BQ51 Rep. Cote 37 S

RNS Number:9950X
Elf Aquitaine
1 July 2002


          Elf Gabon Signs Development and Production Sharing Agreement 
                          with the Gabonese Republic


Libreville - June 28, 2002 - Elf Gabon (50%, operator) and partner MPDC Gabon
(Mitsubishi Group, 50%) have signed a development and production sharing
contract (PSC) with the Gabonese Republic for the Baudroie-Merou Marine license.

The agreement covers the Baudroie, Baudroie Nord Marine, Baliste Sardine fields,
located 25 kilometres offshore Olende Gabon. The fields were previously being
developed under a concession license. The signature of the PSC, which replaces
the previous concession agreement, extends the licenses for a further ten years
until 2013.

Elf Gabon will thereby continue its development strategy with planned capital
spending on this block in 2002 to include notably geological work, seismic
imaging, and the drilling of an additional well in the fourth quarter.

With this agreement, Elf Gabon, a 58%-owned subsidiary of the TotalFinaElf
group, confirms its confidence in and commitment to initiatives to develop
Gabon's oil potential.



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