e6vk

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IJdjyA6XJO/NZfsUbnnh/1r9/U79MpYZNPeFP8TG2hpaZdyMahBlF4hXgfzjgBuc RUHh6tGsyCmPYGsxjpHQvg== 0000950123-09-063379.txt : 20091117 0000950123-09-063379.hdr.sgml : 20091117 20091117111858 ACCESSION NUMBER: 0000950123-09-063379 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20091117 FILED AS OF DATE: 20091117 DATE AS OF CHANGE: 20091117 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TOTAL SA CENTRAL INDEX KEY: 0000879764 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10888 FILM NUMBER: 091189501 BUSINESS ADDRESS: STREET 1: 2 PLACE DE LA COUPOLE STREET 2: LA DEFENSE 92078 CITY: PARIS FRANCE STATE: I0 ZIP: 00000 BUSINESS PHONE: 2129693300 MAIL ADDRESS: STREET 1: 2 PLACE DE LA COUPOLE STREET 2: LA DEFENSE 92078 CITY: PARIS FRANCE STATE: I0 ZIP: 00000 FORMER COMPANY: FORMER CONFORMED NAME: TOTAL FINA ELF SA DATE OF NAME CHANGE: 20001010 FORMER COMPANY: FORMER CONFORMED NAME: TOTAL FINA SA DATE OF NAME CHANGE: 19990713 FORMER COMPANY: FORMER CONFORMED NAME: TOTAL DATE OF NAME CHANGE: 19960103 6-K 1 a03169e6vk.htm 6-K e6vk

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13-a16 OR 15-d16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934

For the months of: October 2 to November 16, 2009

Commission File Number: 1-10888

TOTAL S.A.

(Translation of registrant’s name into English)

2 place Jean Millier
La Défense 6
92400 Courbevoie
France

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F þ Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes o No þ

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- .

TABLE OF CONTENTS


SIGNATURES
EXHIBIT INDEX
EX-99.1: Total signs Heads of Agreement with KazMunaiGas to develop the Khvalynskoye field, Kazakhstan
EX-99.2: Total to Develop the Timimoun Gas Project in Algeria
EX-99.3: Total Intends to Take an Active Part in BioTfueL
EX-99.4: Yemen LNG starts production
EX-99.5: Oil discovery on deep offshore Block 17/06, Angola
EX-99.6: Total Signs a Research Agreement with MIT
EX-99.7: 3Q 2009 Results of Total S.A.
EX-99.8: 3Q 2009 Results of Total Gabon

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	TOTAL S.A.
Date: November 17, 2009	By:	/s/ Jérôme Schmittt
		Name:	Jérôme SCHMITT
		Title:	Treasurer

EXHIBIT INDEX


•	EXHIBIT 99.1	Kazakhstan: Total signs Heads of Agreement with KazMunaiGas to develop the Khvalynskoye field (October 6, 2009)

•	EXHIBIT 99.2:	Total to Develop the Timimoun Gas Project in Algeria (October 7, 2009)

•	EXHIBIT 99.3:	Biofuels: Total Intends to Take an Active Part in BioTfueL France’s Second-Generation Biodiesel Pilot Program (October 8, 2009)

•	EXHIBIT 99.4:	Yemen LNG starts production. (October 15, 2009)

•	EXHIBIT 99.5:	Angola: Oil discovery on deep offshore Block 17/06 (October 23, 2009)

•	EXHIBIT 99.6:	Batteries for Solar Power Storage: Total Signs a Research Agreement with MIT (November 3, 2009)

•	EXHIBIT 99.7:	Third Quarter 2009 Results (November 4, 2009)

•	EXHIBIT 99.8:	Total Gabon: Third-Quarter 2009 Financial Results (November 12, 2009)

EX-99.1 2 a03169exv99w1.htm EX-99.1: TOTAL SIGNS HEADS OF AGREEMENT WITH KAZMUNAIGAS TO DEVELOP THE KHVALYNSKOYE FIELD, KAZAKHSTAN exv99w1

Exhibit 99.1

TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21

Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76

Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91

Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33

Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07

Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29

Lisa WYLER
Tel.: + 33 (0) 1 47 44 38 16

TOTAL S.A.
Capital 5,867,520,185 euros
542 051 180 R.C.S. Nanterre

www.total.com

Kazakhstan: Total signs Heads of Agreement with KazMunaiGas to
develop the Khvalynskoye field

Paris, October 6, 2009 — Total announces the signature of a Heads of Agreement (HOA) establishing the principles of a partnership with KazMunaiGas (KMG) for the development of the Khvalynskoye field, located offshore in the Caspian Sea on the border between Kazakhstan and Russia.

Khvalynskoye is a conventional gas condensate field located in water depths of 25 metres which will be developed by Lukoil (50%, operator). The gas produced from this field will be transported to Russia.

Under the terms of the HOA, Total and GdF-Suez will acquire a participation of 25% (Total 17%, GdF-Suez 8%) from the initial 50% stake held by KMG.

“This agreement provides the opportunity for Total to further strengthen its ties with KazMunaiGaz, with whom the Group is already a partner on the Kashagan project in Kazakhstan,” stated Yves-Louis Darricarrère, President Exploration and Production. “Total will bring to the Khvalynskoye’s partners the company’s know-how in developing offshore projects in order to successfully develop the field.”

Total Exploration and Production in the Caspian Sea

Since 1992, Total has been present in Kazakhstan with the company’s 16.8% stake in the North Caspian permit, which includes the giant Kashagan field operated by the North Caspian Operating Company (NCOC). Kashagan is planned to enter into production at the end of 2012.

The Group is also present in Azerbaijan since 1996 where Total produced 18,000 barrels of oil equivalent per day in 2008 from its 10% stake in the Shah Deniz field, which entered into production in December of 2006. At present, a second phase of development is under study. In February 2009, Total signed an Exploration, Development and Production Sharing Agreement (EDPSA) with the Azerbaijan’s state-owned SOCAR on a licence located on the offshore Absheron block.

*******

Total is one of the world’s major oil and gas groups, with activities in more than 130 countries. Its 97,000 employees put their expertise to work in every part of the industry — exploration and production of oil and natural gas, refining and marketing, gas & power and trading. Total is working to keep the world supplied with energy, both today and tomorrow. The Group is also a first rank player in chemicals. www.total.com

EX-99.2 3 a03169exv99w2.htm EX-99.2: TOTAL TO DEVELOP THE TIMIMOUN GAS PROJECT IN ALGERIA exv99w2

Exhibit 99.2

TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21

Isabelle DESMET

Tel.: + 33 (0) 1 47 44 37 76

Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91

Christine de CHAMPEAUX
Tel.: + 33 (0) 1 47 44 47 49

Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33

Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07

Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29

Lisa WYLER
Tel.: + 33 (0) 1 47 44 38 16

TOTAL S.A.
Capital 5 867 520 185 euros
542 051 180 R.C.S. Nanterre

www.total.com

Total to Develop the Timimoun Gas Project in Algeria

Paris — October 7, 2009 — Total (37.75%), Sonatrach (51%) and Cepsa (11.25%) today announce that the Algerian National Oil and Gas Development Agency (ALNAFT) has approved the development plan for the Timimoun natural gas project, located between Timimoun and Adrar in southwestern Algeria.

This project milestone is the outcome of an exploration and appraisal program begun in 2003, during which six wells were drilled.

Development work should begin in the fourth quarter of the year, with first gas scheduled for 2013. Timimoun is expected to commercially produce around 1.6 billion cubic meters of natural gas per year (160 millions cubic feet per day) at plateau.

Total, Sonatrach and Cepsa will jointly operate the Timimoun project. The development plan entails drilling around 40 wells to tap eight structures over an area of 2,500 square kilometres. It also includes the construction of gas gathering and processing facilities, as well as a connection to the pipeline that Sonatrach has been called to develop to carry gas from fields in southwestern Algeria to Hassi R’Mel.

Under the marketing agreement, Sonatrach will market all the gas produced.

The Timimoun development project consolidates the long-standing cooperation between Total and Sonatrach in the upstream.

Total Exploration & Production in Algeria

Total’s production in Algeria averaged 79,000 barrels of oil equivalent per day in 2008. This production comes from direct interests in the Hamra and Tin Fouyé Tabenkort gas fields and through the Group’s stake in 48.83%-owned CEPSA, which is partnered with Sonatrach on the Ourhoud and Rhourde El Krouf fields.

In Algeria, as in all host countries, Total is engaged in a number of community development and environmental programs, in particular in the areas of education, health care and heritage preservation. In addition, specific initiatives will be deployed in the Timimoun region, in cooperation with Sonatrach.

