The company's current operated production of over 250,000 boepd comes from both onshore and offshore blocks (OMLs 58, 99, 100 and 102). Deep offshore blocks OPL 222 - Uka, Uran and OPL 246 - Akpo are currently being evaluated prior to development.

In addition is our 10% equity in the NNPC/Shell/Total ENI Joint Venture operated by Shell, which covers 48 blocks with capacity for producing more than 1 million barrels of crude oil per day and a 12.5% interest in an exploration partnership operated by Shell subsidiary SNEPCO, covering two deep offshore blocks (OPLs 212 and 219), including the giant Bonga field soon to start production.

Total Upstream is technical advisor on the deep offshore block OPL 246 in association with an indigenous company - South Atlantic Petroleum operator and Braspetro.

While full of challenges, our future is encouraging. Our development portfolio holds much promise:

• Amenam/Kpono started production in July 2003 with a plateau production potential of about 125,000 bopd.

• Ofon complementary development is planned to begin in 2005.

• Work continues for the production and exporting of gas for LNG trains 4 and 5; this will help us to eradicate gas flaring by 2008.

• Plans are underway for the development of Nkarika, Ikike, Emen and other discoveries in the coming years.

• The Amenam/Kpono project is being expanded to become and oil and gas export project (AKOGEP).