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08.05.2008 General News

Total Records Growth

By BBC - newtimesonline.com

French energy firm, Total, has seen first quarter profits rise, as rising oil prices helped counter the negative impact of exchange rate changes.

Net profit for the three months to the end of March reached 3.2bn euros (£2.5bn), up from 2.9bn euros for the same period in 2007.

But the firm saw a drop in production levels and gave no indication of what production would look like in 2008.

While oil prices have hit record highs, production costs are also increasing.

In February, state-controlled Total said it expected a 'significant' rise in oil and gas production in 2008, but problems at its North Sea Elgin-Franklin gas field have since dented output.

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