Total Share Discussion Threads

[waldron] 23/3/2007 06:46

Total CEO charged in corruption probe over Iran gas contract


PARIS (AFX) - Total confirmed last night that chief executive Christophe de
Margerie has been formally charged as part of an investigation into alleged
corruption in a gas contract in Iran.
"At the end of his custody, Mr Christophe de Margerie left the office of the
judge after being charged in relation to an investigation against persons
unknown launched in December 2006 concerning the South Pars Industrial project
in Iran, signed by Total in 1997 with NIOCC (National Iranian Oil Company)," the
French group said in a press release.
Total gave no further details of the specific charges but added that it is
"confident that the courts will establish that no offences have been committed."
The oil company also confirmed that financial director Robert Castaigne and
Philippe Boiseau, head of the Gaz Electricite unit, were released from custody
on Wednesday evening without being charged.
Christophe de Margerie had remained in custody overnight from Wednesday to
Thursday in order to be questioned further about his role in the Iranian gas
contract as finance director for the Middle East at the time of the events.
[e-mail]
gt/hjp

[waldron] 22/3/2007 19:05

Total Says Chief to Remain as Iran Probe Intensifies (Update1)

By Helene Fouquet and Tara Patel

March 22 (Bloomberg) -- Total SA, Europe's third-largest oil company, said Christophe de Margerie will remain chief executive officer as he is detained by French prosecutors in a probe on his role in suspected kickbacks in Iran.

``Total has no plans to replace de Margerie either temporarily or permanently,'' said Paul Floren, a company spokesman. ``We don't know how long he will be held.''

De Margerie, who was kept in police custody overnight, was questioned again by judges today. He may be put under a formal probe, following which he can be detained or released on bail, a spokeswoman at the prosecutor's office said. The judges are investigating his role in winning a contract to develop Iran's South Pars field, among the world's largest natural gas fields.

De Margerie, 55, who took over as head of France's largest company just over a month ago, is being queried for the second time in six months on Total contracts in the Middle East. Judges Philippe Courroye and Xaviere Simeoni have also questioned him on his role in the United Nations oil-for-food program in Iraq.

French prosecutors have been investigating contracts Paris- based Total signed in 1997 with National Iranian Oil Co., or NIOC, over operating the South Pars field. The authorities are probing allegations that Total paid bribes to secure the contracts, an official at the prosecutor's office said. Total has denied any wrongdoing.

`As Individuals'

The judges are probing whether Total paid 100 million Swiss francs ($82 million) in two Swiss bank accounts to Iranian officials to win development rights, said the spokeswoman at the prosecutor's office, who declined to be named. Payments were made between 1999 and 2003, mostly to the son of former Iranian President Akbar Hashemi Rafsanjani, business weekly Challenges reported in October.

Four other current and former Total executives were questioned and released yesterday. De Margerie and other Total executives are being investigated as individuals, Floren said.

``The investigation is not on the corporate entity,'' he said. ``Total is fully confident that the investigation will establish the absence of any illegal activities.''

Total shares rose 1.12 euros, or 2.25 percent, to 51 euros in Paris.

``Total is by no means a one-man company,'' said Mark Gilman, an analyst with The Benchmark Company in New York who has a ``buy'' recommendation on the group. ``There is a depth of management. Even in the worst-case scenario, he is not the only individual capable of taking Total in a positive direction.''

De Margerie

De Margerie took over as chief executive amid concerns the probes could hamper his ability to run the company. He succeeded Thierry Desmarest as chief executive officer on Feb. 14. Desmarest, 61, who remains chairman, dismissed suggestions that the handover be delayed because of the inquiries.

In more than three decades at Total, de Margerie has held positions including head of exploration and production, the company's largest division. He was executive vice president for the Middle East from 1990 to 1995.

``The fact that the chief executive is under formal investigation is quite rare, but these things happen and it doesn't mean we're going to revise our opinion of Total and our confidence in the shares,'' said Yann Azuelos, a fund manager at Meeschaert Asset Management which oversees $4.2 billion in Paris. ``When they put de Margerie in charge of the company, the directors were well aware that he'd already been put under formal investigation over Iraq and that he risked further legal problems.''

