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Total has released its first quarter 2014 results. Net income was $3.3 billion, compared to $3.7 billion in the first quarter of 2013.

Highlights of the first quarter 2014:

• Started gas and condensate production on Itau Phase 2 in Bolivia;
• Launched the ultra-deep offshore Kaombo project in Angola;
• Discovered oil on Ivory Coast deep-offshore block CI-514;
• Acquired exploration permits for UK shale gas and Russian oil shale in the Bazhenov;
• Completed the acquisition of an interest in the Elk and Antelope major gas discoveries in Papua-New Guinea;
• Partial IPO of interest in Gaztransport & Technigaz (GTT);
• Closed the sale of the 15% interest Angola block 15/06;
• Signed an LNG Cooperation Agreement to strengthen the existing partnership between Total and CNOOC.

Commenting on the results, Chairman and CEO Christophe de Margerie, said:

“The Group reported adjusted net income of $3.3 billion for the first quarter, solid results albeit slightly lower than last year. The impact of sharply lower European refining margins was limited thanks to the implementation of performance improvement plans by the segment.

“Operational excellence and capital discipline are the cornerstones of our robust results. With the CLOV project expected to start up on schedule, the Group launched the Kaombo project in the first quarter in ultra-deep offshore Angola. Kaombo illustrates perfectly our commitments and ambitions by combining innovative engineering solutions and disciplined cost management to create a competitive project.

“Regarding exploration, several promising wells are in progress or about to start, notably in Brazil, the Kwanza basin in Angola, and deep-offshore Ivory Coast, following our recent discovery in the frontier San Pedro basin.

“In all the segments, our teams are working to translate our announced cost reduction commitment into tangible targets and are ready to participate in making the company more efficient, while keeping safety and the environment as our highest priorities.”