Total-Annual Report 2011

nergies!
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PERSPECTIVES 2011 / ANNUAL REPORT
Oil and gas are our core business. Exploring,
discovering and bringing new fields on stream
drive our growth.
Confronted with a demanding competitive
environment, Total is adapting and evolving.
An integrated business model, competitiveness
and industrial excellence are our lead strengths.
Preparing the energy future means making
clear choices now. Photovoltaic solar energy
and biomass are the two resources were
promoting.
Being in the right place at the right time is the name
of the game. The Middle East and the Asia-Pacific
region are experiencing economic booms. Now more
than ever, were there on the spot.
GROW
OPTIMIZE
DIVERSIFY
EXPAND
01 POINTERS
02 WHO WE ARE
03 OUR STRATEGIC VISION
04 MESSAGE FROM THE
CHAIRMAN & CEO
We need profits in order
to invest, stay financially
healthy and deliver
shareholder return.
Its vital to move forward
regardless of the business
environment.
Christophe de Margerie,
Chairman & Chief Executive Officer
08 Oil and Gas Still Very Much
in the Picture
09 Expanding Our Acreage
10 Boldness Pays Off in Exploration
12 A Conversation with Marc Blaizot,
Senior Vice President,
Exploration
14 High Technology
in the Deep Offshore
17 New Natural Gas Resources
20 The Promise of
Unconventional Gas
22 Downstream and Chemicals
Reorganize
24 Conversations with Patrick Pouyann,
President of Refining & Chemicals,
and Philippe Boisseau, President
of Supply & Marketing
27 World-Class Industrial Facilities
29 A Conversation with Bernadette
Spinoy, Senior Vice President,
Refining & Petrochemicals Eastern
Hemisphere
36 A Place in the Sun
38 A Conversation with
Jean-Yves Daclin, Vice President,
Photovoltaic Solar
39 Meeting the Challenges
of Biotechnology
08
Energy reinvents itself every day, constantly
becoming more efficient, accessible, creative
even astonishing.
INNOVATE
40 Energy for People Without
42 Filling Up the Total Concept Car
with Inventions
44 Total access and Total Ecosolutions
40
22
36
30
1
2
4
9
Lets take
a chance on
new ideas!
An unexpected showcase
of our know-how.
Total scales up
in photovoltaic
solar energy.
Understanding
the dynamics
of emerging
markets.
Whether you plan to scan our report
quickly or read every word of it, our
estimated times for a selection of
articles will help you decide which
ones to pick based on how many
minutes you have to spare.
30 Jubail, a Refinery Deep in the Desert
32 A New Wind Blows Across
the Middle East
33 Exciting Developments
in Asia
45 OUR 2011 PERFORMANCE
50 CORPORATE GOVERNANCE
52 SHAREHOLDERS NOTEBOOK
54 GLOSSARY
4
Two new businesses
to enhance
competitiveness
and agility.
CONTENTS
Total is more of a global energy operator
than ever. We continue to grow in our original
business oil and gas exploration and
production discovering giant fields and
bringing on stream projects such as Pazflor and
Usan. We are also becoming a major renewable
energy company, especially in solar and biomass.
Lastly, we are fine-tuning our integrated
business model to optimize the synergies among
our activities and become more agile at serving
our markets. All to achieve a single goal:
constantly improving our ability to meet
the worlds energy needs.
JUNE 15
Spotlight on solar: Total
becomes a global leader
in the photovoltaic industry
after acquiring a majority
stake in SunPower.
AUGUST 26
Production begins from
the Pazflor field in Angola,
an extraordinary offshore
development.
SEPTEMBER 9
Oil is discovered on French
territory or, more
accurately, offshore
French Guiana.
OCTOBER 10
Downstream and Chemicals'
reorganization announced,
to enhance their industrial
competitiveness and
marketing performance.
NOVEMBER 8
Total celebrates 20 years
in Russia, a strategic region
in terms of natural gas
resources. We are now
a shareholder in Novatek.
BILLION
Sales
184.7
BILLION
Gross capital expenditure
24.5
BILLION
Adjusted net income
11.4
INTEGRATED, INTERNATIONAL
OIL COMPANY in the world
5
th-
RANKED LISTED,
EMPLOYEES
worldwide
96,104
Operations in more than
130

COUNTRIES
Use your smartphone to read
this QR code, found throughout
the report, and go to the mini-site at
http://annual-report.total.com
Words
highlighted
in gray
are defined
in the glossary.
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01 POINTERS PERSPECTIVES 2011 ANNUAL REPORT
top-tier international oil company, Total is also a global gas and petrochemical
operator. Today, in response to soaring energy demand, we are stepping up our expansion
into solar and biomass. Going forward, we define ourselves as an energy company. Our mission
is to enable as many people as possible to access energy. To do that we are counting first
and foremost on oil and gas, which are far from being depleted. Our oil and gas activities
range from exploration and production to refining,
shipping and trading.
Choices to Help Us Diversify
We are also investing in renewable energies,
opting to branch out into photovoltaic solar
energy and biomass in particular. We have
moved up our timeline for capital expenditure
in those sectors, so that we can offer efficient,
reliable solutions to partner fossil energies.
Total is also a world-class chemical producer.
We make polymers as well as fertilizers, leveraging our integrated business model to do so.
We also produce specialty chemicals, an activity that encompasses elastomer processing,
adhesives and electroplating.
GROW INNOVATE DIVERSIFY DISCOVER PRODUCE EXCELLENCE SHARE OPTIMIZE MEET BOLDNESS SUCCESS CROSS-
L O O K A H E A D L I S T E N I N G G R O W I N N O V A T E D I V E R S I F Y D I S C O V E R P R O D U C E E X C E L L E N C E S H A R E O P T I M I Z E M E E T B O L D N E S S
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a
WE ARE AN
ENERGY COMPANY
Based in more than 130 countries,
our some 96,000 employees produce
the energy and products the world
needs while putting into practice
the four cornerstone behaviors
of the Total Attitude:
Boldness.
Mutual support.
Listening.
Cross-functionality.
02 WHO WE ARE
A
mbition
AA
To realize our ambition, we are leveraging our integrated business model, which enables us
to capture all of the synergies in our business base. Together, our commitment to ethical
practices, safety and corporate social responsibility form a shared foundation for our four
strategic objectives:
Drive profitable, sustainable growth in our exploration and production operations.
Develop competitive, top-tier refining and petrochemical platforms.
Respond to customer needs by delivering innovative solutions, particularly
in terms of energy efficiency.
Focus on two renewable energies, solar and biomass, to secure the energy future.

To responsibly enable as many
people as possible to access
energy in a world of constantly
growing demand.
Our vision is to be an energy company, a leading international oil company and a global operator
in gas, petrochemicals and, tomorrow, biomass and solar energy.
STRATEGIC
OUR
AA
Mission
AA
Our
VISION
TRATEGIC TRATEGIC
OUR
03 PERSPECTIVES 2011 ANNUAL REPORT - OUR STRATEGIC VISION
A Conversation
with
chairman & CEO
We need profits in order
to invest, stay financially
healthy and deliver
shareholder return.
Its vital to move
forward regardless
of the business
environment.
MESSAGE FROM THE CHAIRMAN & CEO 04

IN 2011, OUR INTEGRATED
BUSINESS MODEL DEMONSTRATED
ITS EFFECTIVENESS
PHILIPPE MANIRE
is a consultant and
essayist. He spent
20 years as a journalist,
with publications such as
the daily Le Quotidien de
Paris, the business
weekly Le Nouvel
conomiste and the
weekly news magazine
Le Point, as well as on
radio stations Europe 1
and BFM.
He subsequently headed
the Institut Montaigne
think tank, which he left
in 2008 to set up his
own consulting firm,
Footprint > consultants,
to serve corporate
executives and public
decision-makers. He is
also a columnist for
weekly news magazine
LExpress and has
published several
essays, including 2012s
Le pays o la vie est plus
dure [The Country Where
Life is Harder].
Philippe Manire: Total experienced a serious
event in March 2012 a gas leak on the Elgin
wellhead platform in the North Sea. Doesnt it
call into question the safety of your facilities?
Christophe de Margerie: The Elgin gas leak is a serious
incident, but fortunately no one was hurt. The UK Depart-
ment of Environment and Climate Change itself has said
that the environmental impact is not significant, though
any impact at all is always unacceptable. Id like to empha-
size that the leak involves gas, not oil. We responded to
the situation by applying two fundamental principles.
One is personal safety, our top concern: the first deci-
sion we made was to evacuate everyone from the plat-
form. The second was transparency, both with respect
to the UK authorities, the general public and of course
our employees.
After BPs accident in the Gulf of Mexico, we reviewed
the integrity of all our sites, including the Elgin well-
head platform. Unfortunately that wasnt enough, but
we remain committed to safety. We must take steps
to ensure that such incidents do not happen again. We
must constantly strengthen the operational standards
of our businesses, and not just in the Upstream; refining
and road transportation, for example, are also, inevita-
bly, high-risk activities. We know that. We made
immense strides in 2011, sharply reducing the number
of incidents. But its not enough we must do better,
and then better still. Safety is more than ever Totals top
priority, and we focus on it every day.
P. M.: 2011 saw another business and financial
slump, which didnt stop Total from posting
profits of more than 11billion. You seem immune
to the recession unlike many households.
C. de M.: Were a long way from the record earnings of
2008, but a big part of who we are is an integrated
upstream-downstream company. As it happens, in the
area were investing in most heavily the upstream
we benefited from a favorable environment, with oil
prices averaging $111 a barrel for the year. The down-
stream situation is much more mixed, with refining as
a whole posting a deficit, petrochemicals hit by the
sharply deteriorating economy in the second half, and
marketing and specialty chemicals holding their own
quite well.
Remember that we need profits in order to invest, stay
financially healthy and deliver shareholder return. Thats
why its vital to keep reshaping our company, to allow it
to move forward and to maintain a satisfactory level of
profitability and capital expenditure regardless of the
business environment.
P. M.: How do you explain the startling
disconnect between oil prices and
the economy?
C. de M.: The fact is, oil is not an ordinary commodity: its
price is not, or not any longer, the result of a simple tug
of war between supply and demand. That is quite clear
right now, with prices climbing despite the fact that
theres enough oil to meet demand. So its not a problem
of reserves. Speaking of which, Total had a nearly 200%
reserve replacement rate, our best performance in a
long time.
The markets are actually factoring in geopolitical insta-
bility that could jeopardize not just supply, but also the
industrys ability to develop new reserves. Added to
Watch the video
interview with
Christophe
de Margerie.
05 PERSPECTIVES 2011 ANNUAL REPORT
that is the fact that oil is increasingly difficult to find
and more and more expensive to develop.
P. M.: The periods other troubling phenomenon
is the strong regional disparity in gas prices,
which are high in Asia but historically low
in North America. How do you explain that
and what are you doing to adapt to it?
C. de M.: The Fukushima accident sent demand for gas
soaring because gas, which is cleaner than coal and
even oil, is the best substitute for nuclear power. Thats
true all over the world, including in the United States,
where most power plants have switched over to gas.
Its even truer in Asia, where demand for energy is not
letting up. However, at the same time significant gas
finds were made in the United States. Since the U.S. market
has very few export capabilities, prices there have
plummeted, hence the geographic divide. Thanks to our
strong positions and recognized LNG know-how, Total
quickly adapted to the situation by shipping available
cargoes to the areas of highest demand, thereby enjoy-
ing better terms and conditions while helping to ease
the pressure in the market.
P. M.: The United States new production
consists mainly of shale gas. Its development
has often seriously damaged the areas
concerned, prompting France to ban it.
How do we balance peoples legitimate
concerns and the need to produce energy?
C. de M.: People have often generalized based on iso-
lated examples. Admittedly, some questionable methods
have been used in the past. They are not our methods.
At any rate, I notice that the United States has created
600,000 direct jobs in the shale gas industry, with very
positive impacts on growth. In France, where people
complain endlessly about deindustrialization, we need
to keep in mind that energy prices are a basic component
of industrial competitiveness: you cant simultaneously
demand lower prices and rely on imported gas and oil,
whose prices are rising.
Its our job to convince people that its possible to develop
this resource in France too, but cleanly. Meanwhile, weve
decided to join the quest in the countries that allow it,
the United States, Poland and also China, where this type
of unconventional gas is a major energy issue.
P. M.: Your goal was to position Total as a multi-
energy company and today you are very active
in photovoltaic solar energy. Regulations in
that field, too, are moving in a less-than-
favorable direction, with a decrease in feed-in
tariffs. Are you still interested in this sector,
which is languishing as a result of surplus
capacity?
C. de M.: Subsidies have in fact been cut in France and
several European countries. They were probably too
high to begin with, but its dangerous to play a go-stop-
go fiscal game that deprives businesses of the visibility
they need to invest for the long term. Im convinced that
solar has a place in the energy mix and that our invest-
ment in SunPower, whose technology is remarkable, will
pay off: todays surplus capacity will not last.
That said, we would be fooling ourselves to think that
renewable energies can replace fossil fuels overnight.
We have to realize that, given the scale of demand, the
world will need every available type of energy. By 2030,
renewable energies will rise to 4% of final demand from
1%, which is already a big jump. A responsible company
like Total cannot sit on the sidelines, for the planets
sake and also if we want to better serve our customers.
Here at Total, we made choices, which included develop-
ing solar energy in which weve become a major player
and biofuels. But fossil fuels as a share of global energy
demand, though declining, will only fall from 80% to
76% over the next 20 years, in a market that is growing
at a rate of 25% itself. So they will continue to play a
crucial role. That tells you how important it is that we
stay ambitious in our core business.
P. M.: Unlike some of your competitors,
you wanted to continue downstream
operations, but have reorganized them
into two new businesses, Refining
& Chemicals and Supply & Marketing.
C. de M.: Im a big believer in the idea that since were
responsible for producing oil, we should also be respon-
sible for selling it, profitably and efficiently. Before we
reorganized we had an integrated refining and market-
ing model, like most of the other majors.
06 MESSAGE FROM THE CHAIRMAN & CEO
By separating refining and marketing, we have created
two aligned businesses, both of which we are counting
on to generate profits and drive Totals growth. Were
not turning our back on our integrated business model,
but we are changing the way we integrate our activi-
ties. There is a real rationale for that decision. Refining
and petrochemicals are essentially the same fields. It
makes sense to consolidate them to make them stronger.
For its part, the new, independent Supply & Marketing
business will find it easier to advance our goals with
respect to retail distribution, a sector that still has sig-
nificant untapped growth potential globally.
P. M.: In the summer of 2011 you predicted
that gasoline prices would hit 2 a liter and
you took a lot of heat for it. In the spring
of 2012, they have. How does it feel to be
proved right? How do you see drivers worries
about fuel prices?
C. de M.: I did say that the 2 mark would be reached
some day, but I was hoping it would be as far in the
future as possible. The price of oil rose much faster
than expected and has been passed on in prices at the
pump, which have a retail margin this really cant be
repeated often enough of just one euro cent per liter.
Most of the price consists of taxes and, of course, the
price of oil. So the best way to hold prices down is to
produce more oil and more energy including non-
petroleum-based fuels such as biomass and biofuels
to ward off the risk of tight supply. So what I said about
gasoline prices shouldnt create anxiety: its a realistic
yet positive message, encouraging everyone involved
to become aware of the issues and challenges.
Total fully realizes the impact high gasoline prices have
on end consumers and we are constantly working to
find solutions. With the rollout of the Total access service
station concept in France, we are phasing in more compet-
itive solutions that will also help us regain market share.
Safety is more than ever
Total
s top priority, and

we focus on it every day.

