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Total Final 9 month results & Libya
Subject: Total Final 9 month results & Libya, Indonesia news
OMC AND UN SANCTIONS/ TOTAL FINA ELF
several stories here, scroll down....
You know, Desmarest at TotalFina likes to say, that as long
as the UN or European Union doesnt impose sanctions, his company
is politically correct. Well, Libya has US SANCTIONS and
it hasnt stopped Desmarest or TOTAL FINA.
Libya has lost $24 billion in potential oil revenues
since the UN SANCTIONS were imposed in 1992 and is
desperate for investment - due to the drop in the price
of oil more than the embargo.
"TOTALFINA owns 94.93% of Elf Aquitaine as of end of October.
The two companies are awaiting approval from the European
Commission to finalize their merger, and a decision is expected
in mid-February 2000. Once the merger is completed, the new
Group will be the largest oil and gas producer in Africa."
(so says TotalFina, and they are very proud of it.)
============================
Paris, Wednesday, April 7, 1999
Others, such as TOTAL SA of France, OMV AG of Austria,
Repsol SA of Spain and Lundin Oil AB of Sweden, also
are active in exploring for oil in Libya.
Europeans Line Up to Join Libya's Awaited Oil Boom
Exxon Corp. and Mobil Corp. withdrew in 1982, a year
after a U.S. trade embargo began. And in 1996, the U.S.
Congress tightened sanctions against Iran and Libya,
accusing both of funding terrorism.
-------------------------------------------------------
By Reed V. Landberg Bloomberg News IHT
-------------------------------------------------------
Extract: "Even so, almost nobody expects the United States to
lift sanctions. ''UN sanctions will go, but the U.S. sanctions will be
retained,'' said George Joffe, a scholar on the region
at the Royal Institute of International Affairs, a
London policy consultancy."
TRIPOLI - European oil companies are preparing for an
investment boom in Libya after Tripoli turned over two
suspects in the 1988 Pan Am bombing, clearing the way
for the United Nations to suspend sanctions.
ENI SpA of Italy, already Libya's biggest foreign oil
producer, and Lasmo PLC of Britain are among the
companies that are planning to expand investments.
Their activities will put further strains on continued
sanctions that Washington imposed independently on
Libya two years before the bombing, in response to
terrorist incidents that forced American oil companies
to leave the country.
On Tuesday, the two Libyan suspects were charged with
murder and conspiracy in connection with the bomb that
exploded on the Pan Am airliner over Lockerbie,
Scotland, killing 270 people. (Page 8)
Libya has lost $24 billion in potential oil revenues
since the UN sanctions were imposed in 1992 and is
desperate for investment - due to the drop in the price
of oil more than the embargo.
Oil income, accounting for 95 percent of the nation's
hard-currency earnings, fell more than one-third last
year as crude prices touched 12-year lows. That forced
Libya to devalue its currency by 18 percent in
December.
''Oil companies will now feel more comfortable in
talking with the Libyan government about potential
projects,'' said Mohammed Abduljabbar, who is an
industry consultant with the Petroleum Finance Co. in
Washington. ''It will allow Libya to rehabilitate its
oil production.''
Lifting UN sanctions means that international flights
to Tripoli could be resumed and Libya could buy
supplies to refurbish oil-export equipment.
While the European Union has no ban on oil drilling in
Libya, the six-hour drive from Tunisia to Tripoli is an
ordeal that has warded off many Western investors.
[''I don't think it is an issue of the money or spare
parts,'' Abdel Monem Said Aly, director of Al Ahram
Center for Political and Strategic Studies in Cairo,
told The Associated Press. ''It is the issue of having
political stability to attract foreign investment.''
For that stability, he said, air traffic must be free.]
[Over the years, Western diplomats and Libyans have
acknowledged that the sanctions have done little damage
to the country. Libya had domestic suppliers of parts
it needed to keep its oil industry running. The air
embargo affected imports and exports, but Libya could
use its seaports. European countries also continued
buying oil from Libya, and several African nations have
ignored the sanctions.]
Already, Libya has taken steps to welcome back oil
companies that left through the 1980s as a combination
of UN sanctions and threats against foreigners by the
Libyan leader, Colonel Moammar Gadhafi, made the nation
a no-go area for Westerners.
Later this month at a conference in Geneva, the Libyan
oil minister, Abdallah Salim Badri, will announce
amendments to the nation's petroleum law, which dates
from 1955, and unveil the first major round of bidding
for oil exploration rights in four years.
Mr. Badri said last month in Vienna that he already had
held talks with U.S. oil companies about returning.
''As far as Libya is concerned, they are welcome
back,'' Mr. Badri said. ''We already have been in
contact with some of our previous partners. We have
been contacted by the American oil companies, and we
want them to come back to Libya.''