*******

EX-99.3 4 a03169exv99w3.htm EX-99.3: TOTAL INTENDS TO TAKE AN ACTIVE PART IN BIOTFUEL exv99w3

Exhibit 99.3

TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21

Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76

Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91

Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33

Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07

Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29

Lisa WYLER
Tel.: + 33 (0) 1 47 44 38 16

TOTAL S.A.
Capital 5,867,520,185 euros
542 051 180 R.C.S. Nanterre

www.total.com

Biofuels: Total Intends to Take an Active Part in BioTfueL
France’s Second-Generation Biodiesel Pilot Program

Paris, October 8, 2009 — As Europe’s leading automotive fuel refiner and marketer, Total is committed to stepping up the development of second-generation biofuels, which are needed to improve the environmental profile of crop-based fuels and avoid the use of food crops as feedstock.

Already a partner in France’s Futurol project to develop second-generation bioethanol, Total has expressed an interest in actively participating in the BioTfueL project. In particular:

	•		it has offered to provide more than 30% of the financing required of the project partners;

	•		share the expertise and dedication of its R&D teams;

	•		and host a pilot unit to test the process at an existing plant, which would reduce the associated costs.

Total hopes that this project will be deployed as soon as possible.

*******

EX-99.4 5 a03169exv99w4.htm EX-99.4: YEMEN LNG STARTS PRODUCTION exv99w4

Exhibit 99.4

TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21

Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76

Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91

Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33

Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07

Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29

Lisa WYLER
Tel.: + 33 (0) 1 47 44 38 16

TOTAL S.A.
Capital 5,867,520,185 euros
542 051 180 R.C.S. Nanterre

www.total.com

Yemen LNG starts production

Paris, October 15, 2009 — Total announces that the Yemen LNG liquefaction plant started producing Liquefied Natural Gas (LNG) on October 15, 2009. Total is lead shareholder of Yemen LNG and holds a 39.62% interest, alongside the state-owned company Yemen Gas Company (16.73%), Hunt Oil Company (17.22%), SK Energy (9.55%), Korea Gas Corporation (6%), Hyundai Corporation (5.88%), and GASSP¹ (5%).

The Yemen LNG project, which will have required an overall USD 4.5 billions investment, is the most important investment ever made in Yemen. It consists in supplying gas from Block 18, located in the Marib region in central Yemen, through a 320 kilometres dedicated pipeline to the LNG plant located at the port of Balhaf on the southern coast of the country. The plant started production with the first train while the construction of the second train is being completed. Total production capacity will reach 6.7 millions tons of LNG per year (Mt/y).

Following the three gas sales agreements signed in 2005 with Kogas, GDF-Suez and Total Gas & Power Ltd., LNG from Yemen LNG will be exported to both the Asian and Atlantic markets.

“The production start of Yemen LNG is the successful outcome of a cooperation between Total and its partners over the last decade. Since Yemen’s gas potential was discovered, Total has supported Yemen in developing its gas industry and in becoming an LNG exporter”, declared Yves-Louis Darricarrère, President of Total Exploration & Production. “Yemen LNG is also an important milestone in the fulfilment of Total’s objective to reinforce the Group’s position as a leading LNG producer.”

Yemen LNG’s first cargo is scheduled in the coming weeks.

About the people

During its construction, Yemen LNG supported the local economy by sourcing several thousands jobs amongst the local population. To ensure the employees and contractors’ safety, a special focus was applied to training on the site and strict appliance of procedures.


¹		The Yemen General Authority for Social Security and Pensions

TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21

Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76

Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91

Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33

Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07

Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29

Lisa WYLER
Tel.: + 33 (0) 1 47 44 38 16

TOTAL S.A.
Capital 5,867,520,185 euros
542 051 180 R.C.S. Nanterre

www.total.com

Total and its partners selected and trained the technical and administrative teams in charge of managing Yemen LNG, a company with 700 employees. Through a three year specific training program at both Sana’a and Balhaf, skills are already being transferred to Yemeni employees. In the future, about 90% of Yemen LNG employees will be Yemeni professionals working in all different fields: operations, administration, support, management.

Total in Yemen

Total has been present in Yemen since 1987. The current production operated by the Group amounts to 56,000 barrels per day. Total holds interests in the two main oil basins, as the operator on Block 10 (Masila Basin, East Shabwa permit, 28.57%) and as a partner on Block 5 (Marib Basin, Jannah permit, 15%).

Total strengthened its position in onshore exploration through the acquisition of a 30.9% interest in Block 70 in 2008 following the purchase of a 40% share in Blocks 69 and 71 in 2007.

Total and LNG

Total is a leading producer in the LNG sector, with strong and diversified positions worldwide. Total is active in most of the major LNG — producing regions and main LNG markets and continues to develop LNG as a key component of its development strategy.

The Group produces LNG in Indonesia, Qatar, the United Arab Emirates, Oman, Nigeria and Norway. The start up of Yemen LNG and Qatargas 2 Train B will increase Total’s LNG production by close to 40% in 2010. Angola LNG, which is currently under construction, will complement this portfolio in 2012.

New liquefaction projects are currently being studied, including Shtokman in Russia in partnership with Gazprom and Ichthys in Australia in partnership with Inpex.

The Group also secured long-term access to LNG re-gasification capacity located in key LNG markets: North America (Sabine Pass in the United States and Altamira in Mexico), Europe (Fos Cavaou in France and South Hook Terminal in the United Kingdom) and Asia (Hazira in India).

*******

EX-99.5 6 a03169exv99w5.htm EX-99.5: OIL DISCOVERY ON DEEP OFFSHORE BLOCK 17/06, ANGOLA exv99w5

Exhibit 99.5

TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21

Isabelle DESMET

Tel.: + 33 (0) 1 47 44 37 76

Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91

Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33

Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07

Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29

Lisa WYLER
Tél. : + 33 (0) 1 47 44 38 16

TOTAL S.A.
Capital 5,867,520,185 euros
542 051 180 R.C.S. Nanterre

www.total.com

Angola: Oil discovery on deep offshore Block 17/06

Paris, October 23, 2009 — Total announces that its subsidiary, TEPA (Block 17/06) Limited, and Sociedade Nacional de Combustíveis de Angola (Sonangol E.P.), have discovered oil on Block 17/06, in the deep waters of the Angolan offshore.

Gardenia-1 is the first well and the first discovery made on Block 17/06. It was drilled in a water depth of 977 meters. The well discovered hydrocarbon reservoirs, both in the Miocene and the Oligocene. On the Miocene interval, the well produced 4,000 barrels per day (b/d) of 25 API° oil during tests.

This first discovery of Gardenia-1 confirms the potential of the north-western part of Block 17/06. A campaign of further drilling on the block will start on the fourth quarter 2009.

Sonangol E.P. is the concessionary of Block 17/06. TEPA (Block 17/06) Limited is the operator with a 30% stake. The other partners on Block 17/06 are Sonangol Pesquisa e Produção, S.A. (30%), SSI Seventeen Limited (27.5%), ACREP Bloco 17 S.A. (5%), Falcon Oil Holding Angola, S.A. (5%) and PARTEX Oil and Gas (Holdings) Corporation (2.5%).

Total Exploration & Production in Angola

Total is present in Angola since 1953. In Angola, Total operated 530,000 barrels oil equivalent per day (boe/d) in 2008, and its SEC* equity production amounted approximately 205,000 boe/d in 2008. This production comes essentially from Blocks 17, 0 and 14.

Deep offshore Block 17, operated by Total with a 40% interest, is Total’s principal asset in Angola. It is composed of four major zones: Girassol-Rosa and Dalia, which are currently producing; Pazflor, a project under construction for a production start in 2011; and CLOV (based on the Cravo, Lirio, Orquidea and Violeta discoveries), a project under bidding process.

Total is also the operator with a 30% stake in the ultra deep offshore Block 32, on which 12 discoveries were made, confirming the oil potential of the block. Pre-development studies for a first production zone in the central south eastern portion of the block are underway.

TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21

Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76

Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91

Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33

Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07

Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29

Lisa WYLER
Tél. : + 33 (0) 1 47 44 38 16

TOTAL S.A.
Capital 5,867,520,185 euros
542 051 180 R.C.S. Nanterre

www.total.com

In addition, the Angola LNG project for the construction of a liquefaction plant near Soyo is designed to bring the country’s natural gas reserves to market. This project, on which Total holds a 13.6% stake, will be supplied by the associated gas from the fields on Blocks 0, 14, 15, 17 and 18. The project is underway with production expected to begin in 2012.

In Angola, as in all countries where Total operates, the Group is committed to developing the Angolan oil industry while recruiting and providing professional training to local workers. Through its ambitious “Angolanisation” plan and technology transfer, Total has strengthened the local economy and made of Hygiene, Safety and Environment awareness a top priority. Total E&P Angola has developed a transparent and solid corporate social responsibility policy around three main axes: health, education (opening of four high schools in the provinces in 2009) and economic community development.

