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Total Exploration & Production: Combining long-term growth and profitability.

In a context of very volatile oil prices, 2010 was an eventful year for Total's Upstream segment, with several good exploration successes, production start-ups and the launch of new projects. The Group is confident in the solidity of its portfolio and is pursuing its strategy of long-term investments.

Exploration and development: An active program in 2010

Total continued to follow an active exploration program in 2010, with exploration investments of consolidated subsidiaries amounting to 1,5 B€ (including unproved property acquisition costs). The main exploration investments were made in Angola, Norway, Brasil, the United-Kingdom, the United States, Indonesia, Nigeria and Brunei.

The Group's consolidated Exploration & Production subsidiaries' development expenditures amounted to 8 B€ in 2009, primarily in Angola, Nigeria, Kazakhstan, Norway, Indonesia, the Republic of the Congo, the United Kingdom, the United States, Canada, Thailand, Gabon and Australia.

Reserves: A solid, diversified and promising portfolio

As of December 31, 2010, Total's combined proved reserves of crude oil and natural gas were 10,695 Mboe (53% of which were proved developed reserves). Liquids (crude oil, natural gas liquids and bitumen) represented approximately 56% of these reserves and natural gas the remaining 44%. At the 2010 average rate of production, the reserve life is more than twelve years.

These reserves were located in Europe (mainly in Norway and the United Kingdom), in Africa (mainly in Angola, Gabon, Libya, Nigeria and the Republic of the Congo), in the Americas (mainly in Canada, the United States, Argentina, and Venezuela), in the Middle East (mainly in Oman, Qatar, the United Arab Emirates, and Yemen), and in Asia (mainly in Indonesia and Kazakhstan).

Reserves

The definitions used for proved, proved developed and proved undeveloped oil and gas reserves are in accordance with the applicable United States Securities & Exchange Commission (SEC) regulation, Rule 4-10 of Regulation S-X.

Proved reserves represent the estimated quantities of Total's entitlement under concession contracts, production sharing contracts or buyback agreements. These estimated quantities may vary depending on oil and gas prices.

Reserves at year-end 2010 have been determined based on the Brent price on December 31, 2010 ($79.02/b).

Production, stable in 2010

For the full year 2010, average daily oil and gas production was 2,378 kboe/d compared to 2,281 kboe/d in 2009.

Producer and/or operator

Consistent with industry practice, Total often holds a percentage interest in its fields rather than a 100% interest, with the balance being held by joint venture partners (which may include other international oil companies, state-owned oil companies or government entities).

Total frequently acts as operator (the party responsible for technical production) on acreage in which it holds an interest.

Sources: Total in 2010

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