Total SA Seeks Oil in East Africa

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Total has more than 96,000 employees and ranks as the fifth-largest publicly-traded global oil and gas company. (Photo: Patrick Moore)
Total has more than 96,000 employees and ranks as the fifth-largest publicly-traded global oil and gas company. (Photo: Patrick Moore)

BUSINESS

  • Total looking for new oil discovery opportunities in East Africa
  • Oil production from Yeman, where Total operates, dropped due to industrial strike

French oil giant Total SA will begin searching for oil in two unnamed East African nations, said Denis Francois, a vice president for the company. Francois said that Total, the third-largest oil company in Europe, is looking for new oil discoveries and is open to working with other companies that have previously discovered oil.

Total imports oil from several countries in Africa, receiving about a third of its oil from the nation. The company is willing to take on risk with the possibility of obtaining high rewards, Bloomberg reported.

Oil production from Yeman, where Total also operates, dropped due to an industrial strike at a block controlled by Nexen Inc., of Canada. Total produced 66,000 barrels of oil a day in Yemen.

Shareowners of Total as of the close of market on May 17, 2011 may be able to receive a dividend of $1.34 per share. Total's price per share was $57.03 as of May 17, 2011 with a dividend yield of 4.5%.

Among Global Oil Leaders

French Total SA is considered a global leader for oil, among industry competitors such as BP, Royal Dutch, Chevron, Exxon Mobil and Conoco Phillips. Total manufactures chemicals and has an interest in solar, nuclear and other forms of energy.

With headquarters near Paris, Total has more than 96,000 employees and ranks as the fifth-largest publicly-traded global oil and gas company.

Key Statistics – Oil Production in East Africa (source: Datamonitor)

  • Tanzania's oil and gas production increased at a 70% compound annual growth rate (CAGR) from 2004 to 2009; CAGR is predicted to rise by 5% over 2009 to 2030.
  • Uganda's offshore oil and gas production is predicted to grow at a pace of 22% CAGR from 2012 to 2030.

By C. Williams for
C. Williams is a journalist based in the United States. She has been covering the news for over a decade.

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