*SEC: Security Exchange Commission of the United States

*******

EX-99.6 7 a03169exv99w6.htm EX-99.6: TOTAL SIGNS A RESEARCH AGREEMENT WITH MIT exv99w6

Exhibit 99.6

TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21

Isabelle DESMET

Tel.: + 33 (0) 1 47 44 37 76

Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91

Sonia CERQUEIRA
Tel. : +33 (0) 1 47 44 47 05

Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33

Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07

Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29

TOTAL S.A.
Capital 5,867,520,185 euros
542 051 180 R.C.S. Nanterre

www.total.com

Batteries for Solar Power Storage:
Total Signs a Research Agreement with MIT

Paris, 3 November, 2009 — Total announces the signing of a research agreement with the Massachusetts Institute of Technology (MIT) to develop new stationary batteries that are designed to enable the storage of solar power.

This agreement valued at $4 million over five years is part of the MIT Energy Initiative, which Total joined as a member in November 2008.

The Total-MIT research project is primarily focused on development of a low-cost, long-life battery suited to store the power generated by solar panels. The ability to store power is a major challenge and an essential ingredient for the scale up and widespread deployment of affordable solar power.

This research agreement marks a significant step forward in Total’s research and development of alternative energies, particularly in accelerating the development and deployment of solar power.

At the signing of this agreement, Philippe Boisseau, Total’s President of Gas & Power, stated, “This research partnership with MIT, one of the world’s leading research and academic institutions, is a major step forward in Total’s R&D commitment to developing alternative energy sources. Our partnership with MIT and its Energy Initiative will support groundbreaking research, designed to meet the needs of energy consumers.”

Ernest Moniz, Director of the MIT Energy Initiative program said: “Total’s support for research in the storage of solar energy has the potential to be a game-changer. We applaud their commitment and look forward to working with them to develop low-cost storage options that could enable affordable, reliable energy from renewable sources.”

Total and solar energy

Total has been active in solar energy since 1983 through its interest in two companies, Tenesol and Photovoltech. Photovoltech produces photovoltaic cells based on a crystalline silicon technology. Tenesol specializes in designing, manufacturing, marketing and operating photovoltaic energy systems.

TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21

Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76

Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91

Sonia CERQUEIRA
Tel. : +33 (0) 1 47 44 47 05

Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33

Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07

Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29

TOTAL S.A.
Capital 5,867,520,185 euros
542 051 180 R.C.S. Nanterre

www.total.com

In December 2008, Total became a core industrial shareholder in U.S. startup Konarka, specialized in organic photovoltaic technology after Total Gas & Power USA (SAS) underwrote a share issue to acquire a stake slightly less than 20%.

Total R&D

Total’s R&D activities are designed to continuously improve energy-related processes. They focus on four main poles: knowledge of energy resources to optimize their development, operational reliability and energy efficiency, competitive products, and environmental issues. With an R&D budget of €770 million in 2009, Total has 22 R&D centers and more than 4,000 researchers worldwide. The Group also has more than 600 partnership agreements with dedicated research organizations, universities and leading manufacturers.

About the MIT Energy Initiative (MITEI)

The MIT Energy Initiative is an MIT Institute-wide initiative designed to help transform the global energy system to meet the challenges of the future. The MIT Energy Initiative includes research, education, campus energy management and outreach activities, and an interdisciplinary approach that covers all areas of energy supply and demand, security, and environmental impact.

MITEI pairs MIT’s world-class research teams with key players across the innovation spectrum to help improve today’s energy systems and shape tomorrow’s global energy marketplace. MITEI is also a resource for policy makers and the public, providing unbiased analysis and serving as an honest broker for industry and government. With unparalleled depth and breadth across all the relevant areas of science, technology, and policy, MITEI is also educating a new generation of energy innovators and transforming the MIT campus into an energy learning lab.

*******

EX-99.7 8 a03169exv99w7.htm EX-99.7: 3Q 2009 RESULTS OF TOTAL S.A. exv99w7

Exhibit 99.7

2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Tel. : 33 (1) 47 44 58 53
Fax : 33 (1) 47 44 58 24

Bertrand DE LA NOUE
Sandrine SABOUREAU
Laurent KETTENMEYER
Matthieu GOT

Robert HAMMOND (U.S.)
Tel. : (1) 713-483-5070
Fax : (1) 713-483-5629

TOTAL S.A.
Capital 5.867.520.185 euros
542 051 180 R.C.S. Nanterre

www.total.com

Paris, November 4, 2009

Third quarter 2009 results

Main results^1-2


• *Third quarter adjusted net income*³	1.9 billion euros	-54%
	2.7 billion dollars	-56%

	0.84 euros per share	-54%
	1.20 dollars per share	-56%

• *First nine months adjusted net income*	5.7 billion euros	-48%
	7.8 billion dollars	-54%

• *First nine months net income (Group share)*	6.4 billion euros	-44%

Highlights since the beginning of the third quarter 2009

•		*Upstream production of 2,243 kboe/d in the third quarter 2009*

•		*Started up production at Tyrihans in Norway, Tombua Landana in Angola, Qatargas II Train B and Yemen LNG*

•		*Algerian authorities approved development plan for Timimoun gas field*

•		*Declaration of commerciality filed for the Itau gas field in Bolivia*

•		*Signed gas sales contract allowing the development of the Greater Bongkot South field in Thailand*

•		*Announced Gardenia-1, first oil discovery on Block 17/06 in Angola*

•		*Acquisition of a 43.75% interest in the UK Shetlands P967 block that includes the Tobermory gas discovery*

•		*Signed an agreement with KazMunaiGas to take a 17% interest in the development of the Khvalynskoye gas field in the Caspian Sea*

•		*Creation of joint research partnerships with IMEC and the French National Center for Scientific Research together with l’Ecole Polytechnique to focus on solar photovoltaic technology*


¹		percent changes are relative to the same period 2008.

²		dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period : 1.4303 $/€ in the 3^rd quarter 2009, 1.5050 $/€ in the 3^rd quarter 2008, 1.3632 $/€ in the 2^nd quarter 2009, 1.3665 $/€ for the first nine months of 2009 and 1.5217 $/€ for the first nine months of 2008.

³		adjusted net income = net income using replacement cost (Group share) adjusted for special items and excluding Total’s share of adjustments and, from 2009, selected items related to Sanofi-Aventis. Total’s net income (Group share) for the 3^nd quarter 2009 was 1,923 M€.

The Board of Directors of Total, led by Chairman Thierry Desmarest, met on November 3, 2009 to review the Group’s third quarter 2009 results.

Adjusted net income was 1,869 million euros (M€), a decrease of 54% compared to the third quarter 2008 and an increase of 9% compared to second quarter 2009.

Commenting on the results, CEO Christophe de Margerie said :

« In the third quarter, the average Brent price increased to 68 $/b. However, spot gas prices and refining margins reached very low levels, reflecting the sharp decline in demand and the resulting oversupply. The Chemicals segment benefited from a small improvement in margins.

In this mixed environment, Total’s adjusted net income was 2.7 billion dollars, an increase of 14% compared to the second quarter 2009. Compared to the third quarter 2008, when oil prices hit record highs, the Group’s results are down 56%, but, once again, they show resilience that is among the best of the peer group. In the third quarter 2009, the Group generated net cash flow of 3 billion dollars and reduced its gearing to 21%.

In the Upstream, Total’s production is back on track with growth of 3% from the second quarter to 2,243 kboe/d, thanks in particular to the ramp up of Akpo in Nigeria and Tahiti in the Gulf of Mexico as well as the start-up of Tyrihans in Norway, Tombua Landana in Angola and Qatargas 2 Train B. The mid-October start-up of Yemen LNG completes the Group’s objective to start up its 2009 major projects.

Total is also pursuing the development of new fields and took decisive steps during the quarter on projects in Bolivia, Algeria and Thailand. The recent agreement with KazMunaïGas in the Caspian Sea, like the one signed with Novatek in Russia in the previous quarter, also illustrates the Group’s ability to create partnerships and to participate in the development of new resources by leveraging its technical expertise and its capacity for investment. At the same time, the Upstream segment is continuing to actively implement cost reduction programs targeting its fixed costs and the projected cost of its investments.

In the Downstream segment, refining is faced with a very difficult environment. We are working to reduce costs and restore the profitability of this activity. In the Chemicals segment, the benefits of our restructuring efforts can be seen in the sequential improvement in the results despite an environment that remains difficult.