Total had a highly productive year in 2011, discovering major fields,
bringing innovative projects on stream and making headway in LNG.
A bold plan of attack keeps our exploration and production activities growing.
ere more bullish than ever about the
future of oil and gas. With global energy demand
steadily rising, they have a vital role to play. In 2030,
fossil fuels will still make up 76% of the energy mix
and remain the most effective resources for meeting
needs.
We have set three goals to take our core business
forward: to continually replace our reserves , either
through new discoveries or partnerships with resource
holders; to maximize our existing production; and to
bring our building block projects on stream as quickly
as possible.
Of course, finding and producing oil and gas is grow-
ing ever more complex and technically demanding.
But our skills and expertise enable us to regularly
push the envelope. In 2011, we made major strides
and our reserves and production capacity climbed.
Higher Production Forecasts
We discovered major fields in Azerbaijan, Bolivia and
French Guiana. We brought Angolas giant Pazflor
field on stream and got ready to start up production
from Nigerias Usan which we did in early 2012.
These two deepwater finds required top-tier exper-
tise and cutting-edge technology. We finalized major
partnership agreements including with Novatek
in Russia giving us access to new gas reserves.
Lastly, we made further inroads in the fast-growing
unconventional oil and gas sector, by developing
projects or taking positions in Argentina, Australia,
Canada, Poland and the United States.
These accomplishments have allowed us to lift our
production growth forecasts to an average of 2.5%
a year between 2010 and 2015.
w
STILL VERY MUCH
IN THE PICTURE
as,
ENERGY MIX
All the energy
sources used
to meet demand.
oil
AND
08 GROW
UGANDA
FEBRUARY 2012
Finalization of the agreement
announced in March 2011 with Tullow
and CNOOC. Total has a 33.33%
working interest in the EA-1 (Total
operator) and EA-2 licenses , in the
Kanywataba license and in the
Kingfisher production license. All are
located in the Lake Albert region,
where oil resources have already been
discovered and which has significant
exploration potential.
MAURITANIA
JANUARY 2012
Acquisition of a 90% interest in two
licenses that we operate alongside
national oil company SMH (10%):
Block C9, spanning an area of more
than 10,000 square kilometers
roughly 140 kilometers offshore
western Mauritania, in water depths
ranging from 2,500 to 3,000 meters.
Block Ta 29 in the Taoudeni Basin,
1,000 kilometers east of Nouakchott,
deep in the Sahara desert.
INDONESIA
2011
Several deals to acquire interests were
signed across the country:
A 50% interest in the 1,500-square-
kilometer Kutai Timur coalbed
methane (CBM) block, in East
Kalimantan province.
A 100% stake in the South West
Birds Head exploration block ,
a 7,200-square-kilometer onshore
and offshore block in West Papua.
The deep offshore Sageri (50%),
South Sageri (45%) and Sadang (30%)
blocks.
An interest in the South Mandar Block
in the southern part of Makassar Strait.
ANGOLA
DECEMBER 2011
Three exploration licenses and three
production sharing agreements signed
with national oil company Sonangol.
The blocks are located in the deep
offshore Kwanza Basin, in still largely
unexplored subsalt plays.
Block 40: 7,604 square kilometers,
in water depths ranging from 1,500
to 3,400 meters. We are the operator
with a 50% stake.
in water depths ranging from 700
to 2,200 meters. We are the operator
with a 35% stake.
in water depths ranging from 1,330
to 3,400 meters. We are a partner
in the block, with a 15% stake.
KENYA
SEPTEMBER 2011
Acquisition of a 40% interest in five
licenses in the Lamu Basin in the Indian
Ocean, offshore acreage spanning
more than 30,500 square kilometers,
with water depths ranging from
100 to 3,000 meters.
QATAR
MAY 2011
A partnership agreement with
CNOOC Middle East Ltd. (operator)
to acquire a 25% interest in the BC
exploration license awarded by
the Qatar government. The block,
located 130 kilometers east of
the Qatari coast, covers an area of
5,649 square kilometers, in water
depths ranging from 15 to 35 meters.
Before we can explore plays and find
oil and gas, we need access to
acreage. The only way we can keep
replacing our reserves is if we
acquire interests in exploration
licenses. Growing our exploration
portfolio now is how we boost our
chances of making valuable
discoveries in the future. Opposite,
a selection of the interests we
acquired around the world in 2011
and early 2012.
EXPANDING
OUR
ACREAGE
December1, 2011
A FIRST IN CANADA
The Canadian government has approved our
Joslyn North Mine project to extract oil sands
crude. The decision is an important milestone
for Total as an operator in Canada. It also shows
that the Canadian authorities are confident in our
ability to develop this unconventional resource
safely and responsibly. Preliminary work began
in 2012 to prepare construction of a mine expected
to commence operations in 2018 and to produce
100,000 barrels of bitumen a day at plateau.
We have a
38.25% interest
in the Joslyn
North Mine,
which will be
developed in
partnership with
Suncor Energy.
he elephants are back! Alongside their little
brothers, big cats, these giant fields have been our
chief quarry for three years.
Totals aim is to add 700 million new barrels each
year through exploration. To achieve it, we are ori-
enting our strategy toward new and bolder types of
exploration, using two simple approaches: trying out
new ideas in already known plays and taking an
interest in regions where oil and gas have never
been discovered.
In 2011 our efforts paid off. In Azerbaijan, a giant
gas field was found in the Absheron Block. A first
well drilled in 2001 had come up dry. But innovative
thinking and new information about the regions
geology prompted us to start looking again in 2009
as an operator, and to explore farther north and
deeper, up to 6,550 meters below the seabed in a
water depth of 500 meters. Our exploration was
right on target.
A Good Hunch
In French Guiana we and our partners, have discov-
ered a brand-new oil basin. Located in the Guyane
Maritime license 170 kilometers northeast of Cayenne,
the oil reservoir was discovered at a depth of more
than 5,000 meters. It is thought to contain 0.5 to
1 billion barrels of oil. In deciding where to look, our
explorers followed their gut instinct: they suspected
that the regions geology might mirror the play in
which the Jubilee field, discovered in 2007 off the
coast of Ghana, formed on the other side of the
Atlantic.
We found our third elephant in Bolivia, by exploring
the Aquio Block north of Ipati, where a find had
already been made.
Hunches, bold moves and know-how spelled success as Total got back
to making major finds in 2011. We discovered a slew of oil and gas fields,
including three huge ones. They are our new elephants and big cats,
as such mammoth reserves are called.
BOLDNESS PAYS OFF
IN EXPLORATION
t
NEW FIELDS
are discovered in deeply buried
reservoirs, in increasingly complex
geological environments.
METERS
The Absheron exploratory well in Azerbaijan encountered
a 160-meter gas column that is estimated to contain
several trillion cubic feet of gas and condensate. 160
ELEPHANT
AND BIG CAT
Fields with
reserves of over
500 million and
200 million
barrels of oil
equivalent
respectively.
Senior managements greenlighting of
resumed exploration of the Absheron
field was a bold move on its part.
Bertrand Chevallier,
Geosciences Manager, Total E&P Azerbaijan
10 GROW
FRENCH GUIANA
The hunt continues for new fields;
the block to be explored stretches
over roughly 24,100 square kilometers.
NORTH
The Norvarg well in Norway
is Totals first Arctic find
as an operator.
A LATITUDE
OF MORE
THAN
72
The Aquio and Ipati Blocks contain huge quantities

of gas and condensate, with resources totaling close
to a billion barrels of oil equivalent.
Our survey of finds would not be complete without
mentioning the big cat tracked down in Norway, the
Norvarg field. Lurking at the bottom of the Barents
Sea, it is thought to hold 10 to 50 billion cubic meters
of very high-grade gas. Our new exploration drive is
well and truly off to a great start!
Protecting the Environment
in French Guiana
PRESERVING FRENCH GUIANAS FRAGILE ECOSYSTEM IS
ONE OF OUR MAJOR PREOCCUPATIONS. EVERYTHING
NEEDED TO DO SO IS ALREADY IN PLACE. French Guianas
coast is a rich and fragile ecosystem of rocky shores,
beaches some of which provide leatherback turtles with
a place to lay their eggs and mangroves teeming with
fish and crustaceans. It is also a hub for fishing, an
industry pivotal to the local economy. To protect it, risks
and hazards were thought through before exploration of
the remainder of the block began. Drilling operations,
especially projected pressures, are prepared meticulously.
Drilling parameters are controlled round the clock and
blowout preventers are tested. And response measures
are in place to capture, contain, recover and disperse spills.
In November 2011, the French government also tasked
an expert, Anne Duthilleul, with identifying the steps
required for environmentally safe operation that would
also deliver benefits for local communities. Her report
is due out in June 2012, with production not expected
to start before 2016 at the earliest.
Core samples taken during exploratory drilling
are stored at our Technical and Scientific Center
in Pau, France, for examination.
Before our discovery offshore
French Guiana, few people in
the oil industry believed there
was oil in the area.
Nigel Langridge,
Geographical Manager of Exploration Coordination
& Arbitration (CAE), Americas, Total Exploration
GROW 12
Our exploration has a new
emphasis that can be summed
up in two key words: boldness
and tenacity.
What are the new directions
of Totals exploration strategy?
Getting back on the track of major discoveries
and diversifying our acreage. Our goal is clear
adding 700 million new barrels a year. To do
that, we must focus our exploration on large-
scale prospects and strike out into new plays
and areas. The big game hunt is on! Were
willing to risk fewer positive wells, as long as
there are more barrels at the end of the day.
Practically speaking,
how do you manage that?
By stepping up the number of our licenses,
enhancing seismic interpretation and drilling
more wells. But most important, by regaining
a taste for innovation and risk-taking. We have
to take a chance on new ideas! Exploration is
hunting, after all: we must be able to detect
even the faintest scent, venture off the
beaten path, investigate and crosscheck our
leads. It boils down to a mindset that must be
our top priority.
Which plays do you have
the highest hopes for?
Frontier basins where no discoveries have
been made yet, such as abrupt margins, the
sudden transition areas between the continen-
tal shelf and the ocean, as in French Guiana.
And carbonate reservoirs underneath thick
salt layers, as in the Caspian Sea. We also need
to explore around and below existing fields,
like we did in the North Sea. And we plan
to keep expanding in unconventional oil and
gas, such as shale gas, shale oil and coalbed
methane, also known as coal seam gas.
What resources do you have
at your disposal?
We are one of the oil majors that invests the
most in exploration. In this ever more high-
tech and costly field, our budget has been
climbing steadily for three years, reaching
$2.1 billion in 2011. More important though,
our teams are highly motivated. They have a
real pioneering spirit we must keep cultivating!
Lets Take a Chance
on New Ideas!
A Conversation with
Marc Blaizot,
Senior Vice President, Exploration
PERSPECTIVES 2011 ANNUAL REPORT 13
chieving first oil is a long, hard slog. Buried
in increasingly hard to reach places, oil and gas
reserves are anything but easy to develop. Producing
fields hundreds of meters beneath the sea is a formi-
dable technological challenge. Pazflor in 2011 and
Usan in 2012 were decisive steps in our conquest of
the deep.
a
On the Pazflor project,
Total leveraged the pooled
competencies of an international,
integrated team, with even more
local participants than on
previous projects.
P
FIRST OIL
The first barrel
of oil produced
by a field when
it is brought
on stream.
e
e
e
p

