Exploration and development
TOTAL’s Exploration & Production activities aim at continuing to combine long-term growth and profitability at the level of the best actors of the industry.
TOTAL evaluates exploration opportunities based on a variety of geological, technical, political, economic (including taxes and license terms), environmental and societal factors and on projected oil and gas prices. Discoveries of new fields and extensions of existing fields have brought an additional 2,446 Mboe to the
Upstream segment’s proved reserves during the 3-year period ended December 31, 2014 (before deducting production and sales of reserves in place and adding any acquisitions of reserves in place during this period). The net level of revisions during this 3-year period is +181 Mboe, which was due to the overall positive
revisions in field behaviors partially offset by the negative impacts of the increase of bitumen price in Canada (from $50.4 / b in 2013 to $60.3 / b in 2014 for Synbit), the increase in U.S. onshore gas price
(from 2011 ($4.21 / MBtu) to 2012 ($2.85 / MBtu) for Henry Hub) and a perimeter change in two projects.
In 2014, the exploration investments of consolidated subsidiaries amounted to $2,608 million (excluding exploration bonuses), primarily in Angola, Brazil, Norway, South Africa, Iraq, Malaysia, Côte d’Ivoire, Indonesia and Libya. Exploration investments of consolidated subsidiaries amounted to $2,926 million in 2013 and $2,701 million in 2012. For 2015, the exploration budget has been reduced to $1.9 billion to reflect the new market environment.
The Group’s consolidated Exploration & Production subsidiaries’ organic(1) investments amounted to $23 billion in 2014, primarily in Angola, Norway, Australia, Canada, Nigeria, the Republic of the Congo, Russia, the United Kingdom, Indonesia, Gabon, the United States and Kazakhstan. The Group’s consolidated Exploration & Production subsidiaries’ organic investments amounted to $24 billion in 2013 and $20 billion in 2012.