Total is determined to pursue its strategy of profitable and responsible growth, while reaffirming the priority of safety and the environment. Combining the key elements of reliability and safety in our operations and production growth with cost reduction will allow us to successfully implement our strategy.

w w w

• Key figures⁴


						3Q09								9M09
						vs			in millions of euros					vs
3Q09		2Q09		3Q08		3Q08			except earnings per share and number of shares	9M09		9M08		9M08

	33,628		31,430		48,849		-31	%	Sales		95,099		141,262		-33	%
	3,510		3,044		8,083		-57	%	Adjusted operating income from business segments		10,169		22,988		-56	%
	1,808		1,678		4,063		-56	%	Adjusted net operating income from business segments		5,536		11,019		-50	%
	1,501		1,451		2,899		-48	%	• Upstream		4,434		8,729		-49	%
	146		156		901		-84	%	• Downstream		902		1,799		-50	%
	161		71		263		-39	%	• Chemicals		200		491		-59	%
	1,869		1,721		4,070		-54	%	Adjusted net income		5,703		11,047		-48	%
	0.84		0.77		1.81		-54	%	Adjusted fully-diluted earnings per share (euros)		2.55		4.91		-48	%
	2,236.8		2,235.6		2,244.3		—		Fully-diluted weighted-average shares (millions)		2,235.9		2,250.4		-1	%
	1,923		2,169		3,050		-37	%	Net income (Group share)		6,382		11,384		-44	%
	3,256		3,634		3,371		-3	%	Investments⁵		9,825		8,882		+11	%
	3,169		3,575		3,195		-1	%	Investments including net investments in equity affiliates and non-consolidated companies⁵		9,584		7,879		+22	%
	807		858		718		+12	%	Divestments		2,137		1,642		+30	%
	4,538		1,939		7,338		-38	%	Cash flow from operations		10,471		14,576		-28	%
	3,454		3,237		5,642		-39	%	Adjusted cash flow from operations		10,063		14,771		-32	%


						3Q09								9M09
						vs			in millions of dollars⁶					vs
3Q09		2Q09		3Q08		3Q08			except earnings per share and number of shares	9M09		9M08		9M08

	48,098		42,845		73,518		-35	%	Sales		129,953		214,958		-40	%
	5,020		4,150		12,165		-59	%	Adjusted operating income from business segments		13,896		34,981		-60	%
	2,586		2,287		6,115		-58	%	Adjusted net operating income from business segments		7,565		16,768		-55	%
	2,147		1,978		4,363		-51	%	• Upstream		6,059		13,283		-54	%
	209		213		1,356		-85	%	• Downstream		1,233		2,738		-55	%
	230		97		396		-42	%	• Chemicals		273		747		-63	%
	2,673		2,346		6,125		-56	%	Adjusted net income		7,793		16,810		-54	%
	1.20		1.05		2.73		-56	%	Adjusted fully-diluted earnings per share (dollars)		3.49		7.47		-53	%
	2,236.8		2,235.6		2,244.3		—		Fully-diluted weighted-average shares (millions)		2,235.9		2,250.4		-1	%
	2,750		2,957		4,590		-40	%	Net income (Group share)		8,721		17,323		-50	%
	4,657		4,954		5,073		-8	%	Investments⁵		13,426		13,516		-1	%
	4,533		4,873		4,808		-6	%	Investmentsincluding net investments in equity affiliates and non-consolidated companies⁵		13,097		11,989		+9	%
	1,154		1,170		1,081		+7	%	Divestments		2,920		2,499		+17	%
	6,491		2,643		11,044		-41	%	Cash flow from operations		14,309		22,180		-35	%
	4,940		4,413		8,491		-42	%	Adjusted cash flow from operations		13,751		22,477		-39	%


⁴		adjusted income (adjusted operating income, adjusted net operating income and adjusted net income) is defined as income using replacement cost, adjusted for special items affecting operating income and excluding Total’s equity share of adjustments and, from 2009, selected items related to Sanofi-Aventis; adjusted cash flow from operations is defined as cash flow from operations before changes in working capital at replacement cost; adjustment items are on page 17.

⁵		including acquisitions.

⁶		dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period.

• Third quarter 2009 results

> Operating income

In the third quarter 2009, the Brent price averaged 68.1 $/b, a decrease of 41% compared to the third quarter 2008 and an increase of 15% compared to the second quarter 2009. The TRCV European refining margin indicator fell to 6.6 $/t on average in the third quarter 2009, a decrease of 85% compared to the third quarter 2008 and 47% compared to the second quarter 2009.

The euro-dollar exchange rate averaged 1.43 $/€ in the third quarter 2009 compared to 1.51 $/€ in the third quarter 2008 and 1.36 $/€ in the second quarter 2009.

In this environment, the adjusted operating income from the business segments was 3,510 M€, a decrease of 57% compared to the third quarter 2008⁷. Expressed in dollars, the decrease was 59%.

The effective tax rate⁸ for the business segments was 57% in the third quarter 2009 compared to 56% in the third quarter 2008.

Adjusted net operating income from the business segments was 1,808 M€ compared to 4,063 M€ in the third quarter 2008, a decrease of 56%.

Expressed in dollars, adjusted net operating income from the business segments was 2.6 billion dollars (B$), a decrease of 58% compared to the third quarter 2008.

> Net income

Adjusted net income was 1,869 M€ compared to 4,070 M€ in the third quarter 2008, a decrease of 54%. Expressed in dollars, adjusted net income decreased by 56%. It excludes the after-tax inventory effect, special items, and the Group’s equity share of adjustments and selected items related to Sanofi-Aventis.

•

The after-tax inventory effect had a positive impact on net income of 122 M€ in the third quarter 2009 and a negative effect of 752 M€ in the third quarter 2008.

•

The Group’s share of adjustments and selected items related to Sanofi-Aventis had a negative impact on net income of 70 M€ in the third quarter 2009. The adjustments related to Sanofi-Aventis had a negative impact of 78 M€ in the third quarter 2008.

•

Other special items had a positive impact on net income of 2 M€ in the third quarter 2009. In the third quarter 2008, other special items had a negative impact on net income of 190 M€⁹.

Reported net income (Group share) was 1,923 M€ compared to 3,050 M€ in the third quarter 2008.

The effective tax rate for the Group was 56.5% in the third quarter 2009.

The Group did not buy back shares in the third quarter 2009.

Adjusted fully-diluted earnings per share, based on 2,236.8 million fully-diluted weighted-average shares, was 0.84 euros compared to 1.81 euros in the third quarter 2008, a decrease of 54%.

Expressed in dollars, adjusted fully-diluted earnings per share fell by 56% to $1.20.


⁷		special items affecting operating income from the business segments had a negative impact of 9 M€ in the 3^rd quarter 2009 and no impact in the 3^rd quarter 2008.

⁸		defined as: (tax on adjusted net operating income) / (adjusted net operating income - income from equity affiliates, dividends received from investments and impairments of acquisition goodwill + tax on adjusted net operating income).

⁹		detail shown on page 17.

> Investments — divestments¹⁰

Investments excluding acquisitions and including net investments in equity affiliates and non-consolidated companies were 3.1 B€ (4.4 B$) in the third quarter 2009 compared to 2.8 B€ (4.2 B$) in the third quarter 2008.

Acquisitions were 58 M€ in the third quarter 2009.

Asset sales in the third quarter 2009 were 702 M€, consisting essentially of Sanofi-Aventis shares.

Net investments¹¹ were 2.4 B€ (3.5 B$) in the third quarter 2009 compared to 2.7 B€ (4.0 B$) in the third quarter 2008.

> Cash flow

Cash flow from operating activities was 4,538 M€ in the third quarter 2009 compared to 7,338 M€ in the third quarter 2008. The 38% decrease was mainly due to the decrease in net income and a decrease in working capital requirements in the third quarter 2009 that was smaller than the decrease in working capital requirements in the third quarter 2008.

Adjusted cash flow¹² was 3,454 M€, a decrease of 39% compared to third quarter 2008. Expressed in dollars, adjusted cash flowwas 4.9 B$, a decrease of 42%.

Net cash flow¹³ for the Group was 2,089 M€ compared to 4,685 M€ in the third quarter 2008. Expressed in dollars, net cash flow for the Group was 3.0 B$ in the third quarter 2009.


¹⁰		detail shown on page 18.

¹¹		net investments = investments including acquisitions and net investments in equity affiliates and non-consolidated companies - asset sales + net financing for employees related to stock purchase plans.

¹²		cash flow from operations at replacement cost before changes in working capital.

¹³		net cash flow = cash flow from operations + divestments - gross investments.

• Results for the first nine months 2009

> Operating income

Compared to the first nine months of 2008, the oil environment in the first nine months of 2009 was marked by a 48% decrease in the average price of Brent to 57.3 $/b. The TRCV European refining margin indicator fell by 51% to 17.9 $/t. The euro-dollar exchange rate was 1.37 $/€ in the first nine months of 2009 compared to 1.52 $/€ in the first nine months of 2008.

In this context, the adjusted operating income from the business segments was 10,169 M€, a decrease of 56% compared to the first nine months of 2008¹⁴. Expressed in dollars, adjusted operating income from the business segments was 13.9 B$, a decrease of 60% compared to the first nine months of 2008.

The effective tax rate¹⁵ for the business segments was 55% in the first nine months of 2009 compared to 58% in the first nine months of 2008, reflecting mainly the lower tax rate in the Upstream.

Adjusted net operating income from the business segments was 5,536 M€ compared to 11,019 M€ in the first nine months of 2008, a decrease of 50%. The smaller decrease, relative to the one in adjusted operating income, is essentially due to the lower effective tax rate between the two periods and a more limited decrease in the contribution from equity affiliates.

Expressed in dollars, adjusted net operating income from the business segments fell by 55%.

