Total E&P USA Takes Stake in Tahiti Field

Total E&P USA, Inc., a wholly owned subsidiary of Total S.A., closed a like-kind exchange agreement with Shell Exploration & Production to gain a 17 percent interest in the deepwater Tahiti field in the Gulf of Mexico.

In November 2005, Total announced the agreement with Shell to convey interests in four onshore fields in South Texas for the interest in Tahiti. Pending customary regulatory approvals, Total E&P USA will become a co-owner in the Chevron-operated Tahiti field located in more than 4,000 feet of water in the Green Canyon area of the Gulf of Mexico. This major discovery is expected to come on-line in mid-2008 with daily production capacity of 125,000 barrels of oil and 70 million cubic feet of natural gas.

In exchange, Shell now owns and operates an additional 107 million cubic feet equivalent per day of net natural gas production in South Texas.

"This transaction supports our strategy to focus activities on offshore Gulf of Mexico," said Rene Chappaz, president and CEO of Total E&P USA. "We are pleased to add a world-class asset like Tahiti to our portfolio."

With headquarters in Houston and almost 200 employees, Total E&P USA strives to safely and economically find, produce, transport and deliver oil, natural gas and associated hydrocarbons.