Total Gabon: 2016 Revenues

PORT-GENTIL, Gabon--(BUSINESS WIRE)-- Regulatory News:

Total Gabon (Paris: EC):

Main Financial Indicators

				2016		2015		2016 vs 2015
Average Brent price		$/b		43.7		52.4		-17%
Average Total Gabon crude price		$/b		37.9		46.8		-19%
Crude oil production from fields operated by Total Gabon		kb/d (1)		55.0		57.2		-4%
Crude oil production from Total Gabon interests (2)		kb/d		47.4		47.3		-
Sales volumes		Mb (3)		17.6		16.6		+6%
Revenues (4)		$M		745		842		-11%

(1) kb/d: Thousands of barrels a day(2) Including tax oil reverting to the Gabonese Republic as per production sharing contracts.(3) Mb: Million barrels(4) Hydrocarbon sales and services provided to third parties (transportation, treatment and storage).

2016 REVENUES

Selling prices

Brent averaged $43.7 per barrel in 2016, down 17% from $52.4 in 2015. The selling price of the Mandji and Rabi Light crude oil grades marketed by Total Gabon averaged $37.9 per barrel in 2016, down 19% from $46.8 a year earlier.

Production

Total Gabon’s equity share of operated and non-operated oil production(1) averaged 47,400 barrels per day (b/d) in 2016, compared to 47,300 barrels per day in the prior-year period. This stability was mainly due to:

• Improved availability of the Anguille and Torpille installations
• Successful coiled tubing interventions on Anguille Nord Est (ANE) and choke opening of well ANE008 in the second quarter of 2016.
• Well workovers on the Rabi Kounga license.

These factors were offset by:

• The natural decline in fields.
• The sale of Mboga.
• The planned shut-in of Coucal/Avocette in February 2016.

Revenues

Revenues amounted to $745 million in 2016, down 11% from $842 million in 2015. The decrease was driven mainly by the lower average selling price for Total Gabon’s crude oil grades, partially offset by the increase by 6% of volumes sold over the period due to the lifting schedule.

The 2016 results news release will be published on March 30th 2017, after the market closes.

(1) Including tax oil reverting to the Gabonese Republic as per production sharing contracts.

Société anonyme incorporated in Gabon with a Board of Directors and share capital of $76,500,000Headquarters: Boulevard Hourcq, Port-Gentil, BP 525, Gabonese Republicwww.total.gaRegistered in Port-Gentil: 2000 B 00011

View source version on businesswire.com: http://www.businesswire.com/news/home/20170215005923/en/

Contact Presse Gabon :
Florent CAILLET
[email protected]

Source: Total Gabon

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