> Net income

Adjusted net income decreased by 48% to 5,703 M€ in the first nine months of 2009 from 11,047 M€ in the first nine months of 2008. It excludes the after-tax inventory effect, special items, and the Group’s equity share of adjustments and selected items related to Sanofi-Aventis.

•

The after-tax inventory effect had a positive impact on net income of 1,237 M€ in the first nine months of 2009 compared to a positive impact of 676 M€ in the first nine months of 2008.

•

The Group’s share of adjustments and selected items related to Sanofi-Aventis had a negative impact on net income of 252 M€ in the first nine months of 2009. The adjustments related to Sanofi-Aventis had a negative impact on net income of 227 M€ in the first nine months of 2008.

•

Other special items had a negative impact on net income of 306 M€ in the first nine months of 2009 compared to a negative impact of 112 M€ in the first nine months of 2008¹⁶.

Reported net income (Group share) was 6,382 M€ compared to 11,384 M€ in the first nine months of 2008.

The effective tax rate for the Group was 55% in the first nine months of 2009.

The Group did not buy back shares in the first nine months of 2009. On September 30, 2009, there were 2,239.7 million fully-diluted shares compared to 2,238.3 million fully-diluted shares on September 30, 2008.

Adjusted fully-diluted earnings per share, based on 2,235.9 million weighted-average shares was 2.55 euros compared to 4.91 euros in the first nine months of 2008, a decrease of 48%.

Expressed in dollars, the adjusted fully-diluted earnings per share was 3.49 compared to 7.47 in the first nine months of 2008, a decrease of 53%.


¹⁴		special items affecting operating income from the business segments had a negative impact of 300 M€ in the first nine months of 2009 and no impact in the first nine months of 2008.

¹⁵		defined as: (tax on adjusted net operating income) / (adjusted net operating income - income from equity affiliates, dividends received from investments and impairments of acquisition goodwill + tax on adjusted net operating income).

¹⁶		detail shown on page 17.

> Investments — divestments¹⁷

Investments excluding acquisitions and including net investments in equity affiliates and non-consolidated companies were 9.0 B€ (12.2 B$) in the first nine months of 2009 compared to 7.4 B€ (11.2 B$) in the first nine months of 2008.

Acquisitions were 631 M€ in the first nine months of 2009.

Asset sales in the first nine months of 2009 were 1,842 M€, consisting essentially of Sanofi-Aventis shares.

Net investments¹⁸ were 7.7 B€ in the first nine months of 2009, slightly higher than the 7.2 B€ in the first nine months of 2008. Expressed in dollars, net investments in the first nine months of 2009 were 10.5 B$, a decrease of 5% compared to the 11 B$ of net investments in the first nine months of 2008.

> Cash flow

Cash flow from operating activities was 10,471 M€, a decrease of 28% compared to the first nine months of 2008, essentially due to the decrease in net income.

Adjusted cash flow¹⁹ was 10,063 M€, a decrease of 32%. Expressed in dollars, adjusted cash flow was 13.8 B$, a decrease of 39%.

Net cash flow²⁰ for the Group was 2,783 M€ compared to 7,336 M€ in the first nine months of 2008. Expressed in dollars, net cash flow for the Group was 3.8 B$ in the first nine months of 2009.

The net-debt-to-equity ratio was 20.8% on September 30, 2009 compared to 24.7% on June 30, 2009 and 15.4% on September 30, 2008²¹.


¹⁷		detail shown on page 18.

¹⁸		net investments = investments including acquisitions and net investments in equity affiliates and non-consolidated companies - asset sales + net financing for employees related to stock purchase plans.

¹⁹		cash flow from operations at replacement cost before changes in working capital.

²⁰		net cash flow = cash flow from operations + divestments - gross investments.

²¹		detail shown on page 19.

• Analysis of business segment results

Upstream

> Environment — liquids and gas price realizations*


						3Q09								9M09
						vs								vs
3Q09		2Q09		3Q08		3Q08				9M09		9M08		9M08

	68.1		59.1		115.1		-41	%	Brent ($/b)		57.3		111.1		-48	%
	65.1		54.8		107.8		-40	%	Average liquids price ($/b)		53.7		104.4		-49	%
	4.89		4.71		8.05		-39	%	Average gas price ($/Mbtu)		5.20		7.31		-29	%
	50.7		44.2		83.9		-40	%	Average hydrocarbons price ($/boe)		44.5		80.4		-45	%


*		consolidated subsidiaries, excluding fixed margin and buy-back contracts.

Total’s average realized liquids price decreased by 40% and 49%, respectively, in the third quarter and the first nine months of 2009 compared to the same periods in 2008, in line with the changes in the price of Brent.

The average realized price for Total’s natural gas decreased by 39% in the third quarter 2009 compared to the third quarter 2008 and by 29% in the first nine months of 2009 compared to the first nine months of 2008.

> Production


						3Q09								9M09
						vs								vs
3Q09		2Q09		3Q08		3Q08			Hydrocarbon production	9M09		9M08		9M08

	2,243		2,182		2,231		+1	%	Combined production (kboe/d)		2,249		2,336		-4	%
	1,379		1,328		1,409		-2	%	• Liquids (kb/d)		1,373		1,463		-6	%
	4,726		4,686		4,471		+6	%	• Gas (Mcf/d)		4,789		4,743		+1	%

Hydrocarbon production was 2,243 thousand barrels of oil equivalent per day (kboe/d) in the third quarter 2009, an increase of 0.5% compared to the third quarter 2008 and 2.8% compared to the second quarter 2009. Compared to the third quarter 2008, production increased mainly as a result of :

•

+5% for ramp-ups and start-ups of new fields net of the normal decline,

•

+1% for the price effect²²,

•

-2.5% for OPEC reductions and lower gas demand linked to the economic recession,

•

-1% for disruptions in Nigeria related to security issues,

•

-2% for changes in the portfolio, mainly in Venezuela and Libya.

In the first nine months of 2009, hydrocarbon production was 2,249 kboe/d, a decrease of 3.7% compared to the first nine months of 2008, mainly as a result of :

•

+1.5% for ramp-ups and start-ups of new fields net of the normal decline,

•

+2% for the price effect²²,

•

-3% for OPEC reductions and lower gas demand,

•

-1.5% for disruptions in Nigeria related to security issues

•

-2.5% for changes in the portfolio, essentially in Venezuela and Libya.


²²		impact of changing hydrocarbon prices on entitlement volumes.

> Results


						3Q09								9M09
						vs								vs
3Q09		2Q09		3Q08		3Q08			in millions of euros	9M09		9M08		9M08

	3,236		2,843		6,525		-50	%	Adjusted operating income*		8,971		19,912		-55	%
	1,501		1,451		2,899		-48	%	Adjusted net operating income*		4,434		8,729		-49	%
	190		176		368		-48	%	• includes income from equity affiliates		593		967		-39	%
	2,512		2,664		2,480		+1	%	Investments		7,426		6,734		+10	%
	87		105		188		-54	%	Divestments		321		860		-63	%
	2,854		1,943		3,732		-24	%	Cash flow from operating activities		7,375		11,626		-37	%
	2,939		2,550		3,715		-21	%	Adjusted cash flow		8,168		11,464		-29	%


*		detail of adjustment items shown in business segment information.

Adjusted net operating income for the Upstream segment was 1,501 M€ in the third quarter 2009 compared to 2,899 M€ in the third quarter 2008, a decrease of 48%.

Expressed in dollars, adjusted net operating income for the Upstream segment decreased by 51%, reflecting essentially the impact of lower hydrocarbon prices compared to the third quarter 2008.

Compared to the third quarter 2008, the decrease in income from equity affiliates was driven principally by lower results from Nigeria LNG.

The effective tax rate for the Upstream segment was 59% compared to 58% in the second quarter 2009 and 62% in the third quarter 2008.

Over the first nine months of 2009, adjusted net operating income for the Upstream segment was 4,434 M€ compared to 8,729 M€ in the first nine months of 2008, a decrease of 49%.

Expressed in dollars, adjusted net operating income for the Upstream segment was 6.1 B$, a 54% decrease compared to the first nine months of 2008, essentially due to lower hydrocarbon prices.

The return on average capital employed (ROACE²³) for the Upstream segment for the twelve months ended September 30, 2009 was 20% compared to 25% for the twelve months ended June 30, 2009 and 36% for the full year 2008.


²³		calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 20.

