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Total Gabon: Financial Results for First-Half 2007

Source: www.gulfoilandgas.com 8/31/2007, Location: Africa

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Net income in the first half of 2007 was down 2.8% to $184.1 million compared to first half of 2006, whereas the average selling price of Gabonese crude oil decreased by 3.5%.

Sales: The selling price of the crude oil (Mandji and Rabi Light) marketed by Total Gabon averaged $58.53 per barrel in the first half of 2007, compared to $60.68 in the prior-year period, while sales contracted 1.4% to $705.9 million. Higher crude oil transportation revenues mostly offset the 4.8% decline in the volumes sold and the slight decrease in selling prices.

Production: Total Gabon's net share of the operated and non-operated oil produced (including the tax oil reverting to the Republic as per the profit sharing contracts) amounted 64,300 barrels per day in the period, compared to 68,000 barrels per day in first-half 2006. The 5.6% decrease in production can be attributed primarily to the natural decline of fields, which was not offset by new production or well workovers. The availability of facilities was similar to that in first-half 2006.

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Related Categories: Acquisitions and Divestitures  Economics/Financial Analysis  General  Investment  Risk Management 

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