh
government outlining the framework for continuing negotiations to settle a
dispute over cost overruns and delays at Kashagan.
Eni operates the field with an 18.52 pct stake, as part of a consortium with
Exxon Mobil, Royal Dutch Shell, Total, ConocoPhillips, Inpex, and KazMunaiGaz.
Kashagan, one of the biggest oil discoveries of the past 30 years with
around 13 bln barrels of recoverable oil, is now scheduled to start commercial
production in 2010, delayed from an original 2005 date.
Kazakh officials previously said Kashagan's total costs have jumped to 136
bln usd from an initial estimate of 57 bln.
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[grupo guitarlumber] 22/10/2007 11:18

November 7 Third Quarter 2007 Results
November 16 & 17 Actionaria Investor Fair in Paris
November 27 Individual shareholders' Meeting in Grenoble