Registration document 2007 - Total.com

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10 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, 2006, 2005 and 2004. Quantities shown concern: • proved developed and undeveloped reserves together with changes in quantities for 2006, 2005 and 2004; • 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 U.S. Securities and 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, estimates of reserves are not exact measurements 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: • 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. 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. 238 Appendix 2 – Supplemental oil and gas information (unaudited) Oil and gas reserves Oil and gas reserves TOTAL – Registration Document 2006 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, 2006 ($58.93/b). 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 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 the 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 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 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 North Rest of Equity affiliates & non-consolidated Total Europe Proved developed and undeveloped reserves Africa America Asia world Total affiliates Group 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 Revisions of previous estimates 40 146 1 6 65 258 4 262 Extensions, discoveries and other 13 113 - - - 126 60 186 Acquisitions of reserves in place - - 22 - - 22 3 25 Sales of reserves in place (6) - (2) - (21) (29) (16) (45) Production for the year (132) (220) (2) (11) (78) (443) (106) (549) Balance as of December 31, 2006 893 2,502 250 57 1,814 5,516 955 6,471 Minority interest in proved developed and undeveloped reserves As of December 31, 2004 22 80 - - - 102 - 102 As of December 31, 2005 19 77 - - - 96 - 96 As of December 31, 2006 17 82 - - - 99 - 99 Proved developed and undeveloped reserves of equity and non-consolidated affiliates As of December 31, 2004 - 73 - - 1,041 1,114 As of December 31, 2005 - 59 - - 951 1,010 As of December 31, 2006 - 56 - - 899 955 Proved developed reserves 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 As of December 31, 2006 629 1,436 19 40 418 2,542 665 3,207 Proved developed reserves of equity and non-consolidated affiliates As of December 31, 2004 - 67 - - 705 772 As of December 31, 2005 - 51 - - 658 709 As of December 31, 2006 - 49 - - 616 665 10 TOTAL – Registration Document 2006 239
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Registration Document 2006
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Registration Document 2006 This is
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Key figures Selected financial info
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116,842 Key figures Operating and m
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Refined product sales including Tra
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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 For the full year 2006,
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Presentation of production activiti
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Europe Business overview Exploratio
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Africa TOTAL has been present in Af
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this zone through its subsidiaries
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North America Since 2004, TOTAL has
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Trinidad & Tobago TOTAL holds a 30%
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TOTAL also has a 50% interest in th
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Europe TOTAL’s production in Euro
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K6-GT platform, in anticipation of
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The Group also holds a 20% interest
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Gas & Power The Gas & Power divisio
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Asia Pacific The Hazira re-gasifica
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In Morocco, Temasol, in which TOTAL
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Refining & Marketing As of December
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Refined products The table below se
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capacity oil recycling plant in Fra
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In 2006, the principal market bench
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Base Chemicals TOTAL’s Base Chemi
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Specialties TOTAL’s Specialties s
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Investments Main investments made o
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Property, Plant and Equipment TOTAL
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Board of Directors Executive Commit
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Management Report of the Board of D
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Market environment 2006 2005 2004 E
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Upstream results Liquids and gas pr
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Downstream results For the full yea
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Liquidity and capital resources Lon
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Research and development Research a
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Trends and outlook Outlook Since th
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Risk Factors Market risks p. 76 •
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The Group has implemented strict po
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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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TOTAL, like other major internation
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Insurance and risk management Organ
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Corporate Governance Board of Direc
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Daniel Bouton 56 years old. Inspect
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Bertrand Jacquillat 62 years old. A
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Michel Pébereau 64 years old. Hono
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Management General Management On Ma
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Corporate Governance Compensation o
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Pensions and other commitments (Art
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Within this framework, the Board’
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Members of the Audit Committee may
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Messrs. Bouton, Collomb, Desmarais,
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establishes and maintains procedure
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Employees, Share Ownership, Stock O
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Corporate Governance Employees, Sha
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TOTAL stock options Corporate Gover
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Restricted share plans as of Decemb
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TOTAL and its shareholders Listing
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Four-for-one stock split The Genera
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Information Summary TOTAL and its s
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Dividends Dividend policy In accord
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Share buybacks The General Meeting
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Summary table of transactions compl
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cancels and replaces the unused por
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which was approved by the French Co
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Shareholder structure Distribution
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Non-resident individual taxpayers e
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The Committee also worked on the co
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2007 Calendar February 14 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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Pursuant to this authorization, the
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Potential capital as of December 31
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General information Share capital J
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Directors’ Charter and Committees
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Other matters Employee incentives a
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Information on holdings General inf
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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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On February 13, 2007, the Board of
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G. Earnings per share Earnings per
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equal to the market price. For unli
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The net periodic pension cost is re
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(iii) Portion of intangible assets
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A. Information by business segment
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Appendix 1 - Consolidated financial
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Page 195 and 196: ADJUSTMENTS TO OPERATING INCOME 200
Page 197 and 198: In 2006, gains and losses on sales
Page 201 and 202: Property, plant and equipment prese
Page 203 and 204: 14) Other non-current assets As of
Page 205 and 206: The variation of the weighted-avera
Page 207 and 208: 18) Employee benefits obligations P
Page 209 and 210: The components of the net periodic
Page 211 and 212: 20) Financial debt and related fina
Page 215 and 216: Impact on net income The amount of
Page 217 and 218: 23) Commitments and contingencies A
Page 219 and 220: Other guarantees given Non-consolid
Page 223 and 224: 25) Payroll and staff For the year
Page 225 and 226: The classification by strategy and
Page 227 and 228: B) Financial instruments related to
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Page 231 and 232: As a result of its policy for manag
Page 233 and 234: 3) The Group has recorded provision
Page 237 and 238: 53.2% 95.7% Elf Aquitaine 99.5% 100
Page 239: Oil and gas reserves p. 238 • Cha
Page 243 and 244: Changes in liquids and gas reserves
Page 245 and 246: Costs incurred in oil and gas prope
Page 247 and 248: Appendix 2 - Supplemental oil and g
Page 249 and 250: Other information Accounting for ex
Page 251 and 252: Appendix 3 - TOTAL S.A. Special aud
Page 253 and 254: (Free translation of a French langu
Page 255 and 256: Balance Sheet (TOTAL S.A.) Appendix
Page 257 and 258: Statement of changes in Shareholder
Page 259 and 260: 2) Property, plant and equipment As
Page 261 and 262: 6) Shareholders’ equity A) Common
Page 263 and 264: 7) Contingency reserves As of Decem
Page 265 and 266: 11) Translation adjustment The appl
Page 267 and 268: 20) Commitments As of December 31 (
Page 269 and 270: TOTAL share purchase options plans
Page 271 and 272: Appendix 3 - TOTAL S.A. Parent comp
Page 273 and 274: List of marketable securities held
Page 275 and 276: Distribution of earnings 2006 Net d
Page 277 and 278: Social and environmental informatio
Page 279 and 280: AVERAGE COMPENSATION PER MONTH - TO
Page 281 and 282: Environment Pursuant to French law
Page 283 and 284: Consolidated financial information
Page 285 and 286: European Cross Reference List 10. C
Page 288: TOTAL S.A. Registered Office: 2, pl
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