French oil major Total posted Friday a 2011 net profit of 12.3 billion euros ($16.3 billion), for an annualised gain of 16 percent as higher oil prices offset a slight dip in production.

It was the group's best result since 2008, a statement said, and came despite a slip of 1.0 percent in production to 2.346 million barrels of oil equivalent.

Profit adjusted for exceptional elements and stock effects gained 11 percent to 11.424 billion euros, Total said.

The group added that its reserves had gained 7.0 percent last year to 11.423 million barrels of oil equivalent, and confirmed its output growth target of 2.5 percent per year over the period from 2010-2015.

This year, Total expects to make investments of 20 billion euros, down from 22 billion in 2011.