O
f

s
h
o
r
H
IG
H
T
E
C
H
N
O
L
O
G
Y
IN
T
H
E
Pazflor and Usan, our tw
o m
ajor deepw
ater projects, are com
ing on stream

and pushing the envelope in every w
ay! Once again, w
e have w
on our
gam
ble to produce vast quantities of oil and gas in the ultra-deep offshore
1,200 m
eters of w
ater in the case of Pazflor. The projects, w
hich allied
unprecedented boldness and innovation, produced several w
orld firsts.
d
14 GROW
P
a
z
f
l
o
r
A World First with Pazflor
In late August 2011, Pazflor, one of the biggest
deep offshore oil projects ever undertaken, came on
stream several weeks ahead of the initial schedule
after 44 months of work. Located in the Gulf of Guinea
offshore Angola, it will produce 220,000 barrels a
day at plateau. The total capital expenditure for the
project was $9 billion.
In a world first on this scale, we pulled off the tech-
nological feat of separating the gas and liquids
(water and oil) on the mudline, in 800 meters of
water. The effluent comes from reservoirs more
than 1,000 meters under the seabed and is gathered
by an extensive network of subsea pipelines spanning
an area of 600 square kilometers. The goal is to pump
the heavy, viscous oil that makes up two-thirds of
Pazflors reserves into these units and then bring
it up to the giant FPSO the biggest built to date
to be processed and stored.
Innovating Through Subsea Separation
In addition to typical light oil, Pazflors reservoirs contain large quantities of heavy, viscous crude.
The technological innovation engineered to extract it involves separating the gas and liquids
on the seabed, in very deep water. This is done by three subsea separation units (SSUs)
and six hybrid pumps purpose-designed for the Pazflor project. The SSUs are real behemoths,
as tall as a seven-story building and weighing in at a thousand metric tons. Installed 800 meters
below the surface, they are built to withstand erosion for 20 years, says Gilles Lematre,
Subsea Production System Manager.
AT 325 METERS
LONG and 62 meters
wide, with a 32-meter-
high hull, the Pazflor
FPSO is the worlds
biggest to date.
It can store 1.9 million
barrels and accommodate
240 people. The Usan
FPSO is not far behind it:
both are big enough
to hold four soccer fields!
AT PAZFLORS
OFFICIAL
INAUGURATION
on November 22, 2011,
attended by Angolas
Minister of Petroleum
Jos Botelho de
Vasconcelos, Sonangol
Chief Executive Officer
Gaspar Martins and Total
E&P President Yves-Louis
Darricarrre, Totals
Chairman & CEO
Christophe de Margerie
hailed one of the worlds
most outstanding oil
projects ever.
FPSO
Floating
production,
storage and
offloading vessel.
Pazflor, the worlds biggest
FPSO to date, able to process
two very different grades of
oil, one light and one heavy.
49 wells, 180 kilometers of pipeline,
84 kilometers of umbilicals and 10,000 metric tons
of equipment installed across a 600-square-
kilometer area of seabed make the Pazflor subsea
network the most complex in the history of deep
offshore developments At peak, as many
as 4,500 people were working on the project
worldwide.
Watch the Pazflor
slideshow.
15 ANNUAL REPORT PERSPECTIVES 2011
U
s
a
n
WATER AND OIL
SEPARATION AND
DESALINATION
inside the hull are
other technological
firsts, designed
to limit the weight
and bulk of the
topsides.
Safety First and Foremost
The safety challenges on large-scale projects are daunting. This is especially true of the safety
of personnel. Thousands of people from several countries are involved, representing dozens
of different nationalities. On both Pazflor and Usan, they work in a complex environment,
especially during offshore installation and hookup. To avoid accidents, Total deploys
an organization grounded in stringent health and safety standards and makes sure that every
contractor working on the projects also adopts it. All equipment was designed and built
in accordance with the latest, toughest safety standards.
Usan Relies on Local Content
Usan, too, is a major-league player. Located a hun-
dred kilometers offshore Nigeria in water depths
of 750 to 850 meters, the field began production
on February 24, 2012.
2011 was spent on the final preparations towing
the mammoth FPSO from South Korea, where it was
built, then mooring it and hooking it up to flowlines
and wells. At plateau, Usan will be able to process up
to 180,000 barrels of oil per day.
The project took our Nigerian content policy to
another level, with 30% of spend going to local
businesses. That went for all the projects sectors and
phases, from engineering and fabrication to assembly
and offshore construction. And beginning in 2008,
project management was also based in Nigeria, in a
first that won plaudits from the government.
Besides creating direct jobs, our local content policy
helps consolidate the transfer of technical skills,
benefiting the local oil industry as a whole.
40 wells, 65 kilometers of pipeline,
70 kilometers of umbilicals and
8 production manifolds set up around
an FPSO anchored in the deep waters off
Port Harcourt 14 million hours worked
in Nigeria, an unprecedented amount of
local content, on this project.
16 GROW
GAS
NEW NATURAL
Gas will be the energy of the 21
st
century.
Demand is forecast to grow 2.5% a year for the next
10 years, ranking it second in the global energy mix
in 2030. Already the worlds number two producer
of liquefied natural gas (LNG), we continue
to expand our positions through a policy of
strategic partnerships. The impressive
projects that reached fruition in 2011
give a picture of the growth
under way.
RESOURCES
LIQUEFIED
NATURAL GAS (LNG)
Gas that has been
liquefied by cooling it
to -163C.
wo strategic projects, Ichthys LNG in Australia
and Yamal LNG in Russia, will cement our leadership
position in the liquefied natural gas market and
enable us to respond flexibly to rising global demand.
Europe, where demand is being driven by declining
gas production in the North Sea, is one example.
Another is Asia, a region that in 2010 took 60% of
global LNG production, or more than 130 million
metric tons. And finally and more generally, there are
all the countries that lack both domestic production
and land-based import infrastructure or that experi-
ence spot needs. That means LNG is the only source
of gas supply for Japan, South Korea and Taiwan.
Although China and India are already strong drivers
of global growth in LNG consumption, other coun-
tries are gradually joining the LNG importers club,
including Argentina, Brazil, Dubai, Indonesia, Kuwait
and Thailand, to name just a few. With so much at
stake for our production tomorrow, we are securing
the future with our LNG projects.
Australias Ichthys Megaproject
Ichthys is a gas and condensate field located north-
west of Australia in a water depth of 260 meters. Its
reserves are estimated at 3 billion barrels of oil equiv-
alent (boe) . Launched in partnership with Japans
INPEX, Ichthys is the regions first large-scale LNG
development. By end-2016, it will be producing
8.4 million metric tons of LNG annually. Its develop-
ment is costing $34 billion and represents one of
the largest capital expenditures ever made by Total.
We will assist our operator partner by lending it
our major project management know-how and our
technical expertise.
Arctic Gas in Russia
Russias Yamal Peninsula is known for two things: its
Arctic climate and just as striking its natural gas
resources. The region is home to around 14 trillion
cubic meters of gas. Thanks to a partnership agree-
ment signed in March 2011 with Russian gas pro-
ducer Novatek, Total is the first international oil
company to operate there. Our goal is to develop the
South Tambey field, with an estimated 1.25 trillion
cubic meters of gas in place, and to build a liquefac-
tion plant to export LNG. Christened Yamal LNG, the
project will give us access to proved and probable
reserves of some 800 million barrels of oil equivalent
(boe) through our 20% equity interest. Plateau
production will be 90,000 barrels of oil equivalent
per day.
t
INPEX and Total,
a Long-Term Affair
With the announcement of their decision to launch Ichthys
in January 2012, INPEX and Total embarked on a partnership
that will unite them for another 40 years. That also happens
to be how long the pairs earlier partnership, on Indonesias
Mahakam license, has lasted so far. The Kashagan project
in Kazakhstan and the Joslyn development in Canada
are two more examples of productive collaboration between
the Japanese company and Total. Based on the volume
of its reserves and its oil and gas production,
INPEX is currently the biggest Japanese company
in the exploration and production sector.
Australia, projected to be
the worlds top producer of LNG
in 2020, is now a flagship country
for Total.
Jean-Marie Guillermou,
Senior Vice President, Asia-Pacific,
Total Exploration & Production
ICHTHYS LNG
IN WHICH TOTAL
HAS A 24% INTEREST
IS THREE PROJECTS
ROLLED INTO ONE:
a semi-submersible
central processing facility
200 kilometers offshore
tied into an FPSO that
will stabilize, store and
export the condensate;
an onshore plant in
Darwin with a capacity of
8.4 million metric tons of
LNG a year, where the
gas will be liquefied; and
an 889-kilometer pipeline
linking the two.
BESIDES LNG,
ICHTHYS LNG
WILL PRODUCE
1.6 million metric tons
of LPG a year and
100,000 barrels
of condensate a day
at plateau.
BARREL OF OIL
EQUIVALENT
(BOE)
A standard
reference unit that
enables the energy
content of gas and
oil to be compared.
18 GROW
NOVATEK,
A STRATEGIC PARTNER
In addition to our joint development of
Yamal LNG, Total acquired a 13.09% equity
stake in Novatek in March 2011, which was
increased to 14.09% in December of the same
year and is expected to reach 19.4% by 2014.
This partnership gives us access to proved
and probable reserves of around 1 billion barrels
of oil equivalent.
Russias second-biggest natural gas producer
after state-owned Gazprom, Novatek has posted
record growth and enjoys strong development
potential by virtue of a portfolio of resources
comprising several giant fields. Russias leading
independent producer, it supplies 13% of the
domestic market and produced 1 million barrels
of oil equivalent per day in 2011.
IN RUSSIA, TOTAL AND NOVATEK ARE
PARTNERS IN THE TERMOKARSTOVOYE
PROJECT, a gas and condensate field given the final
investment nod at end-2011. Production is expected
to start in 2015, with a capacity of some 65,000 barrels
of oil equivalent per day.
Were scaling up. Ten years
from now, Russia could account
for 15% of our production.
Jacques de Boissson,
General Director, Total E&P Russie
20 Years in Russia
In November 2011, Christophe de Margerie,
Totals Chairman & Chief Executive Officer,
and Yves-Louis Darricarrre, President,
Total Exploration & Production, made
the trip to celebrate Totals 20 years
in Russia. Our company was a pioneer,
being the first to venture into exploration
and production operations there, back in
1991. Today we have long-term commitments
in the country, in the form of trading,
marketing and petrochemical activities.
IN 2011, WE CONTINUED
ENGINEERING WORK
and related commercial
negotiations with
Gazprom to develop
the giant Shtokman gas
and condensate field
in the Barents Sea.
YAMAL LNG WILL PRODUCE
15 TO16
MILLION METRIC TONS
of LNG annually, for total gas
and liquids production of
450,000 barrels of oil equivalent
per day.
Twenty-four percent
of global gas
reserves are found
in Russia. We have
to be there.
Michael Borrell,
Continental Europe and Central Asia,
Total Exploration & Production
Yamal LNG project
expedition.
he world needs energy, and more and more of it.
Every discovery counts in meeting growing global
demand sustainably. In abundant supply worldwide,
unconventional gas opens up new exploration and
production prospects. Its potential is estimated at a
staggering 380 trillion cubic meters, or about half of
the worlds total gas resources, by the International
Energy Agency (IEA). Most unconventional gas consists
of shale gas.
Huge amounts remain unproduced: at current con-
sumption rates, known unconventional gas resources
will suffice to meet global market needs for more
than 50 years.
Having joined the quest several years ago, in 2011 we
continued expanding our positions in unconventional
gas, a field we know to be promising. Not only are we
believers, we have gained proven skills and expertise
through a policy of partnering with industry experts.
We have everything we need to make the most of
these remarkable resources and meet the primary
challenge of producing them: the associated envi-
ronmental impacts. Total is thoroughly proficient in
and constantly innovating with respect to the tech-
nologies used, such as hydraulic fracturing, especially
throught R&D programs.
Unconventional gas is stealing the energy limelight and will be a crucial
component of resource replacement in the future. We are honing our
knowledge and skills and cementing our positions in this promising sector.
THE PROMISE
OF UNCONVENTIONAL GAS
t UNITED STATES
Already partners
in the Barnett Shale,
Total and Chesapeake
entered into a new
agreement in late 2011,
when we acquired
a 25% equity interest
in the liquid-rich
Utica Shale formation
in eastern Ohio, held
by Chesapeake and
EnerVest. The joint
ventures acreage
covers an area of
2,500 square kilometers.
The investment comes
to $700 million.
We are also financing
our partners share of
the costs of drilling new
wells, for a maximum
capital spend of
$1.63 billion over
seven years.
POLAND
In May 2011, Total (49%)
signed an agreement
with operator ExxonMobil
(51%) to jointly explore
for shale gas in the
Chelm and Werbkowice
concessions in the Lublin
Basin. An initial well was
drilled and a production
test conducted in 2011.
UNCONVENTIONAL GAS
An umbrella term for tight gas,
coalbed methane (also known
as coal seam gas) and shale gas.
LESSENING THE ENVIRONMENTAL FOOTPRINT
How do we make sure that shale gas is produced
under optimal conditions? Our R&D teams
are working on several issues at once.
Our goals are to:
Reduce water use and improve water treatment.
We want to come as close as possible to a 100%
recycling rate and are studying the feasibility
of using brackish or even salt water for production
to avoid competition with other freshwater uses.
Use fewer additives and change their
composition; the ones we employ now
are already highly diluted and can be found
in everyday products.
Limit visual and noise intrusions by reducing
the number of surface wells. We are working
on a solution that clusters several wells on
a single surface pad and lessens their visual
impact.
Aerial view
of work on
the port
in Gladstone,
Australia.
Total is
partnered
with U.S.-based
shale gas
specialist
Chesapeake.
20 GROW
IN FRANCE, in response to the revocation of the exploration license we were
awarded in 2010 in the Montlimar region, Total filed an appeal with the Paris
Administrative Court on December 12, 2011. Our goal is to clarify the situation,
especially since, in compliance with Frances Act of September 12, 2011, our work
program excluded hydraulic fracturing.
IN ARGENTINA, in January 2011 we acquired
interests in four exploration licenses in Neuqun
province in the center of the country, alongside YPF.
We operate two of them. The first wells have been
drilled to assess their shale gas potential.
7.2