To contact the reporters on this story: Helene Fouquet in Paris at [e-mail] ; Tara Patel in Paris [e-mail]

Last Updated: March 22, 2007 13:18 EDT

[waldron] 22/3/2007 09:56

Total CEO remains in police custody over Iran corruption probe - source


PARIS (AFX) - Total CEO Christophe de Margerie remained in police custody
this morning to be questioned further over alleged corruption in a gas contract
in Iran, according to a source close to the matter.
Mr Margerie and other Total employees were questioned on Wednesday by police
regarding allegations of bribery in connection with a gas contract won in 1997
with the Iranian national oil company NIOC to operate the South Pars gas field.
The source said that the CEO's custody was extended this morning for a
maximum 24 hours, while the four other current and former executives were
released last night.


[e-mail]
afp/gt/rfw

[grupo guitarlumber] 21/3/2007 09:29

Total CEO questioned by police in corruption probe - source


PARIS (AFX) - Total SA chief executive Christophe de Margerie will today be
questioned by French police from the financial department as part of an inquiry
into suspected corruption in Iran and Cameroon, a source close to the matter
said.
The source, confirming a report in regional daily l'Est Republicain, told
Agence France-Presse that police acting under the orders of investigating judge
Philippe Courroye will question Margerie over suspected bribery over a gas
contract in Iran.
Nobody at Total was immediately available to comment.
The paper said police have also summoned Total's finance director Robert
Castaigne, personnel director Jean-Jacques Guilbaud and the head of its gas
business, Philippe Boisseau.
In December, sources close to the proceedings revealed that Margerie had
been placed under investigation in a wide probe into suspected illegal
commissions to gain preferential treatment for Total abroad.
Courroye was brought in to investigate the affair in Aug 2002 after being
approached by Tracfin, the French finance ministry's anti-corruption agency.
During 2005, prosecutors started to investigate the possibility that the
company had bypassed the oil embargo imposed by the UN on Saddam Hussein's Iraq.
AFP's source also said police will question Margerie today over suspicions
of bribery of public officials in Cameroon as part of a probe launched in
January following a fresh alert by Tracfin.


[e-mail]
afp/mrg/jfr

[grupo guitarlumber] 19/3/2007 18:56

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 4 First Quarter 2007 Results
May 11 2007 Annual Meeting of Shareholders
June 6 Individual shareholders' Meeting in Metz
August 2 Second Quarter & First Half 2007 Results
September 5 2007 Mid-Year Review
October 16 Individual shareholders' Meeting in Tours
November 7 Third Quarter 2007 Results
November 16 & 17 Actionaria Investor Fair in Paris
November 27 Individual shareholders' Meeting in Grenoble

[waldron] 18/3/2007 18:40

Total Shell makes new approach to develop Shtokman field - report


LONDON (AFX) - Royal Dutch Shell has made another attempt to participate in
developing the 40 bln usd Shtokman gas field in the Russian Barents Sea, one of
the world's largest energy projects, weekly magazine the Business reported
without citing sources.
The magazine understands that Shell made contact with Gazprom earlier this
year, when the Russian group began scouting once again for international
partners to help develop the field.
Gazprom in September 2005 made a shortlist of five Western energy groups to
partner with on the field -- ConocoPhillips, Chevron, Total, Statoil and Norsk
Hydro, but not Shell -- but later that year decided to operate alone. In
January, though, it sent letters to the same five companies inviting them to
restart negotiations.
The Business claimed Shell has made its own approach to Gazprom, adding that
the company has refused to comment on what it called 'market speculation'.

[e-mail]
abr

[waldron] 16/3/2007 08:02

MARKET SENTIMENT
-Total upgraded to 'overweight' vs 'equal-weight' at Morgan Stanley
-Gemalto cut to 'neutral' vs 'buy' at Goldman Sachs

