Continental Focus, International Reach

Production Up in Gabon, Down in Tanzania

Tuesday, April 23, 2019

Maurel & Prom saw an increase in crude production, taking it to 24,666 bpd in Q1. This is an 18% increase in production over totals from the previous quarter in Gabon. This rise in production is related to the ongoing development drilling campaign and the stabilization of oil exports during the period, according to the company.

In addition, as announced on March 21 in its annual results, Maurel & Prom will now market the volumes produced by M & P Gabon through its 100% owned French subsidiary M & P Trading.

A first shipment of 619,950 barrels of Rabi Light quality was raised by M & P Trading at the Cap Lopez terminal in Gabon on March 31. M & P Trading replaces TOTSA, Total’s trading company, as a purchaser of crude oil. of M & P Gabon, after 10 years of partnership.

“M & P Trading is part of our strategy to become more self-reliant and create value throughout the chain, from production and transportation to marketing our crude. We realized the project in a very short time, demonstrating our ability to quickly mobilize our teams on strategic projects,” Michel Hochard, boss of Maurel & Prom, said.

In Tanzania, where it produces mainly natural gas, the company recorded an average production of 73.7 Mmcf/d in Q1, down 15% from Q4 2018. The decline is attributed to an early and very heavy rainy season in southern Africa, which temporarily led to a significant increase in hydropower generation capacity.