Registration Document 2005 - Total.com

3
Year-end reserves (9)
Management Report of the Board of Directors
Summary of results and financial position
2005 2004 2003
Liquids (Mb) 6,592 7,003 7,323
Gas (Bcf) 24,750 22,785 22,267
Hydrocarbon reserves (Mboe) 11,106 11,148 11,401
Proved reserves, calculated according to SEC rules, were
11,106 Mboe at December 31, 2005, representing 12.2 years
of production at the current rate. Using year-end prices (Brent
at 58.2 $/b), for the calculation as required by the SEC, had a
negative impact on proved reserves estimated at 0.2 Bboe.
The reserve replacement rate (10) for the 2003-2005 period, based
on SEC rules, was 97% for the Group (consolidated subsidiaries
and equity affiliates). For 2005, the rate was 95%. Excluding the
(9) TOTAL’s proved reserves include the proved reserves of its consolidated subsidiaries as well as its proportionate share of proved reserves in its equity affiliates
and two non-consolidated companies.
(10) Change in reserves excluding production (i.e. revisions+discoveries, extensions+acquisitions – sales) / production for the period. For the fully-consolidated subsidiaries only, the reserve
replacement rate, based on SEC rules, was 86% for the 2003-2005 period and 41% for 2005.
(11) Limited to proved and probable reserves covered by E&P contracts on fields that have been drilled and for which technical studies have demonstrated economic development in a 40 $/b
Brent environment, including the portion of heavy oil in the Joslyn field developed by mining.
66 TOTAL - Registration Document 2005
impact of changing prices (Brent constant at 40 $/b), the Group’s
reserve replacement rate would be 118% for the 2003-2005 period
and 120% for 2005.
At year-end 2005, TOTAL had a solid and diversified portfolio of
proved and probable reserves representing 20 Bboe, or close to
22 years of production at the current rate (11) .