| For the first half of 2004, the net income was $ 117.2 million compared to $ 106.2 million for the first half of 2003. This was achieved thanks to a strong rise in the average selling price of the crude oil commercialised by Total Gabon (+ 14 %) which compensated for the lower volumes sold (-12 %).
Sales
The selling price of the crude oil commercialised by Total Gabon averaged $ 31.06 per barrel in the first half of 2004, comparing to $ 27.22 per barrel in the first half of 2003.
Production
For the first half of 2004, the estimated Total Gabon share of the oil produced (including the tax oil reverting to the Republic as per the Profit sharing contracts) amounted to 14.6 million of barrels, compared to 15.1 million of barrels for the first half of 2003 (- 3 %). This resulted from a lower production of the oil fields operated by Total Gabon, partially offset by the increase in production of the Rabi field operated by Shell Gabon.
Capital Expenditure
The capital expenditure related to the oil operations for the first half of 2004 was at $ 56.6 million as compared to $ 79.0 million for the first half of 2003. It originated mainly from :
- Operated activity: several drilling operations on the oil fields of Baudroie, Mboumba and Atora, various work-over (Mandaros, Torpille, Baliste, Port-Gentil and Coucal), development studies, and capital expenditure addressing environmental protection aspects.
- Non-operated activity: on the Rabi field operated by Shell Gabon, the continuation of the Phase III.
Main Financial Data for First Half 2004
|
(in $ million) |
1rst half
2004 |
1rst half
2003 |
Year
2003 |
|
| Sales |
414,1 |
411,9 |
768,6 |
|
| Funds generated from operations |
155,7 |
167,9 |
294,8 |
|
| Capital Expenditure |
56,6 |
79,0 |
146,2 |
|
| Net Income |
117,2 |
106,2 |
195,7 |
|
| |
|
|
|
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