OREANDA-NEWS. The Board of Directors of Total Gabon met on April 11, 2014 and approved the final accounts for the year ending December 31, 2013.

Brent averaged USD 108.7 per barrel in 2013, versus USD 111.7 per barrel in 2012. Total Gabon's equity share of operated and non-operated oil production averaged 46,900 barrels of oil per day in 2013, up from the previous year's figure of 45,400 barrels per day.

Capital expenditure remained high at USD 959 million, an increase from USD 922 million in 2012.

2013 was a landmark year for Total Gabon, whose substantial investments in recent years boosted production after a period during which it steadily decreased.

Despite a 3% increase in production, Total Gabon's net income fell 8% to USD 302 million in 2013. The contraction stemmed from increases in exploration spending, depreciation and amortization, and operating costs associated with a context of production boost.

The Board of Directors will recommend that shareholders at the Annual Meeting on May 28, 2014 approve the payment of a dividend of USD 34.00 per share, for a total payment of USD 153 million. The dividend is stable in relation to previous years.

The dividend will be payable in euros (or the equivalent in CFA francs), based on the exchange rate for the U.S. dollar on the date of the Annual Meeting.

At its April 11 meeting, the Board of Directors duly noted the resignation of Jacques Marraud des Grottes from the offices of Director and Chairman of the Board. The Board nominated Guy Maurice to succeed him as Director and then appointed Mr. Maurice as Chairman of the Board of Directors.

Shareholders will be asked to ratify Mr. Maurice's election as director at the Annual Meeting on May 28.