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. Full-cycle conventional returns in both 2017 and 2018 comfortably exceed 10% under our Base price scenario. The overall figure in 2016 was also double digit, driven by a strong performance from unconventionals. The company's exploration has returned to value creation. This positive performance is a reflection of the change in Total’s exploration strategy announced in September 2015 by focusing on core and emerging basins.