CWC

M&P’s Production Surge in Gabon Not Reflected in Its Wallet

By Toyin Akinosho

The Indonesian owned French explorer, Maurel et Prom (M&P), has reported a sharp increase in crude oil output in Gabon, from 4Q 2018 and 1st Q 2019.

But “the significant rise in production”, as the company calls it, does not reflect in the sales figure.

The rise “in first quarter of 2019 (+18% versus Q4 2018) in a similar price context (average sale price of oil $63.9/bbl in Q1 2019 versus $62.7/bbl in Q4 2018) was not reflected in sales figures due to a lifting imbalance (223,000 barrels produced but not evacuated during the period)”, the company explains. “This situation impacted sales by $14 million in the first quarter of 2019”.

M&P reports that “sales in Q1 2019 amounted to $103Million, an increase of 5% from Q4 2018”.



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