Total to move financial personnel to London

Christophe de Margerie, Total05 August 2013, News Wires – French supermajor Total is to move some of its financial management personnel to London in a bid to be closer to international financial markets, according to reports.

The Paris-based oil giant is also to send over a team of financial communications personnel in the planned move first unearth by French new outlet Mediapart.

A Total spokesperson confirmed the intended move to Reuters, saying that no more than 70 people would be moving, most from the corporate treasury department.

“It’s currently under discussion with social partners, trade unions. It would concern 60 to 70 people, maximum 70 people, out of the group’s 100,000 staff,” the spokesperson told the news wire.

“The idea is to get closer to London, which is the oil trading and financial centre of Europe to allow the group to improve its international visibility.”

All other departments, including overall management, would remain in France.

“Total pays and will continue to pay its taxes in France,” the spokesperson continued.

The French oil giant saw a dip in second-quarter profit on the back of a slump in oil prices while revenues also sank.

The upstream segment in particular suffered a sizeable year-on-year percentage regression in terms of operating profit but downstream was much better.

Adjusted net profit for the three months to the end of June was EUR 2.7 billion ($3.59 billion) as against EUR 2.79 billion in the comparable period a year ago. It was also down on the EUR 2.86 taken in the first quarter this year.

Total sales came off 4% from EUR 49.14 billion to EUR 46.97 billion with the upstream segment dropping 7% from EUR 2.51 billion to EUR 2.33 billion.

Total actually managed to increased overall production by 1% from 2.26 million barrels of oil equivalent per day to 2.29 MMboepd. However, total liquids production was down 5% to 1.16 million barrels per day while total gas production was up 8% to 6.17 million cubic feet per day.

– Upstream

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