MILLION
METRIC TONS
PER YEAR
IN AUSTRALIA, THE ENORMOUS GLNG PROJECT
has kicked off. Up to 5,000 people will work on the development,
which involves extracting coal seam gas, also known as coalbed
methane, from four fields in eastern Australia and building an LNG
plant in Gladstone, Queensland, plus a 420-kilometer gas pipeline
to connect them. The plant will have a capacity of 7.2 million metric
tons a year. The project operator is Santos, alongside partners Total
(27.5%), Kogas and Petronas. The total price tag is $16 billion,
with start-up set for 2015.
Hydraulic fracturing is a long-established technique.
The real issues raised by shale gas projects are those
associated with any industrial operations: reducing
local intrusions and managing water use and surface
facilities. We have no doubt that shale gas can be
produced responsibly, as long as everyone involved agrees
on the resources to be deployed and the steps to be taken.
Bruno Courme,
Vice President, Total Gas Shale Europe
Total has been
present in Argentina
since 1978
and operates 30%
of the countrys
gas production.
In an economic and competitive environment shaped
by sweeping change, we are giving new impetus to our
chemical, refining and petroleum product marketing
activities by refocusing them around two major areas
of expertise, production and marketing. The revamp aims
to heighten the visibility and performance of each.
D
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and
22 OPTIMIZE
he market is changing and Total must anticipate
its trends, with one goal in mind: growing and creating
value for all our stakeholders. Reorganizing our chem-
ical, refining and petroleum product marketing activi-
ties into two new businesses in the last few months
clearly demonstrates our determination to move for-
ward proactively. The reorganization has two aims.
One is to build on existing synergies between refining
and petrochemicals by combining them in a single
major production hub, Refining & Chemicals. The other
is to showcase our marketing strengths by giving
Supply & Marketing more visibility.
Refining and Chemicals,
Two of a Kind
Refining and petrochemicals are very similar in terms
of operations and facilities. So combining them will
eventually make our production base more efficient.
This is especially important now, as European refin-
ing struggles with shrinking demand that is spurring
us to leverage every possible synergy to be more
competitive. There are a number of ways we could
improve, such as doing more to unlock the full value
of our products and pooling energy procurement and
our research and innovation efforts.
Although other oil majors have taken steps in this
direction, none has ever designed a strategy as
unified as Totals, which actually merges refining and
petrochemicals in a single organization.
Supply & Marketing Is the Flagship
for Totals Commercial Ambitions
At the same time, our creation of a business specifi-
cally dedicated to the supply and marketing of petro-
leum products is a response to the profound changes
in our competitive environment.
Our rivals used to resemble us; most were integrated
companies. Today we are competing with more and
more operators that focus exclusively on sales and
marketing. To stay in the game, our Supply & Market-
ing business must be more agile.
What we hope to achieve is competitive supply, more
solid positions in mature market regions, strong
expansion in fast-growing markets and a greater
focus on innovation, especially new products and
services for our customers. In short, our strategy
remains the same, but we are lining up the resources
we need to fully achieve our goals.
t
Why Two New Businesses?
A safe, efficient Refining & Chemicals business expanding
into fast-growing markets.
Make safety and the prevention of major environmental
risks an absolute priority.
Adjust and optimize the production base in Europe
and the United States by concentrating on large-scale facilities
and maximizing synergies.
Expand in Asia and the Middle East to tap into the growth
of emerging markets and secure access to prime oil
and gas resources.
Set ourselves apart through technology.
Make Supply & Marketing activities more competitive.
Solidify our positions in mature markets, especially Europe.
Capitalize on our leadership in Africa.
Grow our presence in Asia and the Middle East.
Expand our specialty products worldwide.
Provide reliable, cost-competitive supply to all our affiliates.

