Total Gabon: Financial Results for Fiscal Year 2007
The Board of Directors of Total Gabon, chaired by Jean Privey, met on March 14, 2008 and approved the final accounts for the year ending December 31, 2007.
Net income in 2007 increased 2.5% to $334.4 million, compared to $326.4 million in 2006.
The oil production of the fields operated by Total Gabon averaged 81.5 thousand barrels per day in 2007, declining 4% from the previous year's figure of 84.8 thousand barrels per day. Total Gabon's share of the operated and non-operated oil produced (including the oil tax reverting to the Republic as per the profit sharing contracts) amounted to 64.2 thousand barrels per day in 2007, compared to 67.0 thousand barrels per day in 2006, representing roughly 26% of the country's total crude oil production.
Revenues amounted to $1,456 million, representing an increase of 14%, or $177 million, compared to fiscal year 2006. The decline in the volumes sold was more than offset by higher prices for the crude oil marketed by Total Gabon, which averaged $66.65 per barrel in 2007 compared to $59.08 per barrel in 2006, and by higher revenues from transportation of crude for third parties.
Operational costs increased 36% to $1,331 million in 2007, compared to $978 million in 2006, due to the ongoing program of large maintenance projects, further increases in oil service costs across the industry, the adverse impact of the euro-dollar exchange rate and higher provisions, depreciation and amortization.
Capital expenditure related to oil operations in 2007 was $322 million, compared to $130 million in 2006.
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