With proven oil reserves of about 30 billion barrels -
almost as much as has been found in the North Sea -
Libya is a prize for the world's oil industry. Lasmo of
London pumps Libyan oil for $5 or so per barrel, about
half the cost for British drilling.
The two-year oil price slump has made Libya's cheap oil
even more attractive. Benchmark Brent crude oil prices,
currently $14.72 a barrel, are little more than half
their 1997 peak price of almost $25. Libyan projects,
however, are profitable even if prices slip well below
$10 a barrel
ENI, based in Rome, produces about 16 percent of
Libya's oil, and it discovered the nation's biggest
offshore field. The company is seeking customers to
back a $3.5 billion investment in new gas production
from the Wafa field on Libya's Mediterranean coast and
a pipeline under the sea to Italy.
Others, such as TOTAL SA of France, OMV AG of Austria,
Repsol SA of Spain and Lundin Oil AB of Sweden, also
are active in exploring for oil in Libya.
Still, the U.S. companies that withdrew in the early
1980s after sanctions tightened probably will not be
back soon. In 1986, President Ronald Reagan told
Occidental Petroleum Corp. and a consortium that
includes Marathon Oil Co., Conoco Inc. and Amerada Hess
Corp. to pull out after Libyans were linked to the
bombing of an Egyptian airliner and a German nightclub.
Exxon Corp. and Mobil Corp. withdrew in 1982, a year
after a U.S. trade embargo began. And in 1996, the U.S.
Congress tightened sanctions against Iran and Libya,
accusing both of funding terrorism.
If U.S. sanctions were lifted, Conoco, Hess and
Marathon could have a head start on their rivals, since
assets worth about $2 billion, including seven major
oil fields, have been held in trust by Libya until
sanctions are removed.
While the United States has acknowledged that Libya has
not sponsored terrorism in at least three years, Jane's
Defense Weekly last year reported that intelligence
officials were concerned that Libya's $25 billion
''great man-made river'' project could be used to
support a chemical-weapons program or to speed troops
to Libya's borders. Libya maintains that the irrigation
project is to develop agriculture near its northern
cities.
Even so, almost nobody expects the United States to
lift sanctions.
''UN sanctions will go, but the U.S. sanctions will be
retained,'' said George Joffe, a scholar on the region
at the Royal Institute of International Affairs, a
London policy consultancy.
==================
---------------------------------------------------------
5 janvier 1998
Copyright PRLine, Yahoo!
TOTAL : Nouvelle découverte en Libye
Le consortium comprenant TOTAL (30 %), REPSOL (Espagne)
(Opérateur, 40 %) et OMV (30 %) vient de réaliser
une nouvelle découverte significative d'huile sur
le bloc NC-115 situé dans le bassin de Murzuk, au sud de la Libye.
Le puits de découverte M-1 a été testé avec succès, produisant un débit
cumulé d'environ 2 500 barils par jour (b/j) d'une huile légère de bonne
qualité, à partir d'un réservoir sableux présentant une colonne d'huile de
plus de 60 mètres,
A la lumière de ces résultats très positifs, les partenaires du bloc NC-115
envisagent en 1999 le forage de puits additionnels afin de confirmer la
potentiel de la structure et de la mettre en développement. Un autre
prospect a aussi été identifié sur ce bloc et sera foré en 1999.
Sur le bloc NC-115, le champ El Sharara produit depuis décembre 1996 une
huile de bonne qualité, légère et peu soufrée. Sa production actuelle est
d'environ 140 000 b/j et devrait atteindre 200 000 b/j en 1999.
Cette nouvelle découverte sur le bloc NC-115 renforce la position de TOTAL
dans l'amont en Libye et confirme son Intérêt pour le bassin de Murzuk.
=====================
try this. Your friend from Libya. remember him
TOTALFINA owns 94.93% of Elf Aquitaine as of end of October.
The two companies are awaiting approval from the European
Commission to finalize their merger, and a decision is expected
in mid-February 2000. Once the merger is completed, the new
Group will be the largest oil and gas producer in Africa.
Paris, 18th November 1999
TOTALFINA Acquires Interest in New Exploration Permit in Libya
TOTALFINA and its partners Repsol YPF, OMV and Saga have signed
an agreement with Libya's National Oil Corporation (NOC) to
explore the M-4 block in the Murzuk region of southwestern
Libya. TOTALFINA holds a 24% interest while Repsol YPF holds
32%, OMV 24% and Saga 20%.
Block M-4 covers an area of around 12,300 square kilometers in
the northern region of the Murzuk oil basin. It will be
operated by Repsol YPF during the exploration phase.
TOTALFINA is already present in the Murzuk Basin with a 30%
interest in the NC-115 block, where the El Sharara field is
currently producing 150,000 b/d of high-quality oil. Output
[Image]from the El Sharara field is expected to reach 200,000 b/d
within the next few months.