[e-mail]
mjs/jlw

[ariane] 15/3/2007 19:23

Total CEO sees cost of Iranian Pars rising; LNG project 'not ready' yet


PARIS (AFX) - Total said it expects the cost of a liquefied natural gas
(LNG) development in Iran to escalate, adding the project is "not ready" given
that agreements still need to be signed with the Iranian authorities.
The overall cost of the project, known as Pars LNG, will be "close to 10 bln
usd", Total CEO Christophe de Margerie said, noting "in all projects currently
costs have a tendency to rise steeply".
De Margerie was speaking at the inauguration of a distillate hydrocracker at
the Gonfreville l'Orcher refinery in northern France.
Iran said a year ago it would sign contracts with Total, Royal Dutch Shell
and Repsol to develop projects in the huge Pars-Sud gas field in the Persian
Gulf, with Total expecting to invest between 1.2 and 1.5 bln usd on its phase of
the project.
But de Margerie said: "There has not been a full tender process -- that's
why we have not been able to make a development decision."
"There are still agreements to be negotiated with the Iranian authorities in
various areas," he said, adding "when the thing is ready, we will do it".
The development contracts with Iran concern LNG for export.







[e-mail]
afp/gt/ms1

[ariane] 15/3/2007 15:43

Total opens 550 mln eur facility at French refinery to produce cleaner fuels


PARIS (AFX) - Total has inaugurated a facility at one of its French
refineries with the aim of converting heavy fuels into less polluting versions,
following a two-year development costing 550 mln eur.
The distillate hydrocracker is located at Total's Gonfreville l'Orcher
refinery in northern France.
"This is the biggest investment for 20 years in a French refinery," Total
chairman Thierry Desmarest said at the inauguration.
The facility will notably produce diesel with reduced levels of sulphur.
In terms of capacity, the distillate hydrocracker can produce annually up to
1.3 mln tonnes of diesel, 200,000 tonnes of kerosene for airplanes, 500,000
tonnes of base product for lubricants, and 400,00 tonnes of naphta for the
petrochemical industry.



[e-mail]
afp/gt/jsa

[ariane] 15/3/2007 15:18

Total CEO says Russian Shtokman project 'strategic'; taking part in new tender


PARIS (AFX) - Total CEO Christophe de Margerie said that the French group is
participating in a new tender process launched by Gazprom to develop a gas field
in Shtokman, Russia, calling the project "absolutely strategic" given global
demand for gas.
Speaking at the opening of a refinery at Gonfreville L'Orcher, northern
France, de Margerie said that Gazprom is maintaining a tender process but "under
a different form to the previous one".
The CEO said Total had submitted an initial response to the tender before
March 12 as required by Gazprom, adding that "I don't know yet what the next
step is."
Russian gas giant Gazprom had announced on Oct 9 that it would develop alone
the Shtokman gas field, after attracting interest from five foreign oil
companies.
The Russian authorities subsequently said that foreign participation was not
ruled out, leading Total to state it was still willing to participate in the
project.
"We consider it to be an absolutely strategic project, in view of the gas
reserves and the demand for gas in Europe and worldwide," Christophe de Margerie
said.
The other oil majors that were candidates last year to develop the Shtokman
field are Norway's Statoil and Norsk Hydro, and US groups ConocoPhillips and
Chevron.
[e-mail]
afp/gt/rar

[ariane] 15/3/2007 05:53

Total S.A France's Total unit, CNPC in talks for LNG-fired power plant - Total source


BEIJING (XFN-ASIA) - Total Gas & Power Ventures China, a unit of France's
Total SA, has held talks with China National Petroleum Corp (CNPC) about
constructing a liquefied natural gas-fired (LNG)-fired power plant, a senior
official from the Total unit told XFN.
The official said a proposed plant will be located in the eastern region of
mainland China, but gave no further details
CNPC, the parent of Hong Kong-listed PetroChina, is currently building three
liquefied natural gas (LNG) terminals in eastern Jiangsu province, northeastern
Dalian city and northern Tangshan city.
The official added that the two companies have not finalised an agreement
yet.
[e-mail]
[e-mail]

