Preparing for a low carbon future is Total’s key strategic priority. The oil and gas business is still core, and will be for the foreseeable future. But the focus has shifted towards ‘sustainability’ - low breakeven oil and increasing exposure to gas. In parallel, the company is also leading investment in new energies across the electricity value chain. The Anadarko transaction adds a growing production base that fits with Total's thematic strengths in deepwater and LNG. The flipside is that Total's already high exposure to non-OECD country risk would increase. The Supermajor has recently managed this through additional OECD-led M&A, including the Maersk acquisition and bolt-on North Sea deals. We expect that it will continue to manage this balance going forward.