Downstream

> Refinery throughput and utilization rates*


									3Q09										9M09
									vs										vs
3Q09			2Q09			3Q08			3Q08				9M09			9M08			9M08

	2,142			2,175			2,393			-10	%	Total refinery throughput (kb/d)		2,184			2,360			-7	%
	828			925			1,013			-18	%	• France		882			959			-8	%
	1,045			1,024			1,168			-11	%	• Rest of Europe		1,052			1,130			-7	%
	269			226			212			+27	%	• Rest of world		250			271			-8	%
												Utilization rates
	78	%		79	%		89	%				• Based on crude only		79	%		87	%
	82	%		84	%		92	%				• Based on crude and other feedstock		84	%		91	%
* includes share of CEPSA. In the third quarter 2009, refinery throughput decreased by 10% compared to the third quarter 2008 and by 2% compared to the second quarter 2009. The third quarter 2009 was affected by scheduled refinery turnarounds at Vlissingen and Normandy. Also, during the quarter, several refineries elected to reduce throughput to adjust to economic conditions. Scheduled turnarounds and voluntary throughput reductions in the third quarter 2009 reduced the utilization rate based on crude and other feedstock to 82% from 92% in the third quarter 2008. > Results

									3Q09										9M09
									vs			in millions of euros							vs
3Q09			2Q09			3Q08			3Q08			except TRCV refining margins	9M09			9M08			9M08

	6.6			12.4			45.0			-85	%	European refining margin indicator — TRCV ($/t)		17.9			36.6			-51	%
	83			141			1,215			-93	%	Adjusted operating income*		1,015			2,457			-59	%
	146			156			901			-84	%	Adjusted net operating income*		902			1,799			-50	%
	75			28			39			+92	%	• includes income from equity affiliates		136			56			x2.4
	607			825			638			-5	%	Investments		1,927			1,446			+33	%
	23			26			46			-50	%	Divestments		85			198			-57	%
	944			(28	)		2,731			-65	%	Cash flow from operating activities		2,564			2,508			+2	%
	229			239			1,466			-84	%	Adjusted cash flow		1,402			2,609			-46	%


*		detail of adjustment items shown in business segment information.

The TRCV European refining margin indicator averaged 6.6 $/t in the third quarter 2009, a decrease of 85% compared to the third quarter 2008. For the first nine months of 2009, the TRCV European refining margin indicator averaged 17.9 $/t, a decrease of 51% compared to the same period last year.

Adjusted net operating income for the Downstream segment was 146 M€ in the third quarter 2009, a decrease of 84% compared to the third quarter 2008, reflecting essentially the sharp decrease in refining margins.

Expressed in dollars, adjusted net operating income for the Downstream segment was 209 M$, a decrease of 85% compared to the third quarter 2008.

Adjusted net operating income for the Downstream segment in the first nine months of 2009 was 902 M€, a decrease of 50% compared to the first nine months of 2008.

Expressed in dollars, adjusted net operating income for the Downstream segment was 1.2 B$ in the first nine months of 2009, a decrease of 55% compared to the first nine months of 2008, reflecting essentially the unfavorable refining environment.

The ROACE²⁴ for the Downstream segment for the twelve months ended September 30, 2009 was 13% compared to 18% for the twelve months ended June 30, 2009 and 20% for the full year 2008.


²⁴		calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 20.

Chemicals


						3Q09									9M09
						vs									vs
3Q09		2Q09		3Q08		3Q08			in millions of euros	9M09		9M08			9M08

	3,892		3,684		5,431		-28	%	Sales		10,794		16,138			-33	%
	2,326		2,164		3,675		-37	%	• Base chemicals		6,266		10,727			-42	%
	1,566		1,520		1,756		-11	%	• Specialties		4,528		5,411			-16	%
	191		60		343		-44	%	Adjusted operating income*		183		619			-70	%
	161		71		263		-39	%	Adjusted net operating income*		200		491			-59	%
	53		19		176		-70	%	• Base chemicals		32		214			-85	%
	111		58		89		+25	%	• Specialties		185		284			-35	%
	112		115		212		-47	%	Investments		406		597			-32	%

	13		8		14		-7	%	Divestments		27		33			-18	%

	300		280		14		x21		Cash flow from operating activities		758		(19	)	na

	244		114		352		-31	%	Adjusted cash flow		224		770			-71	%


*		detail of adjustment items shown in business segment information.

In the third quarter 2009, the environment for the Chemicals segment continued to be affected by weak demand in Europe and North America, but margins for the Petrochemicals increased from the levels of the previous quarter.

In the third quarter 2009, sales for the Chemicals segment were 3.9 B€.

Adjusted net operating income for the Chemicals segment was 161 M€ in the third quarter 2009, a decrease of 39% compared to the third quarter 2008 but more than double the level of the second quarter 2009. The sequential improvement reflects improved margins and lower costs in both the Petrochemicals and the Specialties.

In the first nine months of 2009, adjusted net operating income for the Chemicals segment was 200 M€ compared to 491 M€ for the same period in 2008, a decrease of 59% that resulted from significantly weaker demand in Europe and North America.

The ROACE²⁵ for the Chemicals segment for the twelve months ended September 30, 2009 was 5% compared to 7% for the twelve months ended June 30, 2009 and 9% for the full year 2008.


²⁵		calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 20.

• Summary and outlook

The ROACE for the twelve months ended September 30, 2009 was 15% for the Group and 16% for the business segments. The ROACE at the Group level was 19% for the twelve months ended June 30, 2009 and 26% for the full year 2008.
Return on equity for the twelve months ended September 30, 2009 was 17.5%.

Investments²⁶ in the business segments, excluding acquisitions, were 12.2 B$ through September 2009, in line with the 2009 budget of 18 B$ for the full year. The net-debt-to-equity-ratio was 20.8% at September 30, 2009 compared to 24.7% at the end of the previous quarter.

Following the July 30, 2009 approval by the Board of Directors, Total will pay the 2009 interim dividend of 1.14 € per share on November 18, 2009²⁷.

Since the start of the fourth quarter 2009, the dollar has continued to fall against the euro, while oil prices have continued to rise, lifted by expectations for an economic recovery, the onset of the winter heating season in the northern hemisphere and the perception of a tight supply-demand balance in the medium term.

Despite modest improvement in diesel margins, European refining margins remain at very weak levels, requiring the Group to maintain voluntary throughput reductions.

In the Upstream, with the start-up of Yemen LNG in mid-October, the Group’s production in the coming months should reflect the ongoing ramp-up from the major projects started up in 2009 and maintenance levels normally below that of the third quarter.

To provide for production growth over the medium term, Total is continuing to prepare its next wave of projects, including Surmont Phase 2 in Canada, CLOV in Angola and Laggan-Tormore in the UK, for which it expects to make final investment decisions in the coming quarters.

¨ ¨ ¨

To listen to CFO Patrick de la Chevardière’s conference call with financial analysts today at 15:00 (Paris time) please log on to www.total.com or call +44 (0)203 367 9453 in Europe or +1 866 907 5928 in the U.S. (access code : Total). For a replay through November 12, please consult the website or call +44 (0)207 107 0686 in Europe or 1 877 642 3018 in the US (code : 264 973).


²⁶		includes net investments in equity affiliates and non-consolidated companies.

²⁷		the ex-dividend date for the 2009 interim dividend is November 13 and the payment date is November 18, 2009; for the ADR (NYSE :TOT) the ex-dividend date is November 9.

The September 30, 2009 notes to the condensed consolidated accounts are available on the Total web site (www.total.com). This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, business, strategy and plans of Total. Such statements are based on a number of assumptions that could ultimately prove inaccurate, and are subject to a number of risk factors, including currency fluctuations, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, environmental regulatory considerations and general economic and business conditions. Total does not assume any obligation to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise. Further information on factors which could affect the company’s financial results is provided in documents filed by the Group and its affiliates with the French Autorité des Marchés Financiers and the US Securities and Exchange Commission.

Business segment information is presented in accordance with the Group internal reporting system used by the Chief operating decision maker to measure performance and allocate resources internally. Due to their particular nature or significance, certain transactions qualified as “special items” are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, certain transactions such as restructuring costs or assets disposals, which are not considered to be representative of normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to recur within following years.

The adjusted results of the Downstream and Chemical segments are also presented according to the replacement cost method. This method is used to assess the segments’ performance and ensure the comparability of the segments’ results with those of its competitors, mainly North American.

In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the income statement is determined by the average price of the period rather than the historical value. The inventory valuation effect is the difference between the results according to FIFO (First-In, First-Out) and replacement cost.

In this framework, performance measures such as adjusted operating income, adjusted net operating income and adjusted net income are defined as incomes using replacement cost, adjusted for special items and excluding Total’s equity share of the adjustments and, from 2009, selected items related to Sanofi-Aventis. They are meant to facilitate the analysis of the financial performance and the comparison of income between periods.

Dollar amounts presented herein represent euro amounts converted at the average euro-dollar exchange rate for the applicable period and are not the result of financial statements prepared in dollars.

