A Review of the Nigerian Energy Industry

Total first quarter profit slips as refining weighs

27 April 2012, Sweetcrude, HOUSTON – French oil group, Total, recorded a 1 percent decline in first-quarter adjusted net income on Friday due to tough refining and chemicals activities and as production of oil and gas remained flat.

Total said in a statement taht adjusted net income, which excludes special items, slipped to 3.07 billion euros ($4.06 billion) in the quarter.

The company brought on stream earlier this year the offshore Usan oil field in Nigeria as well as other production facilities in the Islay field in the North Sea and the Bongkot field in the Gulf of Thailand.

These are expected to help it meet its goal of growing production by 2.5 percent a year at $100 a barrel.

Still, hydrocarbon production reached 2.372 million barrels of oil equivalent a day in the first quarter, stable versus the same period a year earlier, Total said in the statement.

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