Total’s Totals: Africa Up, Middle East Down

5 August 2004

This post follows up on the “Oil Week Wrap-up” with the production from Total.

Total SA (TotalFinaElf), the last of the super majors to report, produced solid but not spectacular results for the second quarter, disappointing analysts and investors who were hoping for more. 2Q net income rose 27% to $2.46 billion (2.05 B€).

Production of crude and liquids increased 1% quarter-to-quarter. The charts below show the volume picture for each quarter (left) and the amount of change for each region. Observe the increase in production from Africa (mainly Nigeria) and that Africa now represents 43% of Total’s global oil production. The increase in North America came predominantly from the deepwater Gulf of Mexico Matterhorn field.  The drop in production from the Middle East is quite sharp.

As a side note, Total emphasizes its presence in West Africa (Gulf of Guinea) and Libya and Algeria. It is, however, still a concession holder in one of the blocks in Sudan—the only one of the oil majors there—although it is not active. It is currently in talks with India’s ONGC to sell that block.