Operating information by segment
Third quarter and first nine months 2009

• Upstream


							3Q09									9M09
							vs			Combined liquids and gas						vs
3Q09		2Q09		3Q08			3Q08			production by region (kboe/d)	9M09		9M08			9M08

	569		574		553			+3	%	Europe		609		593			+3	%
	762		713		747	*		+2	%	Africa		739		795	*		-7	%
	31		13		13			x2.4		North America		18		14			+29	%
	259		248		247			+5	%	Far East		254		248			+2	%
	419		420		430			-3	%	Middle East		419		433			-3	%
	183		193		218	*		-16	%	South America		187		227	*		-18	%
	20		21		23			-13	%	Rest of world		23		26			-12	%

	2,243		2,182		2,231			+1	%	Total production		2,249		2,336			-4	%

	351		342		398			-12	%	Includes equity and non-consolidated affiliates		348		404			-14	%


*		restated to reclassify Total’s 48.83% share of CEPSA’s production in Colombia.


							3Q09									9M09
							vs									vs
3Q09		2Q09		3Q08			3Q08			Liquids production by region (kb/d)	9M09		9M08			9M08

	279		275		288			-3	%	Europe		291		295			-1	%
	647		600		627	*		+3	%	Africa		627		666	*		-6	%
	27		11		10			x2.7		North America		16		11			+45	%
	33		33		28			+18	%	Far East		34		28			+21	%
	300		310		330			-9	%	Middle East		308		332			-7	%
	79		87		115	*		-31	%	South America		84		119	*		-29	%
	14		12		11			+27	%	Rest of world		13		12			+8	%

	1,379		1,328		1,409			-2	%	Total production		1,373		1,463			-6	%

	286		289		344			-17	%	Includes equity and non-consolidated affiliates		289		350			-17	%


*		restated to reclassify Total’s 48.83% share of CEPSA’s production in Colombia.


						3Q09								9M09
						vs								vs
3Q09		2Q09		3Q08		3Q08			Gas production by region (Mcf/d)	9M09		9M08		9M08

	1,580		1,639		1,442		+10	%	Europe		1,733		1,618		+7	%
	583		580		621		-6	%	Africa		572		659		-13	%
	19		9		12		+58	%	North America		12		18		-33	%
	1,276		1,215		1,210		+5	%	Far East		1,238		1,222		+1	%
	657		609		552		+19	%	Middle East		614		560		+10	%
	575		585		569		+1	%	South America		570		589		-3	%
	36		49		65		-45	%	Rest of world		50		77		-35	%

	4,726		4,686		4,471		+6	%	Total production		4,789		4,743		+1	%

	355		285		290		+22	%	Includes equity and non-consolidated affiliates		314		293		+7	%

						3Q09								9M09
						vs								vs
3Q09		2Q09		3Q08		3Q08			Liquefied natural gas	9M09		9M08		9M08

	2.12		2.12		2.32		-9	%	LNG sales* (Mt)		6.34		6.90		-8	%

*	sales, Group share, excluding trading ; 1 Mt/y = approx. 133 Mcf/d ; data from 2008 previous period have been restated to reflect volumes estimation for Bontang LNG in Indonesia based on the 2008 SEC coefficient.
• Downstream

						3Q09								9M09
						vs								vs
3Q09		2Q09		3Q08		3Q08			Refined products sales by region (kb/d)*	9M09		9M08		9M08

	2,014		1,979		2,161		-7	%	Europe		2,055		2,102		-2	%
	278		272		279		—		Africa		276		279		-1	%
	164		161		136		+21	%	Americas		171		170		+1	%
	134		148		147		-9	%	Rest of world		137		145		-6	%

	2,590		2,560		2,723		-5	%	Total consolidated sales		2,639		2,696		-2	%

	887		1,092		992		-11	%	Trading		993		964		+3	%

	3,477		3,652		3,715		-6	%	Total refined product sales		3,632		3,660		-1	%


*	includes share of CEPSA

Adjustment items

• Adjustments to operating income from business segments


3Q09			2Q09			3Q08			in millions of euros	9M09			9M08

									Special items affecting operating income from the
	(9	)		(188	)		—		business segments		(300	)		—

	—			—			—		• Restructuring charges		—			—
	(3	)		(105	)		—		• Impairments		(108	)		—
	(6	)		(83	)		—		• Other		(192	)		—

	214			1,065			(1,193	)	Pre-tax inventory effect : FIFO vs. replacement cost		1,756			869

	205			877			(1,193	)	Total adjustments affecting operating income from the business segments		1,456			869

• Adjustments to net income (Group share)


3Q09			2Q09			3Q08			in millions of euros	9M09			9M08

	2			(221	)		(190	)	Special items affecting net income (Group share)		(306	)		(112	)

	46			28			50		• Gain on asset sales		87			197
	(7	)		(99	)		(4	)	• Restructuring charges		(112	)		(48	)
	(2	)		(71	)		(34	)	• Impairments		(73	)		(34	)
	(35	)		(79	)		(202	)	• Other		(208	)		(227	)

	(70	)		(119	)		(78	)	Equity shares of adjustments and, from 2009, selected items related to Sanofi-Aventis*		(252	)		(227	)

	122			788			(752	)	After-tax inventory effect : FIFO vs. replacement cost		1,237			676

	54			448			(1,020	)	Total adjustments to net income		679			337


*		based on Total’s share in Sanofi-Aventis of 8.6% at 9/30/2009, 9.7% at 6/30/2009, and 12.4% at 9/30/2008.

Effective tax rates


3Q09			2Q09			3Q08			Effective tax rate*	9M09			9M08

	59.3	%		58.3	%		61.7	%	Upstream		58.6	%		61.8	%
	56.5	%		55.9	%		55.9	%	Group		54.8	%		57.6	%


*		tax on adjusted net operating income / (adjusted net operating income — income from equity affiliates, dividends received from investments, and impairments of acquisition goodwill + tax on adjusted net operating income).

Investments — Divestments


							3Q09									9M09
							vs									vs
3Q09		2Q09		3Q08			3Q08			in millions of euros	9M09		9M08			9M08

	3,111		3,095		2,774			+12	%	Investments excluding acquisitions*		8,953		7,363			+22	%

	227		154		212			+7	%	• Capitalized exploration		609		589			+3	%
	187		23		(56	)	na			• Net investments in equity affiliates and non-consolidated companies		435		(466	)	na

	58		480		421			-86	%	Acquisitions		631		516			+22	%

	3,169		3,575		3,195			-1	%	Investments including acquisitions*		9,584		7,879			+22	%

	702		781		524			+34	%	Asset sales		1,842		719			x2.6

	2,449		2,776		2,653			-8	%	Net investments **		7,688		7,240			+6	%


							3Q09									9M09
							vs									vs
3Q09		2Q09		3Q08			3Q08			expressed in millions of dollars***	9M09		9M08			9M08

	4,450		4,219		4,175			+7	%	Investments excluding acquisitions*		12,234		11,204			+9	%

	325		210		319			+2	%	• Capitalized exploration		832		896			-7	%
	267		31		(84	)	na			• Net investments in equity affiliates and non-consolidated companies		594		(709	)	na

	83		654		634			-87	%	Acquisitions		862		785			+10	%

	4,533		4,873		4,809			-6	%	Investments including acquisitions*		13,097		11,989			+9	%

	1,004		1,065		789			+27	%	Asset sales		2,517		1,094			x2.3

	3,503		3,784		3,993			-12	%	Net investments **		10,506		11,017			-5	%


*		includes net investments in equity affiliates and non-consolidated companies.

**		net investments = investments including acquisitions and net investments in equity affiliates and non-consolidated companies - asset sales + net financing for employees related to stock purchase plans.

***		dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period

Net-debt-to-equity ratio


in millions of euros	9/30/2009			6/30/2009			9/30/2008

Current borrowings		6,012			7,916			5,378
Net current financial assets		(160	)		(123	)		(230	)
Non-current financial debt		19,146			19,640			16,347
Hedging instruments of non-current debt		(983	)		(875	)		(406	)
Cash and cash equivalents		(13,775	)		(14,299	)		(13,231	)

Net debt		10,240			12,259			7,858

Shareholders equity		49,620			51,299			50,801
Estimated dividend payable*		(1,273	)		(2,541	)		(920	)
Minority interests		959			963			1,001

Equity		49,306			49,721			50,882

Net-debt-to-equity ratio		20.8	%		24.7	%		15.4	%


*		for 9/30/09, based on a 2009 dividend equal to the dividend paid in 2008 (2.28 €/share), after deducting the interim dividend of 1.14 € per share approved by the Board of Directors on July 30, 2009.

2009 Sensitivities*


				Impact on adjusted
			Impact on adjusted	net operating
	Scenario	Change	operating income(e)	income(e)

Dollar	1.30 $/€	+0.1 $ per	€-1.3 B€	-0.7 B€

Brent	60 $/b	+1 $/b	+0.32 B€ / 0.42 B$	+0.15 B€ / 0.20 B$

European refining margins TRCV	30 $/t	+1 $/t	+0.08 B€ / 0.11 B$	+0.06 B€ / 0.07 B$


*		sensitivities revised once per year upon publication of the previous year’s fourth quarter results. The impact of the €-$ sensitivity on adjusted operating income and adjusted net operating income attributable to the Upstream segment are approximately 75% and 65% respectively, and the remaining impact of the €-$ sensitivity is essentially in the Downstream segment.

