Petroleum Africa
Find us on: 
Friday, April 24, 2020
In its Q1 update, Maurel & Prom offered an update on its activities in Africa as well as highlighted its financial position.
In Gabon, oil production on the Ezanga license was 19,594 bopd in Q1 2020 (gross production: 24,492 bopd), up 5% from Q4 2019. This increase is due in particular to the start of production on three new wells over the period.
A decision made in March to suspend development drilling activities following the drop in oil price was immediately implemented, and the rig was demobilized and stacked on site.
On the Mnazi Bay license in Tanzania, M&P’s gas production was 30.7 mmcfd (gross production: 63.8 mmcfd) in Q1 2020. Gas nominations from TPDC remain below historical levels as a result of continuous availability of hydropower capacity.
In Angola, M&P’s working interest (20%) oil production on Block 3/05 was 4,213 bopd in Q1 2020 (gross production: 21,065 bopd), down 5% from Q4 2019.
Financially, as of 31 March 2020, M&P’s cash balance stood at $249 million, up slightly from the closing balance of FY 2019 ($231 million as of 31 December 2019). It is worth highlighting that the first $18.75 million quarterly installment of the $600 million Term Loan was repaid in March.
The Group is actively implementing the various cost saving initiatives recently announced and is focusing on all available measures to preserve cash. In addition to this, and given the current oil price situation, M&P retains the discretion to conduct temporary and targeted production cuts, in certain cases where reservoir conditions allow for a quick recovery.
" alt="First LNG Realized at the Greater Tortue Ahmeyim Project">
" alt="United Energy Acquires Western Desert Producer APEX">
" alt="Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG">
" alt="ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System">
" alt="Tullow Highlights 2025 Operational Plans in Ghana">
" alt="TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years">
" alt="Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession">
" alt="Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market">
