Middle East Economic Survey


No 25



Total Reveals Impact Of High Crude Prices On Buyback Volumes

Totals 2004 annual report, published in early June, reveals the impact of the profit-capping mechanism in Iranian buyback contracts on liquids volumes allocated for repayment, at a time of high crude oil prices. The report said: Total has four buyback contracts in Iran, with an average production [allocated to Total] of 26,000 b/d compared to 50,000 b/d in 2003, due mainly to...