Total denies rumors of courtship with Shell, ConocoPhillips

Sept. 13, 2004
Total AS Chairman and CEO Thierry Desmarest at the company's midyear press conference Thursday, scotched rumors circulating that he intended to acquire either Royal Dutch/Shell Group or ConocoPhillips or a medium-size company in the US or Russia.

Doris Leblond
OGJ Correspondent

PARIS, Sept.13 -- Total AS Chairman and CEO Thierry Desmarest at the company's midyear press conference Thursday, scotched rumors circulating that he intended to acquire either Royal Dutch/Shell Group or ConocoPhillips or a medium-size company in the US or Russia.

"I see no operation offering sufficient attractiveness" at this time of high prices, he said. "We are not fanatics of mega-mergers." However, Desmarest indicated that, if opportunities for acquisitions arose under reasonable conditions, he might pursue them. But he was wary about acquisitions or alliances in Russia unless they carried a "reasonable risk," and was cautious about any involvement in Iraq.

Nonetheless, he hopes to convince Iraqi authorities that it is technically possible to increase oil production to 5 million b/d "from the current 2.5-3 million within the next 5 years."