Comments from recent TOTAL investor roadshow :

• Total SA is using $80/bbl oil and $8/mcf gas prices long term.
• targets 2% pa organic production growth 2009-14.
• cautious on returns from Iraq, calculates an avg IRR for the majors involved of 5%.
• believes industry costs have bottomed.
• expects refining margins to stay depressed for 3-5 years.