Total S.A
The current Chief Executive Officer of the company is Christopher de Margerie and the company was founded in 1924.
Its business cover the entire oil and gas chain, from crude oil and natural gas exploration and production to power generation, transportation, refining, petroleum product marketing, and international crude oil and product trading. Total is also a large-scale chemicals manufacturer. The company has its head office in the Tour Total in the La Defense district Courbevoie, West of Paris.
Also See: Total's chairman/CEO Christophe de Margerie dies in plane crash
Total S.A was founded after World War I, when the then French Prime Minister Raymond Poincare rejected the idea of forming a partnership with the Royal Dutch Shell in favor of creating an entirely French oil company.
At Poincare’s behest, Col. Ernest Mercier with the support of ninety banks and companies founded Total on March 28, 1924, as the compagnie Françoise des peroles (CFP), literally the “French Petroleum Company”. Petroleum was seen as vital in the case of new war with Germany.
Following an agreement reached during the San Remo conference of 1920, the French State received the 25% share held by Deutsche Bank in the Turkish Petroleum Company (TPC) as part of the compensation for war damages caused by Germany World War I.
French government’s stake in TPC was later transferred to CFP and the Red Line agreement in 1928 rearranged the shareholding of CPF in TPC (later renamed the Iraq Petroleum company in 1929) to 23.75%.
The company during the 1930s was engaged in exploration and production, primarily from the Middle East. Its refinery began operating in Normandy in 1933.
After World War II, CFP engaged in oil exploration in Venezuela, Canada, and Africa while pursuing energy sources within France. Exploration in Algeria, then a French colony, began in 1946, with Algeria becoming a leading source of oil in the 1950s. In 1954, CFP introduced its downstream product- Total brand of gasoline in the African continent and Europe.
The company renamed itself Total CFP in 1985, to build on the productivity of its gasoline brand. Later in 1991, the name was changed to Total, when it became a public company listed on the New York Stock Exchange.
French government in 1996 reduced its stake in the company from 30 percent to less than 1 percent, foreign ownership of the firm increased from 23% to 44%.
Total took over Petrofina of Belgium in 1999, it became known as Total Fina. It also acquired Elf Aquitaine and they took the name TotalFinaElf which later renamed back to Total on 6 May 2003.
In 20003, Total signed for a 30% stake in the gas exploration venture in the kingdom of Saudi Arabia (KSA)- South Rub’al-Khali joint venture along with Royal Dutch Shell and Saudi Aramco. The State was later bought out by its partners.
In May 2006, Saudi Aramco and Total signed a MOU to develop the Jubail refinery and Petrochemical Project in Saudi Arabia which targeted 400,000 barrels per day (bpd). On 21 September 2008, the two companies officially established joint venture called SAUDI ARAMCO TOTAL Refining and Petrochemical Company (SATORP)- in which a 62.5% stake was held by Saudi Aramco and balance of 37.5% held by TOTAL.
During the 2009/2010 Iraqi Oil Services contracts tender; a consortium led by CNPC (37.5%), and which included TOTAL (18.75%) and Petronas (18.75%) was awarded a production contract for the “Halfaya field” in the south of Iraq, which contains an estimated 4.1 billion (650,000,000m3) of oil.
Total is one of the major oil companies with over 96,000 employees and operates in more than 130 countries.
In November 2012, Total announced it was selling its 20% stake and operating mandate in its Nigerian offshore project to a unit of China Petrochemical Corp for $2.5 billion.
In 2013, Total started the operation at Kashagan with North Caspian Operating Company. It is the biggest discovery of oil reserves since 1968
Total S.A is French multinational integrated oil and Gas Company and one of the six “Super major” oil companies in the world.
The Head office is in Tour Total in the La Defense district in Courbevoie, France, near Paris. The building was originally constructed between 1983 and 1985 for Elf Aquitaine; Total S.A acquired the building after its merger with Elf in 2000.
Christophe de Mergerie has been the CEO since 14 February 2007. His total annual compensation for this role is E2,746,335, consisting of a E1,250,000 salary and E1,496,335 bonus.
Company revenue: E182.299 billion (2012)
Operating income: E22.409 billion (2012)
Profit: E10.694 billion (2012)
Employees: 97,126 (2012)
Website: www.total.com
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