Total Gabon: Profit falls on high exploration costs

Total Gabon, a subsidiary of the French oil company Total, reported a drop in net profit for the full year 2013.

Net income amounted to $302 million in 2013, down 8% from $330 million a year earlier. The company explained that the contraction stemmed from increases in exploration spending, depreciation and amortization, and operating costs.

Total Gabon production, however, is on the rise. The company’s output in 2013 averaged 46,900 barrels per day in 2013, up 3% from the previous year’s figure of 45,400 barrels per day. This was mainly attributable to additional production from Phase 3 of the Anguille field redevelopment and well workovers on the Anguille, Torpille and Girelle fields.

Capex

Capital expenditure stood at $959 million, versus $922 million in 2012. Outlays mainly concerned:

– Development spending: Redevelopment of the Anguille field, onshore and offshore major integrity work programs, replacement of subsea flowlines, drilling on the Torpille field, and construction of a power grid to supply the Anguille and Torpille fields, including a new power
plant on the PG2 site.

– Exploration spending: Drilling of the Diaman 1 well on the Diaba license.

Chairman resignation

At its April 11 meeting, Jacques Marraud des Grottes resigned from the offices of Director and Chairman of the Board. The Board nominated Guy Maurice to succeed him as Director and then appointed him as Chairman of the Board of Directors .

[mappress]