Total reports 29% boost

Total saw second quarter adjusted net income boosted by 29% to hit €3.7 Bn (US $5.8 Bn) and for the half year the figure reached €7 Bn ($10.7 Bn).

All Total’s results information appears to be positive with upstream production up 1.3% to hit 2.353 m boe/d and first production achieved from the Moho Bilondo redevelopment offshore Congo and the Jura field in the UK North Sea achieved during the quarter.

Other operational highlights included the start-up of the Sabine Pass re-gasification terminal in the US Gulf Coast, an agreement to supply China with 1 million tonnes of LNG per year starting in 2010, and a new Al Jubail refinery project with Aramco in Saudi Arabia.

Total’s results – published later than intended today due it said to an external supplier – were driven by the upstream segment of the business, which “demonstrated once again the strong sensitivity of its results to high hydrocarbon prices,” the French oil major stated, continuing: “Total also benefited from production growth of 1.3% compared to the second quarter 2007.

“This growth came mainly from successes on major projects operated by Total, including the West African deep-offshore block 17 in Angola and the new Moho Bilondo field in Congo, in the Middle East with the Dolphin project and in the North Sea with the start-up of the Jura field.”