Also in the Murzuk Basin, TOTALFINA has been a partner on
blocks NC-186 and NC-187 since November 1997. Substantial
seismic campaigns have been initiated on these blocks.
In addition, in the Sirte Basin in northern Libya, the Group is
operator with a 75% interest in the Mabruk field, which is
currently producing 18,000 b/d of oil.
The new agreement confirms TOTALFINA's interest in upstream oil
segment operations in Libya and fits in with the Group's
strategy to strengthen its positions in North and West Africa,
which are major oil and gas provinces.
TOTALFINA owns 94.93% of Elf Aquitaine as of end of October.
The two companies are awaiting approval from the European
Commission to finalize their merger, and a decision is expected
in mid-February 2000. Once the merger is completed, the new
Group will be the largest oil and gas producer in Africa.
==========================================
TotalFina November Finanical Report: NINE-MONTH 1999 CONSOLIDATED SALES
Paris, November 15th, 1999
TOTALFINA REPORTS NINE-MONTH 1999 CONSOLIDATED SALES OF 190.6
BILLION FRENCH FRANCS (29.1 BILLION EUROS)
TOTALFINA reported consolidated sales for the third quarter 1999 of
75.2 billion French francs (11.5 billion euros) compared to 55.3
billion French francs (8.4 billion euros) for the third quarter
1998, an increase of 35.9%.
For the first nine months of 1999,
TOTALFINA reported consolidated sales of 190.6 billion French
francs (29.1 billion euros) compared to 174.3 billion French francs
(26.6 billion euros) reported for the pro forma first nine months
of 1998, an increase of 9.4 %.
3rd Quarter 9 Months
Millions of 1998 variation 1998 variation
French francs 1999 (pro % 1999 (pro %
forma) forma)
Upstream (1) 12,597 8,697 + 44.8% 35,452 32,738 + 8.3%
Downstream 55,747 38,542 + 44.6% 132,246 118,887 + 11.2%
Chemicals 14,307 11,935 + 19.9% 41,273 38,080 + 8.4%
Holding 920 517 1,945 2,057
Consolidation
elimination
of internal (8,381)(4,376) (20,277) (17,431)
sales (2)
Consolidated
sales 75,190 55,315 + 35.9% 190,639 174,331 + 9.4%
3rd Quarter 9 Months
Millions of 1998 variation 1998 variation
Euros 1999 (pro % 1999 (pro %
forma) forma)
Upstream (1) 1,919 1,325 + 44.8% 5,404 4,990 + 8.3%
Downstream 8,499 5,876 + 44.6% 20,161 18,124 + 11.2%
Chemicals 2,180 1,819 + 19.9% 6,291 5,805 + 8.4%
Holding 141 79 297 314
Consolidations
elimination of
internal sales (1,277) (667) (3,091) (2,657)
(2)
Consolidated
sales 11,462 8,432 + 35.9% 29,062 26,576 + 9.4%
[Image]
(1) Upstream sales include external sales primarily of natural gas
and LPG, and internal sales to the Downstream segment of crude oil
produced by the company and generally sold through the Trading
Division.
(2)The consolidation eliminations represent primarily the sales of
crude oil by the Upstream segment to the Downstream segment.
UPSTREAM
Upstream sales increased by 44.8 percent in the third quarter 1999
versus the same period in 1998. For the nine-month period, Upstream
sales increased by 8.3 percent in 1999 versus 1998. These
progressions are primarily due to the following factors:
. The average Brent crude oil price rose to $ 20.6/b in the third
quarter 1999 from $ 12.5/b in the third quarter 1998. In the 1999
first nine months, the average Brent price rose to $ 15.8/b from $
13.2/b in the 1998 first nine months.
. Upstream production increased 4.5 percent in the third quarter
1999 versus the third quarter 1998. In the nine-month 1999 period,
Upstream production increased to 1,100 mboe/d from 1,070 mboe/d in
the pro forma 1998 period despite the impact of lower OPEC quotas
and of certain divestments.
. The dollar/franc exchange rate increased to 6.26 in the third
quarter 1999 from 5.91 in the same 1998 period, and rose to 6.10 in
the nine-month 1999 period from 6.01 in 1998.
. The combined impacts of these factors was partially offset by the
lag effect in natural gas prices.
DOWNSTREAM
Downstream sales increased by 44.6 percent in the third quarter
1999 versus the third quarter 1998. Downstream sales rose by 11.2
percent in the nine-month 1999 period versus the same period in
1998. These progressions are primarily due to higher oil and
refined product prices.
European refining margins decreased in the first nine months of
1999 to $ 9.2/tonne from $ 16.4/tonne in the same period last year.
CHEMICALS
Chemical sales increased by 19.9% in the third quarter 1999 versus
the third quarter 1998. Chemical sales rose by 8.4 percent in the
nine-month 1999 period versus the same period in 1998. Essentially,
both organic and external growth of activities more than offset
declines in petrochemical product prices.