[ariane] 14/3/2007 17:12

Total acquires rights to gas reserves


DHAKA, Bangladesh (AP) - French oil company Total SA has acquired majority
rights to prospect for natural gas in two offshore blocks in southern
Bangladesh, a domestic news agency said Wednesday.
The French company officially takes over 60 percent stake in the prospective
gas reserves from Irish company Tullow Oil under an agreement signed Wednesday
with the Bangladesh government, the United News of Bangladesh reported.
The two blocks cover nearly 13,725 square kilometers (5,299 square miles) in
the Bay of Bengal off Cox's Bazar in southern Bangladesh.
Total's acquisition leaves Tullow with a 32 percent stake, while 8 percent
remains with U.S.-based Oakland Ltd.
Tullow had bought the majority share of the blocks from Oakland a few years
ago and has invested nearly US$7 million (euro5.3 million) so far for seismic
surveys in the blocks.
Petrobangla, a state-run oil and gas corporation that shares a production
sharing deal with the foreign companies, believes the offshore blocks could
yield several trillion cubic meters (cubic yards) of gas, as neighboring
Myanmar's gas reserves are located in adjacent blocks, the agency said.
Bangladesh has proven gas reserves of about 0.37 trillion cubic meters (13
trillion cubic feet), which is expected to last another decade.
Total SA reached an agreement with Tullow last year to buy its 60 per cent
shares in the offshore blocks. Wednesday's agreement, signed between Tullow and
Bangladesh energy officials, officially recognized the deal.

[ariane] 14/3/2007 09:47

Total to invest around 400 mln eur in gas transport infrastructure


PARIS (AFX) - Total subsidiary Total Infrastructures Gaz France (TIGF) is to
invest close to 400 mln eur to extend existing pipelines and underground
reservoirs in the south-west of France and build a gas pipeline to the north of
the country, TIGF's director of operations Monique Delamarre told French daily
Les Echos.
Delamarre said demand for gas is set to exceed that for petrol and it is
therefore vital that the group invest in gas infrastructure.
According to the international energy agency," Delamarre said, "demand for
gas is set to grow from 3 pct per year to 60 pct per year between 2004 and
2030."
To meet this rise, TIGF intends to invest 200 mln eur in expanding the
underground gas reservoir in Lussagnet, south-west France, adding an extra 100
mln cubic metres of capacity per year up to 2018.
"Our aim is to be able to cope with sharp peaks in demand, for example
during the winter months," Delamarre said.
TIGF will also invest 183 mln eur in constructing the Guyenne gas pipeline
which will connect Lussagnet with the north of the country, and 13 mln eur in
extending the pipelines between Lussagnet and the other south-western reservoir,
Izaute.

[e-mail]
vb/lam

[waldron] 05/3/2007 18:38

Total hopes to operate in Venezuela for 'at least another 30 yrs'


CARACAS (AFX) - Total SA hopes to continue operating in Venezuela for "at
least another 30 years", said new chief executive Christophe de Margerie during
a visit to Caracas during which he signed an agreement regarding the termination
of Total's engagement in the Jusepin field.
The authorities took over the Jusepin oil field in April last year from
Total after it refused to agree to a new law on foreign oil companies that
imposed higher royalties and taxes on profits.
"Total has been present in Venezuela for 30 years and we hope to remain here
for at least another 30 years," de Margerie said, adding the company will now
focus on its interests in the Orinoco region in the south of the country.
[e-mail]
afp/lam/har

[ariane] 01/3/2007 12:29

Total Russian environmental watchdog to check Sakhalin 1 and Khariaga sites


MOSCOW (AFX) - The Russian environmental watchdog, Rosprirodnadzor, will
begin "checks" of the Sakhalin 1 gas and oil extraction project, led by Exxon
Mobil, and of the Khariaga deposits, operated by the French group Total, in
March.
"We expect to start the first stage of file checks on Sakhalin 1 on March
28. The second on-site stage will start in May", said Oleg Mitvol, deputy head
of Rosprirodnadzor, quoted by the Ria Novosti agency.
Checks on the Khariaga deposits will start on March 12, said Mitvol, adding
that the operation of oil wells will be looked at in particular.
The Russian government is accusing Total of delays in the project. The
French group owns 50 pct of the project, while Norway's Norsk Hydro has 40 pct.
Rosprirodnadzor is often seen as a device used by the government to put
pressure on oil companies.
The agency last year took action against Shell and its partners at the
Sakhalin-2 project, Mitsui and Mitsubishi, forcing them to allow state group
Gazprom to take control of the operation.
Russian press reports claim the authorities now want to secure entry into
the Khariaga project for state-owned company Zarubezneft.

