PARIS (AFP) - French oil giant Total reported on Wednesday an 8 per cent rise in net profit to 12.4 billion euros (S$20.7 billion) in 2012, excluding the change in value of oil in stock.

This is the measure, known as the current-cost accounting basis, which is most closely watched in the oil sector.

Net profit on an overall basis, the historic-cost method, fell by 13 per cent to 10.7 billion euros.

The statement said that a fall in production had been counter-balanced by high oil prices and a temporary rally of margins for refiners in Europe.

The results were in line with forecasts by analysts who had expected a net profit on a current-cost accounting basis of 12.4 billion euros.

Oil prices were high last year owing largely to tension over supplies from Iran which is the target of economic sanctions against its nuclear programme.