Registration document 2007 - Total.com

2
As of December 31, 2006, TOTAL’s combined proved reserves of
crude oil and natural gas were 11,120 Mboe (of which 50% were
proved developed reserves). Liquids represented approximately
58% of these reserves and natural gas the remaining 42%. These
reserves were located primarily in Europe (Norway, the United
Kingdom, the Netherlands, Italy and France), Africa (Nigeria,
Angola, Congo, Gabon, Libya, Algeria and Cameroon), Asia/Far
East (Indonesia, Myanmar, Thailand and Brunei), North America
(Canada and the United States), the Middle East (Qatar, United
Arab Emirates, Yemen, Oman, Iran and Syria), South America
(Venezuela, Argentina, Bolivia, Trinidad & Tobago and Colombia),
and the Commonwealth of Independent States (CIS)
(Kazakhstan, Azerbaijan and Russia).
As of December 31, 2005, TOTAL’s combined proved reserves of
crude oil and natural gas were 11,106 Mboe (of which 50% were
proved developed reserves). Liquids represented approximately
59% of these reserves and natural gas the remaining 41%. These
reserves are located primarily in Europe (Norway, the United
Kingdom, the Netherlands, Italy and France), Africa (Nigeria,
Angola, Congo, Gabon, Libya, Algeria and Cameroon), Asia/Far
East (Indonesia, Myanmar, Thailand and Brunei), North America
(Canada and the United States), the Middle East (United Arab
Emirates, Qatar, Yemen, Oman, Iran and Syria), South America
(Venezuela, Argentina, Bolivia, Trinidad & Tobago and Colombia),
and the CIS (Kazakhstan, Azerbaijan and Russia).
As of December 31, 2004, TOTAL’s combined proved reserves of
crude oil and natural gas were 11,148 Mboe (of which 51% were
proved developed reserves). Liquids represented approximately
63% of these reserves and natural gas the remaining 37%. These
14
Business overview
Upstream - Exploration & Production
TOTAL – Registration Document 2006
reserves were located primarily in Europe (Norway, the United
Kingdom, the Netherlands, Italy and France), Africa (Nigeria,
Angola, Congo, Gabon, Algeria, Libya and Cameroon), Asia/Far
East (Indonesia, Myanmar, Thailand and Brunei), North America
(the United States and Canada), the Middle East (United Arab
Emirates, Qatar, Oman, Iran, Syria and Yemen), South America
(Venezuela, Argentina, Bolivia, Trinidad & Tobago and Colombia)
and the CIS (Kazakhstan, Azerbaijan and Russia).
Proved reserves are the estimated quantities of TOTAL’s
entitlement under concession contracts, production sharing
contracts or buy-back agreements. These estimated quantities
may vary depending on oil and gas prices.
An increase in the year-end price has the effect of reducing
proved reserves associated with production sharing or buyback
agreements (which represent approximately 30% of TOTAL’s
reserves as of December 31, 2006). 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 extensions is smaller than the
decrease in reserves under production sharing or buyback
agreements. For this reason, a higher year-end price translates,
on the whole, into a decrease in TOTAL’s reserves.
The table below sets forth the amount of TOTAL’s worldwide proved reserves as of the dates indicated (including both developed and
undeveloped reserves).
TOTAL’s proved reserves (a)(b) Liquids (Mb) Natural Gas (Bcf) Total (Mboe)
December 31, 2004 7,003 22,785 11,148
Change from December 31, 2003 (4.4%) 2.3% (2.2%)
December 31, 2005 6,592 24,750 11,106
Change from December 31, 2004 (5.9%) 8.6% (0.4%)
December 31, 2006 6,471 25,539 11,120
Change from December 31, 2005 (1.8%) 3.2% 0.1%
(a) Includes TOTAL’s proportionate share of the proved reserves of equity affiliates and of two companies accounted for by the cost method. See “Supplemental Oil and Gas Information
(Unaudited)”, beginning on page 237.
(b) Reserves as of December, 31 2006 are calculated based on a Brent crude price of $ 58.93/b, reserves as of December, 31 2005 are calculated based on a Brent crude price of $ 58.21/b and
reserves as of December, 31 2004 are calculated based on a Brent crude price of $ 40.47/b, pursuant to Rule 4-10 of Regulation S-X.