Registration Document 2005 - Total.com

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10 Oil and gas reserves The following tables present, for crude oil, condensates and natural gas liquids reserves and for the natural gas reserves, an estimate of the Group’s oil and gas quantities by geographical areas at December 31, 2005, 2004 and 2003. Quantities shown concern: • proved developed and undeveloped reserves together with changes in quantities for 2005, 2004 and 2003; • proved developed reserves. The definitions used for proved oil and gas reserves, proved developed oil and gas reserves and proved undeveloped reserves are in accordance with the applicable US Securities & Exchange Commission regulation, Rule 4-10 of Regulation S-X. Proved reserves are estimated using geological and engineering data to determine with reasonable certainty whether the crude oil or natural gas in known reservoirs is recoverable under existing economic and operating conditions. This process involves making subjective judgments; consequently, measures of reserves are not precise and are subject to revision. The estimation of proved reserves is controlled by the Group through established validation guidelines. Reserve evaluations are made annually by senior level geoscience and engineering professionals (assisted by a central reserves group with significant technical experience) including reviews with and validation by senior management. Significant features of the reserves estimation process include: • • Appendix 2 - Supplemental oil and gas information (unaudited) Oil and gas reserves internal peer-reviews of technical evaluations also ensuring that the SEC definitions and guidance are followed; and a requirement that management make significant funding commitments toward the development of the reserves prior to booking. All references in the following tables to reserves or production are to the entire Group’s consolidated share of such reserves or production. TOTAL’s worldwide proved reserves include the proved reserves of its consolidated subsidiaries as well as its proportionate share of the proved reserves of equity affiliates and of two companies accounted for by the cost method. 232 TOTAL - Registration Document 2005 The reserve estimates shown below do not include quantities that may or may not be produced, due to changes in economic conditions or pursuant to new technologies. Rule 4-10 of Regulation S-X requires the use of the year-end price, as well as existing operating conditions, to determine reserve quantities. Reserves at year-end 2005 have been determined based on the Brent price on December 31, 2005 (58.21 $/bbl). Proved reserves are the estimated quantities of TOTAL’s entitlement under concession contracts, production sharing agreements or buy back agreements. These estimated quantities may vary depending on oil and gas price. An increase in year-end price has the effect of reducing proved reserves associated with production sharing or buyback agreements (which represent approximately 28% of TOTAL’s reserves as of December 31, 2005). Under such contracts, TOTAL is entitled to receive a portion of the production, calculated so that its sale should cover expenses incurred by the Group. With higher oil prices, the volume of entitlement necessary to cover the same amount of expenses is lower. This reduction is partially offset by an extension of the duration over which fields can be produced economically. However, the increase in reserves due to the extensions is smaller than the decrease in reserves under production sharing or buyback agreements. For this reason, a higher year-end price translates into a decrease in TOTAL’s reserves. Considering the relatively high Brent price on December 31, 2005 (Brent $ 58.21/bbl), an estimate of reserves is provided herebelow for a price of Brent $ 40/b. These estimates are for reserves that would have been calculated in accordance with Rule 4-10 of Regulation S-X if the Brent price at December 31, 2005 had been $ 40/b, which is comparable to the 2004 year-end price of $ 40.47/b. The proved reserves calculated under this $ 40/b assumption would have been 11,329 Mboe. The percentage of proved developed reserves has remained relatively stable over the past five years, indicating that proved reserves are consistently moved from undeveloped to developed status. Over time, undeveloped reserves will be reclassified to the developed category as new wells are drilled, existing wells are recompleted and/or facilities to produce from existing and future wells are installed. Major development projects typically take two to four years from the time of recording proved reserves to the start of production from these reserves.
