Offshore staff

PARIS -- Total Gabon and the Republic of Gabon have signed an agreement to renew for 25 years the convention of establishment, which expired on June 30, 2007.

The convention of establishment defines, among other things, the legal and tax system governing Total Gabon's concessions, operating licenses, and crude transportation installations. It covers 17 concessions and operating licenses representing an area of nearly 1,500 sq km (579 sq mi) and more than 60% of Total's share of output in Gabon (more than 50,000 b/d in 2006).

The system was updated to promote exploration and development and to support oil and gas production in Gabon. As a result, Total is considering additional development of its 100% owned Anguille field, which came onstream in 1966. A final investment decision could be made by the end of 2007.

This project would add more than 100 MMbbl of proved and probable reserves and 30,000 b/d of oil in the first half of the next decade, Total says.

7/6/2007