Return on average capital employed

• For the twelve months ended September 30, 2009


in millions of euros	Upstream			Downstream			Chemicals**			Segments			Group***

Adjusted net operating income		6,429			1,672			377			8,478			9,096
Capital employed at 9/30/2008*		30,184			12,649			8,107			50,940			58,165
Capital employed at 9/30/2009*		35,514			13,513			6,845			55,872			61,030

ROACE		19.6	%		12.8	%		5.0	%		15.9	%		15.3	%


*		at replacement cost (excluding after-tax inventory effect).

**		capital employed for Chemicals reduced for the Toulouse-AZF provision of 121 M€ pre-tax at 9/30/2008

***		capital employed for the Group adjusted for the amount of the interim dividend payable approved in July 2009 (2,544 M€).

• For the twelve months ended June 30, 2009


in millions of euros	Upstream			Downstream			Chemicals**			Segments			Group

Adjusted net operating income		7,827			2,427			479			10,733			11,388
Capital employed at 6/30/2008*		26,676			13,491			7,394			47,561			56,107
Capital employed at 6/30/2009*		35,385			13,939			6,915			56,239			62,294

ROACE		25.2	%		17.7	%		6.7	%		20.7	%		19.2	%


*		at replacement cost (excluding after-tax inventory effect).

**		capital employed for Chemicals reduced for the Toulouse-AZF provision of 126 M€ pre-tax at 6/30/2008.

• For the twelve months ended September 30, 2008


in millions of euros	Upstream			Downstream			Chemicals**			Segments			Group***

Adjusted net operating income		11,298			2,345			578			14,221			14,915
Capital employed at 9/30/2007*		26,863			11,446			7,305			45,614			53,243
Capital employed at 9/30/2008*		30,184			12,649			8,107			50,940			58,165

ROACE		39.6	%		19.5	%		7.5	%		29.5	%		26.8	%


*		at replacement cost (excluding after-tax inventory effect).

**		capital employed for Chemicals reduced for the Toulouse-AZF provision of 139 M€ pre-tax at 9/30/2007 and 121 M€ pre-tax at 9/30/2008.

***		capital employed for the Group adjusted for the amount of the interim dividend payable approved in September 2008 (2,545 M€).

EX-99.8 9 a03169exv99w8.htm EX-99.8: 3Q 2009 RESULTS OF TOTAL GABON exv99w8

Exhibit 99.8

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

Press Release

Third-Quarter 2009 Financial Results
Port-Gentil — November 12, 2009

Main Financial Indicators


									Q3 09							9M 09
									vs.							vs.
			Q3 09		Q2 09		Q3 08		Q3 08			9M 09		9M 08		9M 08

Average Brent price	$	/b		68.1		59.1		115.1		-41	%		57.3		111.1		-48	%

Average Total Gabon crude price	$	/b		66.4		56.1		104.2		-36	%		52.8		103.0		-49	%

Crude oil production from fields operated by Total Gabon	kb/d			66.4		69.5		79.4		-16	%		69.5		75.7		-8	%

Crude oil production from Total Gabon interests¹	kb/d			54.3		57.1		62.8		-13	%		56.9		60.3		-6	%

Sales	$	M		269		317		481		-44	%		810		1,528		-47	%

Funds generated from operations	$	M		163		140		229		-29	%		403		641		-37	%

Capital expenditure	$	M		72		103		151		-53	%		224		390		-43	%

Net income	$	M		52		42		139		-63	%		114		389		-71	%


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

Third Quarter and Nine-Month Results

Selling Price

In the third quarter, Brent averaged $68.1 per barrel, down 41% from the prior-year period, but up 15% from the second quarter of the year.

The selling price of the Mandji and Rabi Light crude oil grades marketed by Total Gabon averaged $66.4 per barrel in the third quarter of 2009, down 36% from a year earlier, but up 18% over the second quarter of the year.

The selling price of the two oil grades marketed by Total Gabon averaged $52.8 per barrel in the first nine months of the year, down 49% from $103.0 in the prior-year period, in line with Brent price trends over the period.

Production

Total Gabon’s equity share¹ of operated and non-operated oil produced averaged 54,300 barrels per day in the third quarter, down 13% from 62,800 barrels per day in the prior-year period and 5% from 57,100 barrels per day in the second quarter 2009. The decreases can be attributed to the following factors.

Third Quarter 2009 versus Third Quarter 2008

•		An 8% decrease resulting from naturally declining output from certain fields, notably Baudroie Nord Marine, Gonelle and Port-Gentil Océan, which was partially offset by optimizing existing wells and bringing on stream new wells.

•		A 5% decrease related to longer scheduled and unscheduled shutdowns in the third quarter compared to the prior-year period, for both operated and non-operated production. Operated production was shut-in due to a strike in July.

Third Quarter 2009 versus Second Quarter 2009

•		A 2% decrease resulting from naturally declining output from certain fields, which was partially offset by optimizing existing wells and bringing on stream new wells.

•		A 3% decrease related to longer scheduled and unscheduled shutdowns in the third quarter 2009 compared to the previous quarter, for both operated and non-operated production, respectively a strike in July and a maintenance shutdown on Shell Gabon-operated Rabi-Kounga.

The loss of equity production arising from the strike between July 17 and 26 is estimated at 393,000 barrels, or less than 2% of annual production.

Sales

Third quarter sales amounted to $269 million, down 44% from $481 million in the third quarter of 2008 and 15% from $317 million in the second quarter of 2009. The later decrease was mainly due to fewer liftings, which were not fully offset by the higher average selling price.

Sales in the first nine months of the year were down 47% to $810 million, in line with average selling price trends over the period.

Net Income

Third quarter net income slid 63% to $52 million from $139 million in the prior-year period mainly due to lower Brent prices and fewer cargoes shipped, but was up 22% compared to the second quarter net income of $42 million. The increase was mainly due to lower operating expenses and taxes as well as to the increase in Brent prices in the third quarter.

For the first nine months of the year, net income amounted to $114 million, down 71% from $389 million in the first nine months of 2008, in line with Brent price trends, operations costs and amortization expenses over the period.

Capital Expenditure

Capital expenditure stood at $72 million in the third quarter, down from $151 million in the prior-year period and $103 million in the second quarter of this year. Capital expenditure mainly consisted of continued redevelopment of the Anguille field and completion of the TRM 29 well on the Torpille field.

Funds Generated from Operations

In light of the above, funds generated from operations amounted to $163 million in the third quarter, a decrease of 29% from the prior-year figure of $229 million and an increase of 16% over the second-quarter figure of $140 million.


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

Third Quarter 2009 Highlights

Situation in Port-Gentil

Violent demonstrations erupted in Port-Gentil between September 3 and 6 which impacted Total Gabon’s activities. These activities were able to resume gradually from Monday, September 7. These events didn’t lead to losses of production.

Board of Directors Meeting on August 28

Chaired by Jacques Marraud des Grottes, the Board of Directors of Total Gabon met on August 28 and reviewed the financial accounts for first-half 2009. The Interim Financial Report of June 30, 2009 was published on August 28.

The Board also appointed two new directors:

•		Serge Matesco, succeeding Jean-Michel Salvadori.

•		Henri-Max Ndong Nzué, succeeding Jean-François Daganaud.

Brent Price and Euro/Dollar Exchange Rate

In the third quarter, Brent averaged $68.1 per barrel, down 41% from the prior-year period, but up 15% from the second quarter of the year. The euro/dollar exchange rate averaged $1.43 per euro in the third quarter, versus $1.51 in the prior-year period and $1.36 in second-quarter 2009.

Brent averaged $57.3 per barrel in the first nine months of the year, down 48% from the first nine months of 2008. The euro/dollar exchange rate averaged $1.37 in the first nine months of the year, versus $1.52 in the prior-year period.

Operated Activities

Acreage and Exploration

Processing of the seismic shot in the first quarter 2008 in the northeastern area of the Diaba license was completed in September. Interpretation will continue until the end of the year.

Processing of the 1,215 kilometers of 2D seismic data acquired in April 2009 in the southwestern area of the license will continue until the end of the year.

A call for tenders for the acquisition of around 5,000 square kilometers of 3D seismic (with an option for a further 1,000 square kilometers) in the central area of the license was issued in July. The contract was awarded in October 2009 and the seismic acquisition is scheduled to begin in early 2010.

Anguille Field Redevelopment

The fracturing program was completed in early July. Four stimulation operations and acid well treatment were performed. This work marked the completion of Phase I of the redevelopment project. The drilling and stimulation equipment was removed beginning of July 2009.

Technical bids for the construction of one or two wellhead platforms and for the supply of electrical cables to connect onshore power generation units to offshore platforms were submitted in late August. A call for tenders was issued in September for an offshore rig to drill new wells on the Anguille field in early 2010.

Media Contact: Phénélope Sémavoine +33 (0) 1 47 44 76 29

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Table of Contents

Table of Contents

Table of Contents