Changes in liquids reserves Appendix 2 - Supplemental oil and gas information (unaudited) Oil and gas reserves (in millions of barrels) Consolidated Subsidiaries Equity affiliates & Europe Africa North America Asia Rest of the world Total non-consolidated affiliates Proved developed and undeveloped reserves Balance as of December 31, 2002 1,135 3,075 34 87 1,605 5,936 1,295 7,231 Revisions of previous estimates 108 53 1 1 245 408 (20) 388 Extensions, discoveries and other 5 55 67 - 127 254 - 254 Acquisitions of reserves in place - 2 - - 77 79 - 79 Sales of reserves in place (6) (16) (1) - - (23) - (23) Production for the year (169) (221) (2) (9) (102) (503) (103) (606) Balance as of December 31, 2003 1,073 2,948 99 79 1,952 6,151 1,172 7,323 Revisions of previous estimates 93 (26) (13) 11 (119) (54) (15) (69) Extensions, discoveries and other 43 46 - - 227 316 61 377 Acquisitions of reserves in place 12 - - - - 12 - 12 Sales of reserves in place (1) (18) - - - (19) - (19) Production for the year (154) (255) (6) (11) (91) (517) (104) (621) Balance as of December 31, 2004 1,066 2,695 80 79 1,969 5,889 1,114 7,003 Revisions of previous estimates 32 (15) 96 (7) 6 112 (4) 108 Extensions, discoveries and other 23 21 - - - 44 - 44 Acquisitions of reserves in place - 7 58 - - 65 - 65 Sales of reserves in place - - - - (36) (36) - (36) Production for the year (143) (245) (3) (10) (91) (492) (100) (592) Balance as of December 31, 2005 978 2,463 231 62 1,848 5,582 1,010 6,592 Minority interest in proved developed and undeveloped reserves As of December 31, 2003 23 85 - - - 108 - 108 As of December 31, 2004 22 80 - - - 102 - 102 As of December 31, 2005 19 77 - - - 96 - 96 Proved developed and undeveloped reserves of equity and non-consolidated affiliates As of December 31, 2003 - 97 - - 1,075 1,172 As of December 31, 2004 - 73 - - 1,041 1,114 As of December 31, 2005 - 59 - - 951 1,010 Proved developed reserves As of December 31, 2003 769 1,354 28 50 574 2,775 788 3,563 As of December 31, 2004 734 1,351 15 48 477 2,625 772 3,397 As of December 31, 2005 692 1,318 13 44 423 2,490 709 3,199 Proved developed reserves of equity and non-consolidated affiliates As of December 31, 2003 - 77 - - 711 788 As of December 31, 2004 - 67 - - 705 772 As of December 31, 2005 - 51 - - 658 709 Estimate of reserves as of December 31, 2005 calculated at $ 40/b Proved developed and undeveloped reserves 973 2,575 232 68 1,910 5,758 1,020 6,778 TOTAL - Registration Document 2005 10 Total Group 233
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Registration Document 2005
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Registration Document 2005 This is
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Key figures Selected financial info
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104,652 2003 French GAAP Sales (M
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DOWNSTREAM Refined product sales (k
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Business overview History and strat
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Upstream TOTAL’s Upstream segment
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Exploration & Production Exploratio
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Production TOTAL’s average daily
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Presentation of production activiti
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Europe Year of entry into the count
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Africa TOTAL has been present in Af
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Libya The Group’s share of produc
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North America The Group’s presenc
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On the Yucal Placer field, the init
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Commonwealth of Independent States
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The Netherlands TOTAL is the second
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Kuwait Since 1997, the Group has pr
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Gas & Power The Gas & Power sector
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Middle East In Qatar, negotiations
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TOTAL is pursuing decentralized rur
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Refining & Marketing On December 31
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Marketing The Group is one of the l
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the provinces of Shanghai, Jiangsu
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All of TOTAL’s trading activities
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Base Chemicals TOTAL’s Base Chemi
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Specialties TOTAL’s Specialties s
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trademarks. It is present on three
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Other activities E-Commerce In 2005
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Organizational structure Position o
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Executive Committee Trading & Shipp
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Management Report of the Board of D
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Market environment Management Repor
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Upstream results (in millions of eu
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Downstream results (in millions of
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Adoption of IFRS rules The principa
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Liquidity and capital resources Lon
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Research and development Research a
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Risk factors Market risks p. 76 •
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Financial markets related risks Wit
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The non-current debt in dollars des
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Grande Paroisse An explosion occurr
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Myanmar Under the Belgian “univer
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Risk management Risk evaluations le
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ILSA - Other US regulations In 2001
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Insurance and risk management Organ
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Corporate governance Board of Direc
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Anne Lauvergeon 46 years old. Indep
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Additional information required und
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Statutory auditors Statutory audito
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Executive Officers’ Compensation
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Report of the Chairman of the Board
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july 19: • estimated earnings for
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Nominating & Compensation Committee
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The hydrocarbon reserves are review
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Headcount, Employee shareholdings,
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Allocation of TOTAL share subscript
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TOTAL share subscription and purcha
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Allocation of TOTAL restricted shar
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Elf Aquitaine share subscription op
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TOTAL and its shareholders TOTAL sh
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Four-for-one stock split A proposal
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TOTAL share over the last 18 months
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Dividend payment on Stock Certifica
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• were repurchased under the auth
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These transactions may be carried o
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Shareholders Relationship between T
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The holdings of the principal share
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Shareholders Estimate of capital di
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The above-mentioned French forms ar
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• • • • On November 18 and
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2006 Calendar February 15 Results f
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Financial information Historical fi
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Additional information Financial in
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General information Share capital p
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• Authority to grant restricted e
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Potential capital as of December 31
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General information Articles of inc
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Shareholders’ Meetings Notices of
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Documents on display The documents
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Statutory auditors’ report on the
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Consolidated statement of income TO
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Consolidated statement of cash flow
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Notes to the consolidated financial
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The cost of employee-reserved capit
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K. Impairment of long-lived assets
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Crude oil costs include raw materia
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Fair value option In June 2005, the
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A. Information by business segment
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Page 203 and 204: (in millions of euros) TOTAL CAPITA
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Registration Document 2005 - Total.com

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