By KUNA
Paris : French oil company Total on Wednesday reported its “adjusted net profit” had declined by 3.0 percent in 2007 to 12.2 billion Euros, but in dollar terms net profits rose 6.0 percent to USD 16.7 billion in view of fluctuating exchange rates.
In a statement, Total CEO Christophe de Margerie said that the dollar has lost about eight percent of its value against the Euro in 2007, giving a better result in the US currency.
The CEO noted that oil prices had also risen and that the Brent benchmark price was up 11 percent last year when compared with 2006.
Total also reported an increase in upstream oil and gas production, which continued throughout 2007.
This was confirmed in the fourth quarter when output rose 2.4 percent to 2.
4 million barrels of oil equivalent (mboe). For all of last year, upstream oil and gas production rose 1.5 percent to 2.
39 mboe. The bulk of the production increase came from Angola and the Middle East, the French company indicated in a statement.
Total also said that it had continued its investment policy worldwide and had increased investment levels by 8.0 percent in 2007 to just over USD 16.1 billion dollars.