[ariane] 27/2/2007 20:38

Conocophillips Venezuela project takeover draws concern


CARACAS, Venezuela (AP) - President Hugo Chavez's announced takeover of
Venezuela's most promising oil-producing operations will likely increase strain
on the country's heavily burdened state-run oil company and pressure production
at the world's eighth-largest oil exporter.
Chavez decreed late Monday that the government would take a minimum 60
percent stake in four heavy oil-upgrading projects -- the country's only
oil-producing operations remaining in private hands. The projects are run by
British Petroleum PLC, Exxon Mobil Corp., Chevron Corp., ConocoPhillips Co.,
France's Total SA and Norway's Statoil ASA.
"The privatization of oil in Venezuela has come to an end," Chavez said,
promising to occupy the fields in the Orinoco River region and fly the national
flag over them by May 1.
Industry analysts and company executives question, however, whether
Petroleos de Venezuela SA, or PDVSA, has the money and capacity to take on the
pricey, complex projects, which upgrade heavy tar-like crude into lighter, more
marketable oils.
PDVSA control of the operations will affect production "without a doubt,"
said Patrick Esteruelas, an analyst at the New York-based Eurasia Group.
Companies have already put long-term investments on hold while negotiating their
new stakes and terms, he said.
Esteruelas noted that since PDVSA took control of 32 oil fields elsewhere in
Venezuela last year, production has declined by as much as 70,000 barrels a day.
"It could be similar in the Orinoco or greater," he said. The four projects
have a total production capacity of more than 600,000 barrels a day.
France's Total, which jointly owns the Sincor project with Statoil and
PDVSA, expressed concern Tuesday that putting PDVSA in charge would hamper
operations.
"What bothers us is the Venezuelan state's desire for majority control of
the projects, including Sincor, and the operational constraints this imposes,"
Total Chairman Thierry Desmarest said at a Paris news conference Tuesday, but
said the company would continue to negotiate with the government to "keep a
satisfactory profitability."
Enrique Sira, the Caracas-based associate director of Andean energy for
Cambridge Energy Research Associates, said most of the workers running the
projects are Venezuelans and if they are transferred to PDVSA, the impact on
operations could be "a lot less dramatic."
A publication of Chavez's decree Tuesday set a firing freeze on workers
contracted at the projects, indicating the government is keen not to lose their
expertise.
The four projects are pioneering development of the tar-soaked Orinoco River
belt -- an area of huge potential with heavy oil deposits that may outstrip
Saudi Arabia's current proven reserves.
As older fields elsewhere go into decline, development of the Orinoco is
seen as key to Venezuela's future production. But it will require large
investments -- something PDVSA may not be in a position to provide.
The company's financial commitments have been spiraling: as the cashcow of
Chavez's socialist movement, PDVSA now spends well over a third more on funding
social programs for the poor than on investment crucial to maintaining output.
It has taken on dozens of preferential oil deals with friendly countries
that represent little commercial benefit to the company. It plans to run the
electricity sector that is also undergoing nationalization and is also entering
the agricultural sector.
Chavez has not said how the government will pay for its increased share in
the projects that represent a total estimated investment of at least US$13.4
billion (euro10.1 billion).
The companies also have US$3.9 billion (euro2.9 billion) in outstanding
loans and bond issues that were raised to finance the projects.
Sira said those loans will have to be paid for and restructured when PDVSA
acquires its majority stake.
The government has compensated companies reasonably in recent weeks for
nationalizations carried out in other sectors, but those agreements were for
assets valued far less than the oil projects.
The decree gives the companies four months to negotiate whether they will
stay on as minority partners.

[ariane] 27/2/2007 11:21

Total's Desmarest sees possible expansion into nuclear energy


PARIS (AFX) - Total board chairman Thierry Desmarest said the group will
consider expanding into nuclear energy activities if an attractive opportunity
arises, but will favour an alliance with an existing player.
Speaking at a breakfast organised by the Association of Economic and
Financial Journalists, AJEF, Desmarest said that in nuclear energy "it's
difficult to imagine starting out from scratch, building up our own teams", and
stressed that a partnership would be the best option for the group.
Earlier this month, in response to rumours that the group might acquire
Suez's nuclear operations, incoming chief executive Christophe de Margerie said
Total is not planning to diversify into nuclear energy currently, even though
"it will certainly come one day."
[e-mail]
afp/vb/cmr

[waldron] 25/2/2007 18:25

Iranian Foreign Minister Manuchehr Mottaki"s offer to open natural gas and oil wells in Iran to Turkey, and even market the extra gas produced by these wells, was well received by Turkish energy circles.

