The Board of Directors of Elf Gabon, chaired by Michel BÉNÉZIT, met on April 03rd, 2003 and approved the final accounts for the year ended December 31, 2002.
Net income in 2002 was $141.1 million, compared to $124.5 million in 2001.
The oil production reverting to Elf Gabon was 28.8 million barrels in 2002, as compared with 29.8 million barrels in 2001 (i.e. -3%). This variation was the result of an increase of the operated production by 6% (+7% in equity share) and of a decline of the non-operated production by 26%. Revenues amounted to $673.4 million, decreasing by 8% as compared to fiscal year 2001. These lower revenues were due to lesser volumes sold partially offset by higher levels of the average selling price of crude oils commercialised (which averaged $23.69 per barrel in 2002, compared to $21.46 per barrel in 2001 for the crude oil commercialised by Elf Gabon, representing +10%). Operational costs have increased by 6% in 2002, with the continuation of the maintenance programme that has been planned over several years.
Capital expenditure for petroleum operations amounted to $84.4 million, encompassing:
- In the operated activity: reservoir and development studies on the Anguille, Baudroie and Gonelle fields, a 3D seismic on the Anguille field, a drilling programme carried out or ongoing on Dec. 31, 2002, on Baudroie, Tchengue, Gonelle and Atora fields, work overs on Barbier and Coucal fields, and environmental projects (upgrading of the water treatment facilities, and reduction of greenhouse gas emissions).
- In the non-operated activity: the continuation of the Rabi field work-programme, with a total of 5 producing wells.
MAIN FINANCIAL INDICATORS
|
(in $ million) |
2002 |
2001 |
| Sales |
673.4 |
731.8 |
| Funds generated from operations* |
214.4 |
203.7 |
| Capital expenditure |
84.4 |
43.7 |
|
. Exploration/Appraisal |
1.6 |
3.3 |
|
. Development |
81.9 |
39.5 |
|
. General |
0.9 |
0.9 |
| Net income |
141.1 |
124.5 | * as per new OHADA accounting standards
The Board has decided to propose the distribution of a net dividend of $ 30 per share, or a total amount of $ 135 million to all shareholders at the Annual Shareholders' Meeting, scheduled for June 10, 2003.
The dividend is payable in euros (or the equivalent in CFA francs), based on the exchange rate for the US dollar on the date of the Annual Shareholders' Meeting, and will qualify in France for a tax credit of $0.08 per share, corresponding to the amount withheld at the source in Gabon.
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