The net income of Total Gabon for the first half of 2005 was $ 144.5 million compared to $ 117.2 million for the first half of 2004. This was achieved thanks to a strong rise in the average selling price of the crude oil commercialised by Total Gabon (+37%) which compensated for the lower volumes sold (-8%).
Sales
The selling price of the crude oil commercialised by Total Gabon averaged $ 42.54 per barrel in the first half of 2005, comparing to $ 31.06 per barrel in the first half of 2004.
Production
Total Gabon’s net oil production (1), operated and non-operated, was 13.8 millions barrels in the first half of 2005 compared with 14.6 for the first half of 2004. This resulted from a stabilized production of the oil fields operated by Total Gabon and from a decrease in production of the Rabi field.
Capital Expenditure
The capital expenditure related to the oil operations for the first half of 2005 was at $ 77.6 million as compared to $ 56.6 million for the first half of 2004. It originated mainly from:
- Operated activity: several drilling operations on the oil fields of Baudroie, Gonelle and Coucal, various work-overs (Baudroie, Grondin and Torpille), the addition of compression capacity for Gonelle, the end of Atora debottlenecking
project, development studies and capital expenditure addressing environmental protection aspects.
- Non-operated activity: on the Rabi field, the continuation of the Phase III.
Main Financial Data for First Half 2005
| |
(in US $ million) |
1rst half
2005 |
1rst half
2004 |
Year
2004 |
|
| |
Sales |
531.8 |
414.1 |
879.7 |
|
| |
Funds generated from operations |
199.8 |
155.7 |
340.9 |
|
| |
Capital Expenditure |
77.6 |
56.6 |
157.8 |
|
| |
Net Income |
144.5 |
117.2 |
241.5 |
|
| |
|
|
|
|
|
(1) including the tax oil reverting to the Republic of Gabon as per the production sharing contracts
|