However, Mottaki"s offer would give rise to new problems in Turkish-American relations said Turkish ministry of energy sources. Mottaki also offered Turkey the use of the Iranian gas pipeline to carry long-awaited Turkmen gas to Turkey. The sources said that Iranian Oil Minister Kazem Vaziri Hamaneh would visit Ankara to discuss the details of the offer.

Turkish Petroleum Corporation (TPAO) advisor Professor Perin祫 informed Today"s Zaman that Turkey had been invited to search for oil and gas in Iran in the past but the two countries could not reach a full agreement.

Perin祫 said that France"s Total and Australia"s Santos were currently searching for gas and oil in Iran and that it was nothing new to see foreign companies working on Iranian soil.

Perin祫 confirmed TPAO"s technical capabilities to open wells in any country and hoped that the Turkish government would not hesitate to cooperate with Iran despite U.S. opposition to such cooperation.

Turkey is currently dependent on Iranian natural gas and the realization of Iran"s offer may change the current energy equilibrium in the region. Turkey"s acquisition of Turkmen gas through the Iranian pipeline may upset the Americans who support a cross-Caspian pipeline project for Turkmen gas to reach the Turkish and the European markets. - By Shana.ir

[ariane] 16/2/2007 06:44

From The TimesFebruary 16, 2007

Total chief defends talks over gas cartelCarl Mortished, International Business Editor
Christophe de Margerie, the chief executive of Total, the French oil and gas group, has defended talks between Russia, Qatar and Algeria over formation of a gas producers' cartel.

The oil chief, who this week succeeded Thierry Desmarest at the top of France's largest company, said that Opec was doing "a great job". He suggested that it was wrong to see cooperation between major oil and gas producers as always detrimental to consumers.

Talks this week between President Putin of Russia and the Emir of Qatar, Sheikh Hamad bin Khalifa al-Thani, have fuelled suspicion that Russia wants to form an Opec-style gas producers' association with rival producers, such as Algeria and Qatar, the tiny Gulf state sitting on the world's biggest gasfield.

Mr Putin said on Monday that a producers' association was "an interesting proposal" and that Russia would take part in a Gas Exporting Countries Forum in Qatar in April.

Mr Putin said it was uncertain whether a cartel was necessary or would be created, but emphasised that the Kremlin was interested in cooperation between gas producers. "We of course need to coordinate our actions," he said. "We discussed this with the Emir."

Mr Putin's remarks caused fury in the US, where Sam Bodman, the Energy Secretary, has criticised cartels "as contrary to the long-term interests of both producers and consumers".

Mr de Margerie yesterday said that he did not believe that Qatar was interested in a cartel, but he defended coordination between suppliers. Speaking to The Times, he said it was normal for energy suppliers to cooperate. He said: "It is always strange to see this as negative when it can be positive and especially at a time when the costs of producing oil and gas are jumping to the sky. Finding ways to avoid duplicating investment is, in my view, in the favour of consumers."

Mr de Margerie said Opec was stabilising prices. He said: "I know this is provocative, but I insist that Opec, globally, has been doing an extremely good job in keeping prices under control. Without Opec the price of oil would be much higher."

A gas exporters' cartel might struggle to manipulate prices, industry experts said. Unlike oil, gas was not yet traded freely against universally recognised benchmark prices. The gas market was fragmented and dominated by piped gas, supplied under long-term contracts with prices linked to fuel indexes.

However, Russia was concerned about the emergence of significant volumes of liquefied gas, which can be transported by ship. Competition from LNG cargoes, shipped from Qatar, Algeria and Nigeria is expected to have growing influence on European and US gas prices over the next ten years.

