Total's Profits Drop 3 Percent

French oil giant Total has posted a three percent drop in profits to €3bn (US$4.37bn), but has revealed a 2.5 percent increase in upstream production for the third quarter 2007.

The drop has been attributed to lower gas prices and refining margins mixed with an increase in Brent crude prices against the falling dollar.

"Compared to the third quarter 2006, the environment in the third quarter 2007 was mixed", says Total CEO Christophe de Margerie.

In the last financial quarter Total has launched its Ofon II project in Nigeria and started production of the Dolphin development in Qatar and the Snohvit gas field in Norway.

By staff writer