What tangible benefits is Total
trying to achieve through
the new organization?
P. P. : Working together will let us do more to
unlock our activities synergies and thereby
lower our break-even points. That creates sev-
eral benefits, including more efficient manage-
ment of our feedstock streams, pooling of our
infrastructure and logistics services, optimized
management of our maintenance turnarounds
and overlapping capital expenditure.
Its a tremendous opportunity to demonstrate the
integrated business strategy we value so highly.
Total wants to develop
world-class production facilities.
What are your priority projects?
P. P. : We want to allocate our capital spending so
that our most efficient sites rival the best in class,
which means focusing on our strategic, integrated
facilities. Weve just done that in Port Arthur, are in
the process of doing so in Gonfreville and are
launching design studies for a large-scale project
in Antwerp. In fast-growing markets, our key facil-
ities are in Qatar (Ras Laffan and Messaied), Saudi
Arabia (Jubail) and South Korea (Daesan).
You lead a business with many
production sites. What safety
issues are involved?
P. P. : Making safety a priority is the cornerstone
of our strategy. Its the first step toward achiev-
ing operational excellence, and investment to
promote safety will, of course, be a core concern
at all our sites. Workplace safety, naturally, but
also process safety. That is how we will keep
the trust of our stakeholders in the long term.
Re ning & Chemicals
OUR PRIORITY IS
IMPROVING OUR COMPETITIVENESS
TO DRIVE OUR GROWTH
What motivated Total to combine
its refining and chemical activities
into a single business?
PATRICK POUYANN : Our goal is to make these very
similar activities more competitive by maximiz-
ing the synergies between them and to develop
new positions. You could say that we are playing
both defense and offense. Defense, because
at this point we have to improve our economic
performance in mature markets especially in
Europe where our positions are strong but
returns are low. Offense, insofar as we want to
expand faster in growth markets in the Middle
East and Asia by designing high-capacity produc-
tion facilities aligned with our customers needs.
PATRICK POUYANNS
CAREER
A graduate of two French
engineering schools,
cole Polytechnique and
cole des Mines in Paris,
Patrick Pouyann joined
Total in 1997 after holding
positions in various ministries,
on the Prime Ministers staff
and as an advisor to the
Minister of Telecommunications.
He held several senior
management positions
in Exploration & Production,
in Angola and Qatar, and
then in Finance and Business
Development, before being
appointed Senior Vice
President of Chemicals and
Petrochemicals in 2011.
On January 1, 2012, he was
appointed President of
the new Refining & Chemicals
business and a member of
Totals Executive Committee.
Patrick Pouyann,
President,
Refining & Chemicals
and member
of the Executive
Committee
24 OPTIMIZE
The new organization boosts the
visibility of Totals marketing activities.
What prompted the decision?
PHILIPPE BOISSEAU : We created the Supply &
Marketing business mainly because we recog-
nized that our marketing activities are different
from the rest of our activities. We have a special
responsibility to bring the Total brand to millions
of customers. To do that, we have to manage our
extensive network while providing top-quality
service around the world. The unification and
independence of our business let us focus more
on our own specific issues and challenges going
forward.
What are Totals strengths in
the global marketplace today?
P. B. : Without question, our ability to constantly
reinvent ourselves. Weve been facing a radically
different type of competitor in the last few years.
Our traditional rivals have gradually concentrated
their activities in just a few countries, while weve
been determined to stay global. New types of
competitors have emerged, such as national
companies, traders and local independents.
They all have one thing in common: an agility
that has done a lot to drive their growth. Our
new organization will help us challenge them
and better showcase our strengths, namely
recognized quality and service know-how and
an ability to innovate.
What makes Total stand out?
P. B. : The Total model technology and a local presence to better serve
our customers is fairly unique. We must continue to offer innovative
products and services, especially by supplying more than one type of
energy. Speaking of which, we have opened the worlds first multi-energy
service station in Germany. Today, Total has the credibility to advise our
customers and offer them an array of solutions that combine conven-
tional and new energies in an intelligent way. Its an opportunity to position
ourselves as a benchmark operator.
Supply & Marketing
CAPITALIZE ON OUR TECHNICAL
AND MARKETING EXPERTISE
TO ACCELERATE OUR GROWTH
Philippe Boisseau,
President, Supply
& Marketing
and member of
the Executive
Committee
PHILIPPE BOISSEAUS CAREER
A graduate of two French engineering schools, cole Polytechnique and cole des Mines in Paris,
Philippe Boisseau joined Total in 1995 after beginning his career in various French ministries
and on the Minister of Defenses staff. He started out in Refining, then joined Exploration &
Production as CEO of the Argentina affiliate and later President, Middle East. In 2007 he was
appointed President of Gas & Power. On January 1, 2012, he was appointed President of the new
Supply & Marketing business and a member of Totals Executive Committee.
%
74
OF TOTAL EMPLOYEES
work in the new
Refining & Chemicals and
Supply & Marketing
businesses.
TOTALS STRATEGIC REFOCUS
IN THE UNITED KINGDOM
At end-2011, we sold off part of our marketing
assets in the United Kingdom, in particular
our service station network, to the Rontec
Investments LLP consortium. We remain
in the UK market through our lubricants,
jet fuels and special fluids, as well as
our Lindsey oil refinery and our chemical
production activities.
Total Continues
to Divest Non-Strategic
Assets
In August 2011, we sold our interest
in CEPSA, Spains second-largest
oil company, to the United Arab Emirates
IPIC for 3.7 billion. That further narrowed
our exposure in European refining, after
having already reduced our refining
capacity there by almost 25% since 2007.
However, we have not pulled out of Spain and
continue to grow our lubricant, specialty
product and chemical businesses in the
country.
RESHAPING
SPECIALTY CHEMICALS
We continue to refocus our
Specialty Chemicals business.
A portion of our resins assets, comprising
photocure and coating resins, was sold
to Arkema. And hydrocarbon resins
and composites, which are directly
downstream from petrochemicals,
have been moved to our petrochemicals
business.
DOWNSTREAM
AND CHEMICALS ACTIVITIES
were reorganized into two major businesses, Refining
& Chemicals and Supply & Marketing, on January 1, 2012.
The new organization is being created without
any downsizing or outplacement.
We are asserting our identity as a leading production
and marketing company.
14 %
Total aims to achieve ROACE
of 14% for all Downstream
activities in 2015.
26 OPTIMIZE
UPGRADES
IN MATURE MARKETS
We strongly believe that refining can still be compet-
itive in the West. As a result, we are revamping our
production base to bring it in line with new consumer
demands: less gasoline and more diesel, but also
ever more environmentally friendly production. Faced
with the scale of market change, the Normandy
refinery moved quickly to implement the adjustments
needed to keep it viable. With processing capacity
unmatched by any other Total facility in France, the
refinery has been recalibrating its production since
2006 in response to a sharp downturn in its exports,
especially to the United States. The linchpin of its
efforts is the ambitious RN 2012 project, which aims
to transform the refinery into one of the most
competitive in Europe. The project has three goals:
to produce an additional 500,000 metric tons of
ultra low sulfur (less than 10 ppm) diesel annually, to
slash gasoline surpluses 60% and to lower carbon
emissions 30%. Total is spending 740 million to build
and upgrade the installations concerned, modifying
the refinery configuration by expanding a diesel pro-
duction unit, revamping an atmospheric distillation
unit to make it more energy efficient, and building a
new diesel desulfurization unit scheduled to start
operating in 2013.
We continue to upgrade our production base to tailor it to the markets new needs.
What we do varies by region. In mature markets, we are making our refining
and petrochemical facilities more competitive. In emerging economies, we are
responding to growing consumption by building high-capacity industrial complexes.
WORLD-CLASS
INDUSTRIAL FACILITIES
30%
THE CARBON EMISSIONS REDUCTION TARGET FOR THE
NORMANDY REFINERY. The Packinox heat exchanger
installed in 2011 illustrates the ambitious environmental
policy we have implemented there. The single 150-metric-ton
heat exchanger, ultra-efficient at minimizing air emissions,
replaces 16 old heat exchangers for cooling and heating
fluids, two vital steps in the refining process.
Were going to make
Normandy a benchmark
facility in Europe.
ric Dufour,
RN 2012 Project Manager
at the Normandy refinery
Deep Conversion
in the United States
Combustion that meets the strictest environmental
standards is another reason for the sweeping
upgrade of our Port Arthur refinery, completed in
2011. Located in Texas near the Gulf of Mexicos oil
and gas fields, the refinery has a brand-new coker
a deep conversion complex that enables it to more
efficiently process heavy oil and boosts its capacity
to produce light fuel. It also features a new sulfur
recovery unit that will produce an annual 3 million
tons of ultra low sulfur diesel, the object of rising
demand in the United States and around the world.
DEEP CONVERSION
OR COKING
A process that cracks
large oil and gas molecules
and removes some of their
carbon atoms in order
to obtain lighter compounds
such as LPG, naphtha
and diesel.
Now well be able
to process the heavy
oil sourced by our
logistics team, whether
it comes from Latin
America, Canada
or anywhere else!
Graeme Burnett,
Refining & Petrochemicals, Americas
The Port Arthur,
Texas refinery
in the United
States.
Expanding Our Petrochemical Positions in Antwerp
We have acquired ExxonMobils interest in Belgiums
Fina Antwerp Olefins petrochemical plant, making us
its sole shareholder. It is the second-largest plant
in Europe producing base chemicals such as ethylene ,
propylene and benzene.
Our facilities were already using some of its production
to make polymers. The acquisition lifts both
the competitiveness of our petrochemical activities
and the synergies with our Antwerp refinery.
28 OPTIMIZE
Were seeing more and more
projects in emerging economies.
What are your aims?
Naturally our goal is to cement our mar-
keting positions in a region of sharply
rising demand. Especially in China, where
refining capacity needs are taking off
and are projected to reach 12.5 million
barrels a day in 2015, compared to
9.2 million in 2011. Much of the
region still imports petro-
chemicals when demand for
polymers is rising twice as fast
there as in the rest of the world.
Our capital expenditure in this
region reflects our commitment to
remaining a major supplier of value-
added products, by concentrating on
the most efficient integrated facilities,
such as the Daesan petrochemical
complex in South Korea.
Petrochemicals and refining
are growing. Are you adapting
quickly?
Strong Asian demand is also driving up
the Middle Eastern market. Refining
capacity in that region should jump 50%
in the next few years. The regions petro-
chemical capacity has already doubled in
five years and now accounts for close to
20% of global capacity. Thats why Total
has already invested heavily there to
expand our production facilities. The
SATORP project in Jubail, Saudi Arabia
and QAPCO in Qatar, where a third low-
density polyethylene line will start up in
2012, are two examples.
By creating competitive refining and petrochemical
facilities, we cement our global leadership
and meet our customers needs through
energy-efficient solutions.
A Conversation with
Bernadette Spinoy, Senior Vice President,
Refining & Petrochemicals Eastern Hemisphere
AN UPSWING
IN EMERGING MARKET CAPACITY
THIRD LINE
In Qatar, we continue to expand the
QAPCO petrochemical plant, having
started a third line to produce low-
density polyethylene , a plastic used
mainly for packaging film. The project
is part of our strategy to diversify our
feedstock to bring it in line with the
markets current structure.
$1.8BILLION
To meet robust Asian demand, in 2011 we expanded capacity at our Daesan units
in South Korea, bringing the production of ethylene to 1 million metric tons and
of polyolefins to 1.15 million metric tons a year. We are also starting construction
on two new plants at the complex, at a cost to Total Samsung Petrochemicals
of $1.8 billion between now and 2015. The new units will double the sites capacity
and make it possible to produce intermediate aromatics for the polyester chain,
specialty polyolefins and jet fuel and diesel, which are refined products, while
strengthening our position as a leader in energy efficiency.
For the last three years, we have been building
our biggest refinery twinned with a world-class
petrochemical complex in Jubail, Saudi Arabia,
in partnership with Saudi Aramco. The facility,
one of the worlds most efficient, will process
the heaviest grades of local crude oil and meet
growing demand for petrochemicals. Construction
kicked into higher gear in 2011. Join us on a tour
of this leviathan rising out of the desert sands.
JUBAIL,
A REFINERY DEEP
IN THE DESERT
The refinery the most
complex in Saudi Arabia
will be able to process the
heaviest local crudes into
refined products that meet
the strictest environmental
standards, such as ultra low
sulfur fuels, diesel and jet
fuel. With an assist from
these cutting-edge
installations, the country
home to a quarter of the
worlds oil reserves will
boost its refining potential
and its production of
petrochemicals.
In a highlight of the year,
the hydrocracker reactors
and coke drums are
delivered to the site
in January.
The project will create
local jobs, with
1, 100
PEOPLE eventually
employed at the complex.
OUR PARTNERSHIP WITH SAUDI ARAMCO
Overall capital spending on the Jubail project, the offspring of the SATORP joint venture between
Total (37.5%) and Saudi Aramco (62.5%), exceeds $10 billion. As on all our projects around the world,
we are offering our partner Saudi Aramco our experience managing very large international projects
and our industrial and technological know-how. We are working together to prepare facility start-up
and have created a training center for 400 young Saudi apprentice operators, who will eventually run Jubail.
The curriculum includes classroom instruction, an internship at Saudi Aramco and hands-on training
onsite. Some 130 of the apprentices, who were recruited in 2009, began working in the first units
in February 2012.
ACTIVITY PEAKS
ON THE WORKSITE
Jubails construction has entered
its final leg: at end-2011,
right on schedule, the project
was nearly 80% complete
and 117 million hours
had already been worked.
At years end, the building
project spanning five square
kilometers reached a peak
in activity. The first units
are scheduled to start
operating in the first half
of 2013, with the entire facility
on stream by end-2013.
30 EXPAND
The construction site grew with impres-
sive speed. The installations sprang up
from the desert sands in just one year.
The construction site is a hive
of activity: 43,000 people of
30 different nationalities worked
there at peak in early 2012.
400 buses shuttle workers back
and forth, morning and night.
With tens of thousands
of people going about their
business, the site bustles like
a regular city. You had better
be organized and stay alert
for traffic jams!
THE JUBAIL
COMPLEX
A REFINERY WITH A TOTAL
CAPACITY OF
400,000 barrels per day, or
20 million metric tons a year.
CUTTING-EDGE INSTALLATIONS
TO PROCESS HEAVY OIL:
2 distillate hydrocrackers (MHC and DHC)
1 catalytic cracking unit
1 coker
A TOP-FLIGHT PETROCHEMICAL
FACILITY, FEATURING:
1 benzene extraction unit
(150,000 metric tons a year)
1 paraxylene production unit
(700,000 metric tons a year)
43,000
PEOPLE on the site at peak, logging
8.5 million hours of work per month.
It isnt just the size of the site
and its hustle and bustle that make
Jubail different. Its also the first
time that Total has built a fully
integrated complex, complete
with refinery and petrochemical
facilities, in a single stage.
Daniel Grunemwald,
Project Director
e e
ake ake ake
st
kk
st
PEOP
8.5 m
,
oon one in every two people will be under the
age of 25: Middle Eastern countries, like those of
North Africa, can count on their youth. Their popula-
tion boom also heralds an economic one. Forecasts
of 5% GDP growth through 2014 hint at fantastic
opportunities to expand. The demand exists and we
are ready to meet it, even in such troubled times as
2011.
Very active in petrochemicals especially in Qatar,
where we have an equity interest in the Ras Laffan
ethane cracker for example we also have a strong
foothold in the regional market for petroleum products.
We are now solidifying our retail activities, both
by adding more service stations and expanding in
specialties such as lubricants and aviation products.
In Jordan, we have opened new Rapid Oil Changes,
modern auto centers that carry Totals entire range
of lubricants and are very popular with local custom-
ers. In Lebanon, where our affiliate turned 60 in
2011, we are still on the cutting edge of innovation.
We have started marketing Total Effimax, a line of
more energy-efficient, lower environmental impact
fuels, in 180 service stations there. And in the
United Arab Emirates we recently started supplying
ETHANE
CRACKER
A unit that
converts
molecules
of ethane,
a combustible
gas found in
natural gas and
casinghead gas,
into ethylene.
SHAMS, MIRROR, MIRROR ON THE WALL
Construction continues on the Shams concentrated solar power plant in Abu Dhabi
in the United Arab Emirates. With earthworks complete, the alternator, turbines and
250,000 mirrors had all been installed by end-2011 and testing began in early 2012.
Dotting an area of 250 hectares, the mirrors will heat a transfer fluid that will be
used to produce steam and power. Shams will enable the UAE to supply more than
30,000 people with power. Start-up is scheduled for fall 2012.
Total was born in the Middle East, almost 90 years ago, as an explorer and producer.
Nurtured by our historical roots, our presence today is multi-faceted. Rising demand
in the booming Middle East region has spurred the growth of all our activities,
including lubricants, service stations, refining, petrochemicals and solar.
A NEW WIND BLOWS
ACROSS THE MIDDLE EAST
s the new Dubai airport, Jebel Ali, which is poised to
become the worlds biggest very soon. All these new
positions serve to strengthen the ones we already
enjoy in Turkey, Egypt and elsewhere.
5MILLION
CUBIC METERS
OF SAND MOVED
2,000PEOPLE WORKING
ON THE CONSTRUCTION SITE
100MW PLANT RATING
CUSTOM-DESIGNED
FOR PRODUCING COUNTRIES
Total Integrated Energies Solutions, or TIES,
has been tasked since September 2011
with providing energy consulting services
to officials in producing countries. The Middle
East, where high energy use especially of
electricity is shaping up as a real challenge
for governments, is the first region targeted
for growth by TIES. The goal is to work with
host governments to develop an optimal
10- to 15-year energy mix, looking at all of
a countrys resources, including solar energy.
To learn more, go to www.ties.total.com
Total is teeming with
capabilities and knowledge
found across different
units. We aim to showcase
them to offer host country
decision-makers a long-term
assessment.
Jean-Franois Arrighi,
Senior Vice President, TIES
32 EXPAND
Developments in Asia
Exciting
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G REGION OF THE WORLD.
All our activities oil and gas production, specialty product sales and retail networks
have been expanding at a fast clip in Asia in recent years. This is especially true
in China, where demand, driven by the countrys economic boom, just keeps soaring.
2011 was especially dynamic, mirroring our petrochemicals business, which is putting
down deeper roots in this mesmerizing region.
t took less than a year, just one short year, to
complete the upgrade of our polystyrene plant in
Foshan, China. The project has doubled production
capacity, to 200,000 metric tons a year. Designed by
European teams, it was carried out by Chinese teams
using local methods and suppliers.
This model upgrade also embodies our goal of being
a leading polystyrene supplier in Asia. Especially in
the Chinese market, the preeminent market, critical
both because of its size and its dynamic growth.
China already represents 30% of the global poly-
styrene market and that is projected to grow 5% a
year over the next several years. Everything is poised
to drive up its demand for plastic, including sharply
higher GDP, Chinas position as the leading global
exporter, earning it the title of the worlds factory,
and an immense, increasingly affluent population.
China will account for one-third of global demand by
2030.
Total is gradually making inroads in the Middle Kingdom
through a strategy of products that offer standout
performance. To that end, we showcase our exper-
tise in cutting-edge, eco-friendly technologies, a
strength in a major carbon-emitting country and a
real edge in exporting.
The Leader in Global Demand
China has a voracious appetite for everything, not
just plastics. The country supplanted the United
States as the worlds top energy consumer in 2010;
its car sales are going through the roof. All of our
activities are being carried along on this unstoppable
wave of expansion. Nearly all of our products have
found a market in China. We refine oil there, develop
lubricants, produce specialty chemicals, market fuels
and are partnering the development of a gas field.
This string of successes would not be possible without
extensive mutual knowledge on both sides. To further
improve our working relationship, we introduced the
Leadership Development Program, whose goal is to
train our future Chinese senior executives. Some
20 employees enrolled in the first class, which ended
in October 2011 after 18 months of coursework.
It is an effective way to cement our presence in China,
for years to come.
CHINA, A STRATEGIC MARKET
1.34 BILLION PEOPLE
8 TO 10% ANNUAL GROWTH
LUBRICANTS
GET THREE
NEW PLANTS
Total started building a
new lubricant and grease
blending plant in Tianjin,
eastern China, in spring
2011. It will be the third
of its kind in the country,
after plants in
Guangzhou and
Zhenjiang, and one of the
biggest in the Asia-
Pacific region. The plant
will have a capacity of
200,000 metric tons
and cost 30 million.
Commissioning is
scheduled for 2013.
CTO IN INNER
MONGOLIA:
A MAJOR STEP
FORWARD
The foundation stone for
the coal-to-olefins (CTO)
project site has been laid
in Ordos in Inner
Mongolia. It is a major
step forward in the
official approval process
for the joint Total-China
Power Investment
Corporation (CPI) project
to build a world-class
industrial complex
producing plastic from
coal an integrated
technology the Chinese
want to promote.
The site will have an
annual capacity of
800,000 metric tons
of plastic.
i
Safety Champ Foshan
The Foshan plant is a model of safety, with engaged employees who strictly
comply with procedures. The site has won several safety awards since
it was acquired in 2003, both from the Chemicals business Foshan
is a three-time winner of Chemicals Safety Excellence Award and at
the corporate level. Its most recent honor was the Group Safety Award,
presented to Foshan in early 2011 for its involvement in launching Totals
Golden Rules for workplace safety. The 12 rules apply to all of our sites
and cover everything from managing high-risk situations and confined
spaces to traffic and lifting operations.
S
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D
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)
34 EXPAND
Sulige South,
a Strategic License
1. HUTCHINSON ACQUIRES KEUMAH
IN SOUTH KOREA
In June, our elastomer processing affiliate
Hutchinson acquired Keumah, one of
South Koreas principal suppliers of automotive
fluid transfer solutions, including hoses for fuel,
air conditioning and other systems.
2. A NEW PLANT FOR BOSTIK IN VIETNAM
On October 4, 2011, our adhesives affiliate Bostik inaugurated
a new plant in Vietnam. Located in Binh Duong province,
it produces a wide range of adhesives, sealants and coatings
used in packaging, paper converting, the shoe industry,
construction and many other fields.
3. A GIANT GAS SALES AND PURCHASE AGREEMENT WITH KOGAS
Starting in 2014, we will deliver 33 million metric tons of LNG
over 18 years to South Koreas Kogas. The huge, very flexible contract
calls for adjusting deliveries to reflect opportunities and changing
needs in the South Korean market. Its flexibility, together with our
diverse supply sources, is what clinched the deal for Kogas.
4. A TECHCENTER DEDICATED TO SPECIALTY PRODUCTS
FOR THE ASIA-PACIFIC REGION
In March 2012, we opened our first techcenter dedicated to specialty
products. Based in India, it is responsible for customizing our products
lubricants, special fluids, asphalt, additives and special fuels,
among others to the specific demands of the Asia-Pacific region,
in cooperation with our Solaize research center in France.
5. FURTHER EXPANSION AT DAESAN
The Daesan integrated petrochemical complex in South Korea,
which already counts 13 plants and nearly a thousand people, will
welcome two new units between now and 2015. A new $1.8 billion
capital expenditure will help the South Korean facility expand
its commercial positions in China, while leveraging synergies
between refining and petrochemical activities and a more diversified
supply base (see page 29).
700
th
SERVICE STATION IN THE ASIA-
PACIFIC REGION in late 2011,
in Jakarta, Indonesia. We aim
to have 1,000 stations in
this promising region by 2014.
WE OPENED OUR
The Sulige South license secured
in 2006 marks Exploration
& Productions return in force to
China. Partnering with operator
PetroChina, an affiliate of national
oil company CNPC, we are going to
develop and produce a tight gas
reservoir in the southern end of
a nearly 40,000-square-kilometer
gas field, one of the biggest ever
discovered in China. Drilling of
the first wells began in 2011.
It is an invaluable partnership.
First, because it enables us
to access new gas resources.
Second, because it offers us a
chance to cement our cooperation
with CNPC by providing it with our
technical expertise in tight gas and
large-scale project management.
Lastly, Sulige South could open
doors to other projects in this major
oil and gas country, as well as
internationally, in ventures
with leading Chinese companies.
1
2
3
4
5
A PLACE IN THE
While the world wonders
about its energy future,
we are actively preparing for it
by diversifying our investments
in sectors that can supplement
oil and gas. In 2011 we sped up
our growth in the solar sector,
positioning ourselves as
a global industry leader.
36 DIVERSIFY
iven rising energy demand and the growing
scarcity of resources, solar now seems
destined to be an essential ingredient in the global
energy mix. Total foresaw this long ago and jumped
into the photovoltaic industry in the 1980s, with
Tenesol. In mid-2011 we moved up a decisive notch,
when we acquired a majority interest in California-
based SunPower, a global leader in solar energy.
The $1.4 billion capital outlay radically scales up our
strategy, with the ultimate goal of creating a new
global solar energy leader.
SunPower is known for its excellence in technological
innovation. Its photovoltaic modules offer outstand-
ing energy efficiency, averaging 22.4% compared to
16 to 17% for its competitors, especially Chinese
suppliers. Commercially, SunPower is active across
the photovoltaic solar value chain, from cell produc-
tion to the turnkey design of large plants, and boasts
a solid distribution network in the United States,
predicted to become the worlds leading market a
few years from now. All these qualities are assets,
positioning us to accelerate our growth.
Rapid Growth
Buoyed by our equity acquisition, SunPower will be
able to continue growing at a brisk pace. That is crucial
to keep up with the markets medium- and long-term
transition to grid parity, or solar power prices equiva-
lent to conventional power prices, a situation that
already exists in markets such as California.
To cement its new global dimension, in early 2012
SunPower also absorbed France's Tenesol, which is
now its wholly owned affiliate. This gives it an addi-
tional springboard for growth in French, European
and African markets.
Other marketing synergies will emerge later, in par-
ticular in Gulf countries, where Total is already well
established.
g
SUNPOWER,
A PIONEERING,
CREATIVE COMPANY
SunPower has been
developing high-
efficiency photovoltaic
technologies for more
than 25 years. A Silicon
Valley pioneer, it has
gradually carved out a
niche for itself as one of
the worlds leading solar
energy specialists, in
large part because of the
reliability of its solutions.
After first acquiring a
60% interest, later raised
to 66%, Total has left
SunPowers management
team in place, a strategy
that aims to preserve the
creativity and start-up
culture that have made
SunPower so successful.
5,000
PEOPLE in 16 countries, and posted
revenue of $2.5 billion in 2011.
SunPower currently has a workforce of
SunPowers photovoltaic
cells have an average
energy efficiency
of 22.4%, versus 16
to 17% for its competitors.
Watch
the SunPower
animated video.
How is the solar market
doing today?
The solar market is mired in a sudden crunch
of unprecedented scale. Mature economies,
which rolled out policies to support the sec-
tor, are now being pressured to cut public
spending. In some cases, such as France
and Italy in 2011, the rug was pulled out
abruptly.
At the same time suppliers, mainly from China,
did not foresee the slowdown in the markets
growth down in volume terms from 110%
in 2010to 40% in 2011 and invested heav-
ily in new production facilities. The result
was huge surplus capacity, causing a sud-
den collapse in prices, which slumped 40%
for modules in 2011. We therefore have a
critical period to weather, probably lasting a
year or two, during which growth will be
weak and the industry will consolidate.
After that we anticipate growth will resume,
at a steady rate of about 20% a year.
Does that compromise Totals stated
objectives for the solar sector?
Absolutely not. The solar market remains
attractive to long-term investors. According
to the latest European Union report on the
photovoltaic industry, solar power produc-
tion soared 500-fold in the last decade and
investments are expected to double again
between now and 2015. We therefore have
every reason to believe that solar energy is
still a resource with a bright future ahead of it.
What are the growth prospects
for Tenesol and SunPower?
For 2012, the volume sales outlook for
Tenesol is stable in France. Most of its
growth will be international. SunPowers
main growth engine will be North America,
where the volume target is an increase of
30%, buoyed by the greenlighting of major
projects for ground-based plants. With
Totals support, SunPower is extremely well
equipped to weather the storm and then
establish itself as the leader in the sector.
A Conversation with
Jean-Yves Daclin,
Vice President, Photovoltaic Solar
SOLAR
HAS A BRIGHT FUTURE
A NEW SOLAR PANEL PLANT
IN FRANCE
Total is finishing up the construction of a photovoltaic
panel plant at the Composite Park site in Porcelette,
eastern France. A Tenesol facility, it will produce panels
featuring SunPower technology from 2012.
SUNPOWER, OFFICIAL SUPPLIER
OF SOLAR IMPULSE
Following the success of the Solar Impulse
airplane that completed a 26-hour flight
powered exclusively by solar energy for the first
time in the history of aviation, a new prototype
is under construction. It will be equipped
with 22,000 photovoltaic cells made
by SunPower, its official supplier.
38 DIVERSIFY
lentiful, renewable and versatile, biomass
is definitely an energy resource of the
future. Converted by means of combustion, gasifica-
tion or chemical or biochemical processes, biomass
already accounts for about 10% of the global energy
mix. Right now, it is the only renewable alternative
to fossil fuels for providing liquid transportation
fuels and building block molecules for chemicals.
Industrial Applications
Biomass has a variety of industrial applications,
including fuels, plastics and lubricants. However, it
will still take major technological advances before it
will be feasible to tackle large-scale, modern, sus-
tainable commercialization of biomass. Complex
environmental and social issues also have to be con-
sidered, notably ensuring that biomass does not
compete with food supply. Always bearing this in
mind, Total is involved in several research projects,
such as Futurol and BioTfueL (see sidebar).
Commercial Biodiesel on the Horizon
At the same time, we have been investing since
2010 in an ambitious R&D program conducted
jointly with researchers at Amyris, a Silicon Valley
start-up considered one of the most promising in
the biotechnology field. The program has now
branched out from an initial bio-jet fuel project. In
late 2011, Total and Amyris stepped up their part-
nership to expedite the development of Biofene
and create a biodiesel using this plant-sourced,
sugar-derived molecule. A joint venture will hold the
exclusive rights to produce and market biodiesel and
bio-jet fuel worldwide. It is a big step for us, as we
position ourselves as a major biofuel supplier.
Together with solar, biomass is the other renewable resource
we are counting on to prepare the future and round out our line
of energy solutions. Promising pathways are emerging not just for fuels,
but for lubricants and chemicals too.
MEETING THE CHALLENGES
OF BIOTECHNOLOGY
p
INVENTING
NEW BIOFUELS
BioTfueL is an R&D
program dedicated
to second-generation
diesel and bio-jet fuel.
It is based on
thermochemically
converting lignocellulosic
biomass, such as forest
waste, plant waste and
straw. Two demonstration
units have been set up
in France, one in Dunkirk
and the other in Venette.
Full-scale testing should
be complete by end-
2017, with commercial
production targeted
for 2020.
The Futurol project
aims to produce second-
generation bioethanol,
also from lignocellulosic
biomass. In 2011, the
Pomacle-Bazancourt pilot
plant in France was
inaugurated and began
producing cellulosic
ethanol . There are plans
to bring a commercial
process to market
for licensing in 2016.
p
T
o

