Total Production Increases Along with Rising Oil Prices Q4 2007
Total's upstream production rose to 2,461 kboe/d in the fourth quarter 2007. This was a 2.4% increase from 2006 fourth quarter, with a 1.1% increase in oil production and a 4.7% increase in gas. Not only did production rise, but also Brent prices rose by 48% to $88.5/b.
Hydrocarbon production was 2,461 kboe/d in fourth quarter 2007, nearly a 2.5% increase from 2006. Overall, production growth was 5% between fourth quarter 2006 and fourth quarter 2007.
Total started production in two new fields in the fourth quarter 2007: the Sisi-Nubi gas field in Indonesia and the Surmont field in Canada.
The production contract for the Bongkot field in Thailand was extended.
Conversion of Sincor into a mixed company in Venezuela was finalized. Total also signed partnership agreements in Venezuela to study a heavy oil venture.
Total also had continued exploration success in the fourth quarter 2007. The group made discoveries on ultra-deep offshore Block 32 in Angol and MTPS in Congo. Total also acquired additional acreage in Chile and Yemen.
"The group benefited from hydrocarbon production growth of 1.5% in 2007, which was mainly due to the ramp-up of production on the Dalia field in Angola and the successful start-ups of the major projects, Rosa in Angola and Dolphin in the Middle East," Christophe de Margerie, Total CEO, said. "In addition, through disciplined management and continued productivity plans, the group has been able to mitigate the still substantial impact of cost inflation."
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