A REVOLUTION IN PROGRESS

Keynote address by

Christophe de MargerieTotal Chairman & CEO

Oil & Money– Sept. 2013

Oil&Money-Oct.1st,2013 2

Investments and technology needed to meet oil demand

0

100100

50 Natural decline of fields ~4-5%/y on average

Oil demand +0.6% / year

~55 Mb/d

Mb/dTight oil

Extra heavy oil

Deep offshore

Conventional(including EOR)

2010 2015 2020 2025 2030

Sparecapacity 4% 4%5-6%

Oil supply-demand New supply by technology

Significant investments required to satisfy demand

Oil&Money-Oct.1st,2013 3

Non conventional hydrocarbon resources largely extend the life time for oil and gas

4 yrs before Today's view

0

400

800

1200

1600 Shale gas

CBM

Tight / shale oil

Gboe

Large upwards revaluation of unconventional potential in the

recent past

Liquids Gas~2,350 Gb (w/o oil shale) ~2,900 Gboe (w/o hydrates)

Well defined resources

Already produced

Recovery increase

YTF

Oil shale

EHO

Tight / Shale Oil

Shale Gas

Years of production at current

pace

CBM

Unconventional resources

35

100

80

50

140

70

Global resources

Hydrates

Peak oil no longer an issue: liquid production expected to reach a plateau slightly below 100M b/d by 2025

Oil&Money-Oct.1st,2013 4

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0

100

200

300

400

500

600

700

800

0

100

200

300

400

500

600

700

800

Oil ProductionGas Production

Capex (activity driven increase)

Capex (inflation driven increase)

B$

& M

boep

dCapex large increase over the period 2004 – 2012 is partly due to cost inflation; production growth has been slow

CAGR 2000-12** CAGR 2008-12***

E&P Capex 15,6% 8,6%

Oil & gas production 1,8% 0,5%

Oil 1,2% 0,3%

Gas 2,8% 0,8%

75 Mbpd

40 Mboepd

86 Mbpd

56 Mboepd

* CERA Upstream Capital Cost Index, 2000 (base 100) **Computed using 2000 as the reference year ***Computed using 2008 as the reference year