u
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...
Today, as a global energy company, we have
to help the two-thirds of the worlds people
who have little or no access to electricity.
Manoelle Lepoutre,
Executive Vice President,
Sustainable Development & Environment
MAKING SURE
that the program
is economically viable
by keeping it profitable.
That means going
beyond a purely
philanthropic approach
to develop a cost-
effective, sustainable
business model.
To reach target populations, the project relies on novel
distribution channels. In Africa, for example, Totals
network of service stations stocks the products and
solar retailers distribute them in remote villages.
And in Indonesia, innovative partnerships have been
created with rural agricultural cooperatives.
Buoyed by the initiatives success, Total has decided
to deploy it in another four countries in Africa and
Southeast Asia in 2012.
have
s people
icity.
OFFERING low-income populations

with limited access to power affordable,
quality energy solutions that are modern,
reliable and sustainable and have
a lower environmental impact.
Two-thirds of the worlds people have little or no access to electricity.
In response to this challenge, we are inventing new energy solutions
for low-income populations, to make energy more accessible.
eople in the farthest corners of Kenya, Cameroon
and Indonesia can now turn on the lights and
charge their cell phones with the help of a solar lamp,
thanks to the Total Access to Solar project, which has
been testing an innovative, reliable and inexpensive
system in off-grid communities since January 2011.
The principle is simple: latest-generation LED lamps
hooked up to a small photovoltaic solar panel charge a
battery during the day to keep the lights on at night or
charge a cell phone.
Energy
for People
Without
40 INNOVATE
We can reach people who
live in cities through our
service stations. Outside
that network, its up to us
to seek out our most
isolated customers.
Alexis Vovk,
Managing Director, Total Kenya
The first thing youre struck by is
the lack of distribution channels.
These people have little or no
access to electricity or consumer
products. So we had to innovate
to find ways to reach them.
Malle Bissonnet,
Sales & Marketing Manager, Total Access to Solar
More than 1.5 billion people in the world lack access to power. That fact
is the impetus for the Access to Solar program, created by Total to help
communities without electricity. Its mandate included one specific
requirement: thorough planning for the projects economic viability, a
prerequisite for its sustainability.
When we designed the Access to Solar project, we were careful to team up
with reliable partners supplying products that meet the highest market
standards. We leaned on the expertise of Totals solar teams to select robust
solar lamps at the lowest cost, whose purchase price could be recouped
quickly. Eventually we also hope to set up recycling for the lamps, work on
analyzing our products life cycle with Chemicals and bring in more of Totals
photovoltaic solar skills and expertise.
A Conversation with
Emmanuel Lger,
Access to Energy Program Manager
T
t
T
a
p
t
M
S
TOTAL ACCESS TO SOLAR
is an arm of the Access to Energy program implemented
by Total. Besides solar, the other initiatives involve
local biofuel production, local development and use
of associated gas, and addressing fuel poverty
in OECD countries.
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Access to solar is a storehouse
of knowledge and skills.
50,000
were sold in 2011 in pilot regions.
We aim to sell 150,000 in 2012.
SOLAR
PRODUCTS
Watch the Access
to Solar video.
FILLING UP THE
TOTAL CONCEPT CAR
WITH INVENTIONS
Designing a car using materials and processes developed by Total
is a bold idea and a novel experiment. To develop the Total Concept Car,
our employees totally rebuilt a three-wheel vehicle using the best
of the specialty products made by our Chemicals business. From body
to transmission belt, everything is made by Total. Though we have
no plans to turn automaker, the exercise gives the world a preview
of what we will be able to offer the car of the future. It is a real-world
showcase of our know-how.
RENEWABLE
The polyethylene in the body includes 5% polylactic acid (PLA),
a renewable-derived substance made from sugar beets.
Researchers are already at work on a version containing 15 to 20% PLA.
EASY TO ASSEMBLE
The ultra-light body made of next-generation Lumicene polyolefins
is produced in just two pieces by means of rotational molding,
a technology that can make large parts with complex shapes.
FEATHERWEIGHT
A total weight of
450 kilograms or 20%
less than the vehicle
stripped to build
the demonstrator.
A power-to-weight
ratio that guarantees
substantial fuel savings:
an average sedan weighs
1.55 metric tons.
SOMETHING FROM EVERYONE
All of Totals Chemicals affiliates pitched in on the project:
Total Petrochemicals, with polymers and resins for the body.
Hutchinson, with mechanical components (suspension, energy storage, etc.)
and some composite structures, especially roof and doors.
Bostik, with ultra-light adhesives for window assembly.
Atotech, for electroplated parts.
The main challenge for twenty-first century
carmakers will be efficiency: making lighter
cars that are just as safe and comfortable as
todays. We have the know-how to create
materials that are more functional, stronger
and easier to recycle.
CHRISTIAN CASSE,
Corporate Vice President, Research & Development, Hutchinson
42 INNOVATE
A CARFUL OF CREATIVE TOUCHES
Butterfly doors that glide open while staying within the cars footprint.
Thermoplastic seals.
A noiseless transmission belt for a quieter passenger compartment.
A three-layer shell (TP Seal technology) for better body insulation.
A carbon roof and suspension made of lightweight composites.
A steering wheel with a built-in tablet computer and Wi-Fi connection,
allowing the car to be remotely controlled.
The prototype is purely for R&D.
It's simply a way to advance the technology
and better understand the function
of our products, so that we can customize
them to our clients needs.
QUALITY METAL
The cars gleaming logo is due
to one of Atotechs latest
electroplating technologies,
one of the ways it is working
to reduce the environmental
footprint of the electroplating
industry.
COMFORTABLE
AND LIGHT
Hutchinson redesigned
the car to absorb road
vibration and lighten
the traction chain.
GUY DEBRAS,
Vice President,
Polymer Research & Development,
Refining & Chemicals
Combining Low Prices
with Quality
Offering low-cost fuels without sacrificing product
or service quality is the challenge we are tackling
with the launch of Total access, our new service
station concept. Customer service, cleanliness,
high-tech products and everything else that makes
Total stations the ones "you'll want to come back
to." The only thing changing is prices, which are
dropping to match those of some of the cheapest
local retailers. This new strategic position is also
vital for our service station network at a time when
80% of consumers now fill up at low-cost chains.
We are counting on an increase in customer traffic
to ensure Total accesss success: higher throughput
will help us stay financially healthy. Two prototype
Total access service stations opened in October
2011 in the greater Paris region. By 2014, their
number will have grown to 600.
600
THE TOTAL ACCESS NETWORK will consist of 320 service stations
selected from among Total-branded outlets for their ability to handle
the increase in traffic triggered by lower prices, plus the 280 Elf
stations, which will be rebranded. Ours is the biggest service station
network in continental France, with nearly 4,000 retail outlets under
the Total, Elf and Elan brands.
134 ,000
749 ,000
METRIC TONS. By our estimate, Excellium Diesel
cut carbon emissions by 134,000 metric tons
a year in 2010, or the equivalent annual emissions
of 51,000 cars.
METRIC TONS OF CARBON EMISSIONS were avoided
in 2010 thanks to Total Ecosolutions products and
services. That is equivalent to the annual emissions
of 75,000 European Union residents.
Source: European Environment Agency, October 2010.
ice
00
ons
00
ice
00 00
That was our aim in 2009 when we
launched our Total Ecosolutions
program, which features innovative
solutions that outperform
environmental and energy standards
in the market. At end-2011, after a
rigorous process verified by an
outside auditing firm, the program had
singled out 32 Total Ecosolutions
products and services, including
plastics, adhesives, lubricants, heating
solutions, consumption management
solutions and fuels. One of them is
Excellium Diesel, a diesel fuel enriched
with specific additives that reduce
friction and clogging in susceptible
engine parts to enhance efficiency.
The result is better engine protection,
2.5% better fuel efficiency than the
other diesel fuels widely sold in
Europe and a corresponding drop in
carbon emissions.
A MORE FUEL
EFFICIENT DIESEL
Helping our customers be more
frugal, smarter consumers
2
44 INNOVATE
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45 PERSPECTIVES 2011 ANNUAL REPORT PERSPECTIVES 2011 ANNUAL REPORT 45
+16
%
Our positive results in 2011 confirmed the soundness of our new
emphasis managing our portfolio much more aggressively,
including divesting mature and non-strategic assets; concentrating
on high-potential capital expenditure; pursuing a bolder exploration
strategy; and reorganizing our Downstream and Chemicals operations.
OUR ADJUSTED NET INCOME
INCREASED 11% to 11,424 million.
In a recessionary economy,
this reflects the impact of growing
global demand especially
in non-OECD countries and
continued pressure on the global
oil supply, resulting in high Brent
prices averaging around $111
a barrel.
ADJUSTED NET OPERATING
INCOME FROM BUSINESS
SEGMENTS WAS UP 15%
to 12,263 million, driven by
growth of 21% in the Upstream.
The Downstream segment, which
saw its adjusted net operating
income fall 7%, suffered from
the deteriorating environment for
refining. Chemicals performance,
down 10%, essentially reflects
the impact of selling our interest
in CEPSA and some of our resins
assets.
IN 2011, BRENT AVERAGED
$111.3 PER BARREL, an increase
of 40%, while gas prices averaged
$6.53/MBtu
1
, up 27%. In this
environment we posted sales
of 185 billion.
GROSS CAPITAL EXPENDITURE
INCREASED 51% IN 2011,
mainly due to acquisitions,
primarily in exploration
and production.
2011 SALES
( million)
GROSS CAPITAL
EXPENDITURE
( million)
ADJUSTED NET INCOME
Group Share
( million)
2
0
0
9
2
0
1
0
2
0
1
1
1
3
1
,3
2
7
1
5
9
,2
6
9
1
8
4
,6
9
3
2
0
0
9
2
0
1
0
2
0
1
1
1
3
,3
4
9