Total is predicting very rapid growth in oil and gas output of 6 or 7 per cent next year, but civil disturbances in Nigeria took the shine off Total's oil output in 2006. A forced shut-down of onshore Nigerian wells accounted for 2 per cent of a 5 per cent fall in volumes and this week a Total contractor was taken hostage.

However, Mr de Margerie said Total would not easily give up its position in the troubled Delta region. "It's an option [to leave the Delta], and if that happens the oil price will rise," he said. "I am not saying we will keep on at any cost, but we are committed to the community." Plans to open up EU gas and power markets to more competition have been watered down by European governments, which failed to agree a proposal to force utilities to sell off pipe-lines and electricity grids. The EU's Council of Ministers yesterday agreed on targets for bio-fuel, but failed to support fully a European Commission proposal for unbundling ownership of gas and power infrastructure.

[ariane] 16/2/2007 06:01

Total "overweight," estimates reduced

Thursday, February 15, 2007 4:05:45 PM ET
J.P. Morgan Securities

LONDON, February 15 (newratings.com) - Analysts at JP Morgan maintain their "overweight" rating on Total SA (PFP.PSE), while reducing their estimates for the company. The target price is set to €59.

In a research note published this morning, the analysts mention that the company has guided to more than 5% volume growth annually in 2006-2010. Total issued its capex guidance for the period in-line with the consensus and the forecast is justified by the higher activity levels at the company, the analysts add. The EPS estimates for 2007 and 2008 have been reduced from €5.65 to €5.62 and from €5.57 to €5.54, respectively.

[ariane] 15/2/2007 09:55

Total CEO targets Upstream profitability of at least 20 pct vs 35 pct


PARIS (AFX) - Christophe de Margerie, the new chief executive of Total, said
the group's Upstream oil production activities are unlikely to maintain their
current profitability, due to higher taxes in oil producing countries and cost
increases.
But although the Upstream division will not maintain the 35.5 pct return on
capital employed in 2006, Margerie said the company will continue generating a
return on capital of at least 20 pct.
"We should be able to ensure profitability of at least 20 pct over the long
term, which is still a very good performance," Margerie said in an interview
with Le Figaro, after Total's release of 2006 earnings yesterday.
This target will be reached even if oil prices stay within a 50-60 usd per
barrel range this year, he said, adding that Total will not reduce its
investment plans even if oil prices were to remain below last year's highs.
"We are certainly not going to slow the rhythm of our projects just because
the barrel price is little less high," Margerie said.
He declined to say where Total would like to develop its exploration and
production activities, but reiterated that the company wants to expand its
refinery activities in markets where demand for gasoline and other products is
growing.
As a result, Total is not interested in buying the French refinery
operations being sold by Royal Dutch Shell, Margerie said.
He declined to comment on the French legal investigation into alleged
wrongdoing by Total involving the UN oil-for-food programme in Iraq, which
occurred when Margerie was a director in the region.

[e-mail]
js/amb

[ariane] 15/2/2007 09:31

Total S.A Exploration Licences Awarded


RNS Number:3076R
Total S.A.
15 February 2007


UK North Sea : Total Awarded Three Exploration Licenses



Paris, February 15, 2007 - Total announces that it has been awarded the three
production licenses it applied for under the 24th Oil and Gas Licensing Round of the
United Kingdom's Department of Trade and Industry.

Total will have a 36% interest in Blocks 206/3 and 206/4. Located 80 kilometres
West of the Shetland Islands, the two blocks enhance the gas potential of the area
near the Laggan prospect.

Total was also awarded a 100% stake in Block 3/8f in the Alwyn Area,
approximately 420 kilometres North-East of Aberdeen.

The award of these blocks reflects Total's commitment to actively pursuing
exploration on the U.K. Continental Shelf and contributing to the development of
the North Sea's oil and gas resources.

Total in the North Sea


Total E&P UK plc is one of the leading oil and gas producers on the UK
Continental Shelf. Based in Aberdeen, Scotland, the company owns and operates a
cluster of fields in the Alwyn Area of the northern North Sea, the Elgin and
Franklin fields in the Central North Sea and the Otter field northeast of
Shetland. It is also currently developing the West Franklin field in the Central
North Sea, The Company also operates the St. Fergus gas terminal and pipelines
and has interests in a number of non-operated fields.

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

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