Elf
Gabon becomes Total Gabon
Posted: 18 September 2003
The change of name of the company was approved at the General
Meeting held today in Libreville. As of this date the company becomes
Total Gabon.
The second resolution voted at the General Meeting allows for the
implementation of the vote casting through mail for the shareholders
who are not in a position to travel to the Republic of Gabon for
the General Meeting.
The Board of Directors of Total Gabon met following the General
Meeting of September 18, 2003:
Monsieur Jean Privey was appointed as new Chairman of the Board
of Total Gabon, in replacement of Monsieur Michel Bénézit.
The Board has particularly thanked Monsieur Michel Bénézit
for his sustained action during his three years of chairmanship
of Elf Gabon.
The Board also discussed the financial results for the first half
of 2003.
The net income was $ 106.2 million compared to $ 66.3 million for
the first half of 2002. This was achieved thanks to a strong rise
in the average selling price of the crude oil commercialised by
Total Gabon (+ 24 per cent) as well as higher volumes sold (+ 6 per cent).
Sales
The selling price of the crude oil commercialised by Total Gabon
averaged $ 27.22 per barrel in the first half of 2003, comparing
to $ 22.02 per barrel in the first half of 2002.
Production
For the first half of 2003, the production of the oil fields operated
by Total Gabon increased by 1 per cent, in relation to the first half of
2002. On the other hand, the decline of the production of the Rabi
field operated by Shell Gabon has notably slowed down thanks to
the first results of the re-development programme called phase III
(for the first half, the decrease has been reduced to 7 per cent from last
year first half, compared to a decrease of 31 per cent the year before).
The estimated Total Gabon share of the oil produced amounted to
13.5 million of barrels, compared to 14.3 million of barrels for
the first half of 2002 (- 5.6 per cent).
The extension of the license of the Rabi field as of January 1rst,
2003 under the new conditions of a profit sharing agreement, although
reducing the equity share of Total Gabon, has no adverse effect
on the net income.
Capital Expenditure
The capital expenditure related to the oil operations for the first
half of 2003 was in progression at $ 79 million as compared to $
21.4 million for the first half of 2002. It originated mainly from
:
¤ Operated activity: several drilling operations on the oil
fields of Anguille, Gonelle and Atora, various work-over (Anguille),
development studies, capital expenditure addressing environmental
protection aspects and interest acquisition on the Mboumba license.
¤ Non-operated activity: on the Rabi field operated by Shell
Gabon, the first drilled wells of Phase III and the signature bonus
for the extension of the license.
For more information see http://www.total.com.
Posted by Richard Price,
Editor Pipeline Magazine
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