1
6
,2
7
3

2
4
,5
4
1
2
0
0
9
2
0
1
0
2
0
1
1
7
,7
8
4

1
0
,2
8
8

1
1
,4
2
4

OUR RESULTS
ARE PRESENTED
IN LINE WITH THE
ORGANIZATION
in place on
December 31, 2011:
Upstream (Exploration
& Production and Gas
& Power), Downstream
(Refining & Marketing
and Trading & Shipping)
and Chemicals.
Since January 1, 2012,
our organization
consists of Upstream,
Supply & Marketing
and Refining &
Chemicals.
OUR NEW
EMPHASIS
PAYS OFF
See Part 9 of the 2011
Registration Document
for a presentation
of our consolidated
financial statements.
ADJUSTED NET OPERATING
INCOME FROM BUSINESS
SEGMENTS
( million)
2
0
0
9
2
0
1
0
2
0
1
1
7
,6
0
7
1
0
,6
6
2
Upstream Downstream
Chemicals
775
1,083
10,405
1. Btu: British Thermal Unit. 2. kboe: Thousand barrels of oil equivalent. 3. Mboe: Million barrels of oil equivalent. 4. kb: Thousand barrels.
1
2
,2
6
3
46 2011 PERFORMANCE INDICATORS
OUR PROVED OIL AND GAS RESERVES,
established in accordance with U.S Securities
and Exchange Commission (SEC) guidance,
stood at 11,423 Mboe
3
at December 31, 2011.
They have a life of 13 years of production at
average 2011 levels, with a replacement rate
of 185%. Our proved and probable reserves
have a life of more than 20 years.
LIQUID AND GAS
RESERVES
(Mboe
3
)
PROVED RESERVES
BY REGION
at December 31, 2011
(Mboe
3
)
2
0
0
9
2
0
0
9
2
0
1
0
2
0
1
0
2
0
1
1
2
0
1
1
3
,6
1
6
2
,5
9
4
3
,7
7
6
2
,3
6
3
3
,6
3
9
2
,0
8
8
2
0
0
9
2
0
1
0
2
0
1
1
1
0
,4
8
3
1
0
,6
9
5 1
1
,4
2
3
Europe
1,737
Africa
3,092
Middle East
2,079
Americas
2,194
Asia and CIS
2,321
11,423
Europe Africa Americas
Middle East Asia
OIL AND GAS PRODUCTION
WAS VIRTUALLY STABLE
IN 2011 (excluding Libya),
at 2,346 kboe
2
/day. The years
events included halted Libyan
production for seven months and
the coming on stream of Pazflor.
OUR PORTFOLIO IS BALANCED
BETWEEN LIQUIDS AND GAS AND IS WELL
DIVERSIFIED, both by region and technology.
We made nine discoveries in 2011, including
three major ones, and were awarded new
exploration licenses, notably in East Africa.
OIL AND GAS
PRODUCTION
(kboe
2
/d)
2
0
0
9
2
0
1
0
2
0
1
1
2
,3
7
8
2
,2
8
1
2
,3
4
6
350
255
570
512
659
Liquids
Gas
SALES OF REFINED PRODUCTS
including trading (kb
4
/d)
IN 2011, WE CONTINUED OUR PROGRAM
OF SELECTIVE INVESTMENT IN REFINING,
focusing on three key areas: major projects
(deep conversion at the Port Arthur refinery,
construction of the Jubail refinery), bringing
European refining in line with structural market
changes, and improving safety and energy efficiency.
OUR REFINED
PRODUCT SALES
AMOUNTED
TO 3.6 Mb/d.
We are a leading
retailer in Western
Europe and number
one in Africa.
We are continuing
to strengthen
our presence in Asia
and the Americas.
Europe
Rest of the World
5,784
5,639
2,281
1,791
1,358
297
REFINERY THROUGHPUT
(kb
4
/d)
Rest
of the World
246
1,863
IN 2011, REFINERY THROUGHPUT
WAS DOWN 7% from 2010,
essentially reflecting the divestment
of our interest in CEPSA and more
turnarounds than in 2010.
Europe
Rest of the World
REFINING CAPACITY
AT YEAR-END (kb
4
/d)
D
O
W
N
S
T
R
E
A
M
UPSTREAM
Europe
1,617
C
H
E
M
I
C
A
L
S
2011 ADJUSTED NET
OPERATING INCOME
( billion)
Rest of
the World
4
CHEMICALS ADJUSTED NET OPERATING
INCOME DECLINED 10%, essentially reflecting
the impact of selling our interest in CEPSA
and some of our resins assets. On the whole,
Petrochemicals benefited in 2011 from the
ramp-up of its activities in Qatar and South
Korea, but suffered from eroded margins in
Europe and the United States in the second half
of the year. Specialty Chemicals income held
steady at a level close to that of 2010.
2011 SALES
non-Group share
( billion)
WORKFORCE
BY BUSINESS SEGMENT
5
(%)
WORKFORCE
BY REGION
5
( %)
Specialty Chemicals
6.8
Specialty Chemicals
0.4
Base Chemicals
12.7
Base Chemicals
0.4
19.5 0.8
THE CHEMICAL SEGMENTS SALES,
NON-GROUP SHARE, were up 11%
compared to 2010. The increase was
primarily due to higher sales of base
chemicals, specifically petrochemicals.
The market for petrochemicals was steady
in the first half of the year, followed
by a sharp slowdown in the second half.
OUR CONSOLIDATED
WORKFORCE GREW
3.5% IN 2011.
The increase was
especially marked
in solar, with
the acquisition
of SunPower,
which has some
5,000 employees.
THE SHARE OF
OUR WORKFORCE
IN EUROPE FELL 5%
in 2011 it stayed
stable in France
primarily as a result
of the sale of some
of our resin assets
to Arkema.
SALES BY REGION
IN 2011
(%)
THE CHEMICALS SEGMENT POSTED
SALES OF 19.5 BILLION IN 2011,
versus 17.5 billion in 2010. Compared
to 2010, sales growth was especially
high in Asia.
North
America
23
Asia
12
Europe
61
5. Consolidated companies. Workforce at December 31, 2011: 96,104 employees.
Corporate
1.5
Rest of the
World
40.2
Upstream
24.5
France
36.5
Chemicals
43.4
Downstream
30.6
Rest of Europe
23.3
T
O
T
A
L
'
S

W
O
R
K
F
O
R
C
E
48 2011 PERFORMANCE INDICATORS
Dec.
2002
Dec.
2003
Dec.
2004
Dec.
2005
Dec.
2006
Dec.
2007
Dec.
2008
Dec.
2009
Dec.
2010
Dec.
2011
d
e
v
e
l
o
p
m
e
n
t

s
p
e
n
d
i
n
g
6. Accidents with or without lost time per million hours worked, Total and contractor employees.
For a more in-depth
presentation of our CSR
reporting, read the Society
and Environment Report.
CORPORATE SOCIAL
RESPONSIBILITY
NUMBER OF COMMUNITY
DEVELOPMENT INITIATIVES
2,820
COMMUNITY
DEVELOPMENT SPENDING
IN NON-OECD COUNTRIES
92%
46
MILLION TONS OF
CARBON EQUIVALENT
WORLDWIDE GREENHOUSE
GAS EMISSIONS
AT TOTAL-OPERATED SITES
by business segment (%)
TOTAL RECORDABLE INJURY RATE
6
(per million hours worked)
DIVERSITY
Managers: 26,836
(out of 96,104
employees in 2011)
Permanent
manager hires:
1,895 (out of
9,295 permanent
hires in 2011)
WOMEN
( %)
Managers Permanent manager
hires
NON-FRENCH NATIONALS
(%)
Managers Permanent manager
hires
Chemicals
11
Downstream
41
23
59
28
75
Upstream
48
15
7.5
0
Target
Real
13.09
11.8
10.8
9.5
8.47
7.4
6.2
6.3
5.6
5.1
5
4.2
4.5
3.6
4
3
2.7
3.1
2.6
2.2
3
0
5

