Total’s portfolio is diversified across different resource themes, with the exception of unconventionals, where it lacks major exposure. A strong presence in LNG is underpinned by exposure to Australian LNG. It also has above-average exposure to deepwater resources relative to its peer group, largely due to a leading position in West Africa. In 2009, Total recognised its exploration program was not delivering material, long-life resource additions, and rolled out a new, bolder strategy followed by a period of acreage reloading. The new strategy is beginning to see results, with exploration achieving double digit returns in 2017, the first time in the last decade. The longer term outlook is also good, where we expect this positive performance to continue.