The French firm, which is listed in Paris, New York, Brussels and London, hopes to establish a large investor base in China through such a listing in Shanghai, Total treasurer Humbert de Wendel said at a financial forum in Shanghai.

Shanghai has been planning for an international board for foreign firms to list in China, but so far there has been no timetable for its launch.

"The local credit lines that we have in China are on a short-term, uncommitted basis," said Mr. Wendel. "It's not satisfactory...We are working on ways to improve it."

Mr. Wendel said Total has large financing needs and seeks equity markets that allow easy access to funds and offer a variety of instruments including multiple drawdowns.

"We need to tap a large pool of fund at all times with acceptable conditions," said Mr. Wendel, adding that the onshore yuan market hasn't offered Total that yet.