M
I
L
L
I
O
N
C
O
M
M
U
N
I
T
Y
The Board of Directors determines the strategic direction of the Company and supervises the implementation of this vision.
With the exception of the powers and authority expressly reserved for shareholders and within the limits of the Companys
legal purpose, the Board may address any issue related to the operation of the Company and make any decision concerning
the matters falling within its purview. On December 31, 2011, the Board of Directors was composed of 15 members,
including a director representing Totals employee shareholders, elected by shareholders at the Annual Meeting.
Patrick Pouyann,
President, Refining & Chemicals
Were the first oil major to truly combine refining and petrochemicals
in a single organization. By focusing on our most integrated facilities,
like those in Antwerp and Gonfreville, we will be able to optimize feedstock
streams, gain a unified vision of trends and therefore the necessary
investments, and achieve economies of scale.
The Executive Committee, under the responsibility of the Chairman & CEO,
is Totals primary decision-making body. It implements the strategy
formulated by the Board of Directors and approves related investments.
THEIR TAKE ON 2011
Christophe de Margerie
(Chairman)
Thierry Desmarest
(Honorary Chairman)
Patrick Artus
Patricia Barbizet
Daniel Bouton
Gunnar Brock
Claude Clment
(employee shareholder representative)
Marie-Christine Coisne-Roquette
Bertrand Collomb
Paul Desmarais Jr.
Barbara Kux
Anne Lauvergeon
Claude Mandil
Michel Pbereau
Thierry de Rudder
Board of Directors
Chairman & Chief Executive Officer
Whats happening right now is a crisis
of confidence. It all started with the economic
crisis in 2008, and Europe is particularly hard hit
today. And then there are the popular uprisings
that swept and continue to sweep the Arab
world. Overall, though, Total held its own in
2011s unstable environment. We made
significant finds and completed ambitious
projects. Pazflor came on stream, the Port
Arthur refinery upgrade was concluded, and we
acquired interests in Novatek, SunPower and
unconventional oil and gas in the United States.
Philippe Boisseau,
President, Supply & Marketing
Supply & Marketing is 35,000 people
and the flagship for Totals
commercial ambitions. We are leaders
in Europe and Africa and have built
strong positions in Asia and
Latin America. Today we must
identify new growth potential in
terms of markets, products and
services. Innovation and R&D will be
the core drivers of this process.
50 CORPORATE GOVERNANCE
The Management Committee coordinates our different units, tracks the performance of operational departments and reviews
the activity reports of functional departments. On January 16, 2012, the Management Committee comprised the Executive
Committee members plus 25 senior executives from the various functional and operational departments.
Jean-Jacques Guilbaud,
Chief Administrative Officer
As far as safety is concerned, even
greater vigilance is necessary, because
nothing can ever be taken for granted.
Whats more, a corporate safety culture
is built over the long haul, year after
year. We must maintain our efforts
and objectives, be even more rigorous
about applying the basic rules,
and spend much more time in the field
to educate our teams about the risks
inherent in our businesses.
Patrick de La Chevardire,
Chief Financial Officer
Our strong 2011 results were in line
with guidance. Were managing our
portfolio much more aggressively.
Were withdrawing from mature
and non-strategic assets to focus on
high-potential investments. Our bolder
exploration strategy has paid off.
The reorganization of the Downstream
and Chemicals segments also reflects
this new drive.
CORPORATE
Ren Chappaz
Peter Herbel
Jean-Marc Jaubert
Helle Kristoffersen
Manoelle Lepoutre
Franoise Leroy
Jean-Franois Minster
Jacques-Emmanuel Saulnier
Franois Viaud
UPSTREAM
Marc Blaizot
Arnaud Breuillac
Olivier Cleret de Langavant
Isabelle Gaildraud
Michel Hourcard
Jacques Marraud des Grottes
REFINING & CHEMICALS
Pierre Barb
Bertrand Deroubaix
Jacques Maign
Jean-Jacques Mosconi
Bernard Pinatel
Bernadette Spinoy
SUPPLY & MARKETING
Benot Luc
Momar Nguer
Jrme Par
Jrme Schmitt
The Management Committee
Yves-Louis Darricarrre,
President, Exploration & Production
and Gas & Power
We have to continue to grow our production. Weve set the ambitious
objective of increasing it by 2.5% a year on average to 2015.
To do that, we have to bring 25 major projects on stream,
with no delays despite their growing complexity. We also have
to continuously replace our reserves, either through exploration
or by gaining access to already discovered resources.
n 2011, nearly 300,000 unique visitors viewed
the Individual Shareholders section on www.total.com.
The number was just 70,000 in 2009 and 140,000
in 2010. To meet this burgeoning demand for infor-
mation, we have been working for several years
to create new channels of communication with our
individual shareholders. Our goal is to move toward more
open, widely accessible, up-to-date forms of com-
munication to refresh dialogue. In 2009 we launched
an online webzine. The perfect companion to the
paper magazine sent out to our individual sharehold-
ers, eight issues were published in 2010 and another
eight in 2011. With this first step behind us, we
made two major decisions in 2011 that will further
improve the quality of our shareholder relations.
Creating Communication Together
First, our Shareholders Advisory Committee, which
until now has met physically, was refashioned into a
broader-based e-Advisory Committee in March 2012.
Twenty members, more than half of whom are in the
workforce, have been selected to discuss issues via
this flexible, interactive platform. Their role is to voice
their opinion about communication tools, foster
discussion about projects and together create the
investor relations of the future.
The next step will be the rollout of a mobile application,
available on smartphones and iPads, at the May 2012
Annual Shareholders Meeting. Downloadable free
of charge, the app will allow interested shareholders
to stay in regular touch with Totals investor information
through alerts announcing news releases, various
reports, the investor relations calendar and more.
These tools supplement our program of investor
relations meetings: in 2011, we met 14,000 individual
shareholders personally, compared to 11,000 in 2010.
And a number of meetings are scheduled in 2012.
i
At the last Actionaria Investor Fair,
the Shareholders Relations team
was happy to explain our solar
business. On that occasion,
many of you took our solar quiz,
with three people winning tablets.
SHAREHOLDERS,
JUST CLICK TO DIALOGUE
Our priority in 2011 was to harness new electronic
media to provide our individual shareholders with
interactive forums for information and dialogue.
Our new setup is ready to go.
52 SHAREHOLDERS NOTEBOOK
INDIVIDUAL SHAREHOLDERS,
VALUED PARTNERS
Around 2 million individual shareholders have fled
the Paris stock exchange in the last three years.
Just 4.4 million are thought to remain today.
But Totals individual shareholder base has remained
stable since the early 2000s, at about 520,000.
Shareholders are the lifeblood of a company: they
provide the capital that enables it to grow over the
long term and support it as it takes risks. In return,
they share in its success through dividends.
In France: 0 800 039 039
(toll-free from landlines in France)
Outside France: + 33 (0)1 47 44 24 02
Monday through Friday, 9:00 a.m
. to 12:30 p.m
. and 1:30 to 5:30 p.m
.
E-mail your questions to: actionnairesindividuels@total.com
Read the shareholders webzine at www.total.com
in the Individual Shareholders section (in French only)
A dedicated team
listening to you,
with quality as
their motto.
On December 31, 2011,
for 1,000 invested in Total shares
by a French resident, assuming
that dividends (excluding tax credit)
are reinvested in Total shares
and excluding social security
and other taxes withheld.
AN INITIAL INVESTMENT
MULTIPLIED BY 1.5 OVER 10 YEARS
Value on December 31, 2011 for every 1,000 invested
Total
CAC 40
1
,0
5
5
9
1
8
1
,5
3
8
4
,9
8
2
8
5
7
6
7
7
9
1
4
1
,9
6
3
1 year
(January 1, 2011)
1,000
5 years
(January 1, 2007)
10 years
(January 1, 2002)
15 years
(January 1, 1997)
Contacts
Answers
Questions
nswers nswers
BOURSOSCAN AWARD
NUMBER TWO!
In 2011, Total received a BoursoScan
award in the Individual Shareholders
category, voted on by 7,500 Web-user
investors who are clients of Boursorama,
an online financial services company. This is
our second BoursoScan in a row: in 2010,
we won its Investor Relations Award.
ONLINE VOTING MAKES ITS DEBUT
In 2011, Total individual shareholders had the option for the first time
of voting via the Internet at the May 13 Annual Shareholders
Meeting. At the request of interested shareholders, 3,000 e-notices
of meeting were sent. Voting was open until 3:00 p.m. the day before
the Shareholders Meeting. It is a flexible, innovative way to weigh in
on important resolutions, such as the election of two new directors,
Marie-Christine Coisne-Roquette and Barbara Kux, to the Board of
Directors in May 2011.
QUARTERLY DIVIDEND PAYMENTS
In September 2011, Total kicked off a new policy of paying
quarterly dividends not a common practice among Frances
blue chip CAC 40-listed companies. The dividend, which has
been stable in the last few years, was 2.28 per share in
2011, paid in four installments of 0.57: interim dividends in
September 2011, December 2011 and March 2012 and the
final dividend in June 2012, subject to shareholder approval
at the Annual Meeting. The payout ratio in 2011 was 45%.
2012 CALENDAR
In 2012, Total will meet personally with individual
shareholders in Reims, Caen, Nice, Nancy and Bordeaux
in France, Antwerp in Belgium, and at the Actionaria
Investor Fair in November, which will be attended
by Christophe de Margerie.
The complete 2012 calendar
of investor relations events can
be found at www.total.com,
under Individual Shareholders.
Words highlighted in gray
in the report are defined here.
BARREL
A standard unit of measurement
for oil production. There are
42 U.S. gallons or 158.9 liters
in a barrel.
BARREL OF OIL
EQUIVALENT (BOE)
A standard reference unit that
enables the energy content of gas
and oil to be compared.
BENZENE, PARAXYLENE
Benzene is the simplest aromatic
hydrocarbon and the primary
feedstock for styrenics (styrene and
polystyrene). Paraxylene is another
aromatic hydrocarbon, used for
example in polyesters.
BIOMASS
Biomass refers to all organic matter
of plant or animal origin, whether
sourced from agriculture, forests,
or production (paper mills, sawmills),
crop or municipal waste.
BIOTECHNOLOGY
Biotechnology uses enzymes
or fermentation agents to
convert biomass to molecules.
Biotechnology branches
are categorized by application:
medical (red), agricultural processes
(green) or industrial (white).
CELLULOSIC ETHANOL
Also called ethyl alcohol. The purest
form of alcohol, ethanol is colorless,
water-miscible and usually obtained
from grains and plants such as trees
or straw. It is used in the chemical
industry as a synthesis
intermediate, a solvent and a
disinfectant. It is also used as an
automotive fuel, particularly when
blended in gasoline.
CONCENTRATED
SOLAR POWER
Concentrated solar power plants
differ from photovoltaic solar plants
in that they use a thermal process.
Sunlight is collected by mirrors,
which concentrate the heat to
generate steam to produce
electricity.
CRACKING
A refining process that converts
large, complex, heavy oil molecules
into simpler, lighter molecules using
heat, pressure and sometimes a
catalyst. There are two types
of cracking, catalytic (cat) cracking
and steam cracking.
In petrochemicals, cracking produces
ethylene and propylene in particular.
DEEP (FULL)
CONVERSION
OR COKING
A process that cracks large oil and
gas molecules and removes some
of their carbon atoms in order to
obtain lighter compounds such as
LPG, naphtha and diesel.
DISTILLATE
HYDROCRACKER
A unit that uses hydrogen to crack
distillates. This catalytic refining
process converts heavy products
into lighter products, such as diesel,
for which demand is high.
ELEPHANT AND BIG CAT
Fields with reserves of over
500 million and 200 million barrels
of oil equivalent respectively.
ENERGY MIX
All the energy sources used to meet
demand.
ETHANE CRACKER
A unit that converts molecules
of ethane, a combustible gas found
in natural gas and casinghead gas,
into ethylene.
ETHYLENE,
POLYETHYLENE
Two plastics frequently used
in packaging, the automotive
industry, household appliances,
pipes and textiles.
EXPLORATION BLOCK
Acreage for which the exploration
rights have been awarded to one
or more oil or gas companies.
b
BARREL BARREL
A standard unit unit
for oil productio ctio
42 U.S. gallons o ons
in a barrel. in a barrel.
BARREL OF BARREL
c
CELLULO
Also called e ed e
form of alcoh of alco
water-miscib water-mis
f i
d
DEEP (FUL P (F
CONVERSI ONVE
OR COKIN OR COKIN
e
ELEPHANT ELEPHANT
Fields with rese res
500 million and n and
of oil equivalen of oil equivale
54 GLOSSARY
FIRST OIL
The first barrel of oil produced by
a field when it is brought on stream.
FPSO
Floating production, storage
and offloading vessel.
FRONTIER BASIN
Basin in which no oil or gas
has been produced yet.
LEASE OR LICENSE
Acreage contractually awarded
to an oil company or joint venture
by the host country for a defined
period. The lease or license grants
the oil and gas company exclusive
right to conduct exploration
(exploration lease or license)
or produce a field (production
lease or license).
LIQUEFIED
NATURAL GAS (LNG)
Gas that has been liquefied by
cooling it to -163C.
POLYMER
A polymer is a large molecule made
up of monomers linked by covalent
chemical bonds. Starch and protein
are polymers. Polymers can be
organic and natural (such as DNA)
or artificial and synthetic
(such as polystyrene). Polyolefins
are the largest polymer family.
POLYOLEFIN
Olefins are derived from oil and gas.
Polyolefins are synthetic polymers
obtained by polymerizing an olefin.
RESERVES
PROVED RESERVES (1P RESERVES)
Those quantities of oil and gas
which, by analysis of geoscience
and engineering data, can be
estimated with reasonable certainty
(90%) to be economically producible
under existing contract, economic
and technical conditions:
Proved developed reserves are
reserves that can be expected to be
recovered through existing wells
with existing equipment and
operating methods, without a major
expenditure.
Proved undeveloped reserves are
reserves that are expected to be
recovered following new capital
expenditure (surface facilities,
wells, etc.).
PROVED AND PROBABLE RESERVES
(2P RESERVES)
Proved and probable reserves are
the quantities of oil and gas
expected to be recoverable from an
average accumulation, under E&P
contracts covering acreage
for which technical studies have
demonstrated economically viable
development in a long-term Brent
price environment.
RESERVOIR
A porous, permeable subsurface
rock formation containing large
quantities of oil or natural gas.
SULFUR RECOVERY UNIT
A unit that removes sulfur or sulfur
compounds from gaseous or liquid
hydrocarbon mixtures. Also known
as a desulfurization unit.
UNCONVENTIONAL GAS
Gaseous hydrocarbons found in
naturally tight reservoirs, such as
tight gas, coalbed methane
(also known as coal seam gas)
and shale gas.
l NSE NSE
p
POLYMER PO
A polymer is a large A polymer is a large
up of monomers lin up of monomers li
chemical bonds. Sta chemical bonds.
are polymers. Polym are polymers
organic and natura organic
or artificial and syn or artif
f
FIRST OIL FIRST OIL
The first barrel of first
a field when it is b ld w
FPSO SO
Floating productio ting
and offloading ves and offloadin
r
S
VES (1P RESERVES) RESE
ities of oil and gas of o
alysis of geoscience of g
ring data, can be ata,
th reasonable certain th reasonable
i ll d ib i ll
s
SULFUR RE SULFUR RE
A unit that remo A unit that rem
compounds from compounds f
u
ONVENTIONAL GAS TION
It happened in Rio during the Earth Summit,
which was just the right time for Total to make a
long-term commitment to the environment. Over
20 years, our commitments have broadened.
While biodiversity came frst, we soon added health,
culture and youth. Because young people today
need guidance in their search for success and
social integration. Because young people deserve
our commitment to protect the resources of the
world where they will live. We have to commit more
to young people, for longer. Because 20 years is
neither a long time, nor a short time, but both.
And now we are 20 years old, we still have
lots to do, lots to imagine and lots to achieve.
Because at 20, the future is all that matters.
20 YEARS AGO,
THE TOTAL CORPORATE
FOUNDATION WAS BORN
Community Support & Youth - Health - Shared culture - Biodiversity
At a Glance
2011-2012
2011 KEY FIGURES In a competitive environment that presents many challenges, Total is perpetually changing to effectively accomplish our mission: to responsibly enable as many people as possible to access energy. Christophe de Margerie, Chairman and CEO

130
Inside, our
SPECIAL
2011 KEY
FIGURES
I NSERT
P.02 AN ENERGY COMPANY
About Total
P.04 GROW, LOOK AHEAD,
ADVANCE, INNOVATE
Major Projects in 2011
Editorial Consultant: Carimalo Conseil/Ccile Carimalo, Julien Foulc. Written by: Magali Gloire-Savalle, Caroline Ferrand-Mouy.
English version: ICC. Photo Credits: S. Barry, B. Blaise, D. Blondeau, P. Boulen, E. Coche, M. Dufour, S. Gladieu, T. Gonzalez, M. Labelle,
P. Laurent, G. Leimdorfer/Rapho, P. Livermore, O. Robinet, M. Roussel, P. Schaff, F. Sjourn, SunPower Corp., F. von der Fecht,
P. Zamora, L. Zylberman, All rights reserved Total Total Foundation ad design: Euro RSCG. Design and Production: May 2012.
With EcoFolio, Total is encouraging
paper recycling. Sort your trash, protect
the environment. www.ecofolio.fr
Contacts
SHAREHOLDERS
Call the individual shareholder relations team
at the dedicated number:
0800 039 039 (France only)
(toll-free from landlines in France)
JOURNALISTS
Contact Media Relations at:
+33 (0)1 47 44 46 99
STUDENTS
To learn more about:
1
Careers at Total, go to:
www.careers.total.com
2
Energy and related challenges and issues, go to:
www.planete-energies.com
TO LEARN MORE ABOUT
THE TOTAL FOUNDATION
(health and community support, culture and heritage,
and environmental initiatives), go to:
http://fondation.total.com
FOR ANY OTHER QUESTIONS
Call: +33 (0)1 47 44 45 46
or go to: www.total.com
Registration Document
Society and Environment
Report
Total at a Glance
Factbook Factbook
20-F 20-F
Printed with vegetable ink on Cocoon Silk paper, produced from recycled FSC-certified pulp,
reducing pressure on the worlds forests. The Ecolabel-certified paper was produced in an
ISO 14001- and FSC-certified paper mill. The printer is certified as complying with ImprimVert
,
the French printing industrys environmental initiative. FSC no. C006774. The time-to-market
printing concept adopted means that only copies actually distributed are printed, meaning
we do not have to discard unused copies at end-of-life.
Corporate Communications
TOTAL S.A.
Headquarters:
2, place Jean Millier La Dfense 6
92400 Courbevoie, France
Tel.: +33 (0)1 47 44 45 46
Share capital: e5,909,418,282.50
Registered in Nanterre: RCS 542 051 180
www.total.com
See you at
www.total.com
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nergies!

MESSAGE FROM THE CHAIRMAN & CEO 04

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07 PERSPECTIVES 2011 ANNUAL REPORT

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