Paris, 13 February 2017
Activity and sales 2016
12-month sales 2016: €317m versus €276m, up 15%
- Sharp increase in oil production in Gabon to 27,195 bopd (at 100%), up 27% on fiscal year 2015
- Oil production stabilised at average 27,958 bopd (at 100%) over the last three quarters of fiscal year 2016
- Gas sales in Tanzania: average 20.7 MMcf/d (M&P share) for 2016
- Decline in oil prices: average sale price down 9% to US$42.7/bbl
|Q1 2016||Q2 2016||Q3 2016||Q4 2016||2016||2015||Chg.16/15|
|Total production sold in the period|
|barrels of oil||1,692,349||1,886,151||1,947,980||1,911,005||7,437,485||5,836,810||+27%|
|Average sale price|
|OIL, in US$/bbl||32.6||45.1||44.2||47.5||42.7||47.1||-9%|
|GAS, in US$/ BTU||3.11||3.11||3.16||3.16||3.13||3.34||-6%|
|EUR/USD exchange rate||1.10||1.13||1.12||1.08||1.11||1.11||0%|
Group consolidated sales in fiscal year 2016 up 15% to €317 million.
This improvement reflects the 27% increase in oil production in Gabon, which averaged 27,195 bopd (at 100%) over the full fiscal year 2016, versus 21,347 bopd (at 100%) over the previous fiscal year.
Production has been 27,958 bopd since 1 April 2016. This notable increase, and its continuation, is due to the positive impact of the water injection works and processes and to the actions leaded by the operator, jointly with the users, to solve the crude evacuation issues via the securing of the output pipeline.
The average sale price over fiscal year 2016 was down 9% at US$42.7/bbl versus US$47.1/bbl in the previous fiscal year. The Rabi Light discount over Brent averaged US$2.17/bbl in 2016 versus US$3.64/bbl in 2015.
In Tanzania, gas output in fiscal year 2016 averaged 20.7 MMcf/d (M&P share), reflecting the reduced demand for gas from the State corporation TPDC (Tanzanian Petroleum Development Corporation). Gas production capacity at the Mnazi Bay permit is currently approximately 80 MMcf/d compared to an operated production of around 43 MMcf/d.
|Maurel & Prom working interest production|
|unit||Q1 2016||Q2 2016||Q3 2016||Q4 2016||2016||2015||Chg. |
Oil production in Q4 2016 was 22,237 bopd (M&P share) or 27,797 bopd at 100%, although output from the Ezanga field in Gabon (Maurel & Prom operator, 80%) had to be curtailed for three days due to a strike organised by the national oil workers' union (Organisation nationale des employés du pétrole / ONEP) which began on 17 October 2016. The safety of non-strikers and of the facilities was thus protected.
In Tanzania, the level of gas production depends on industrial consumption in Dar Es Salam, routed through TPDC buying from the operator (Maurel & Prom, 48.06%).
|pieds cubes||pc||cf||cubic feet|
|pieds cubes par jour||pc/j||cfpd||cubic feet per day|
|milliers de pieds cubes||kpc||Mcf||1,000 cubic feet|
|millions de pieds cubes||Mpc||MMcf||1,000 Mcf = million cubic feet|
|milliards de pieds cubes||Gpc||Bcf||billion cubic feet|
|barils d'huile par jour||b/j||bopd||barrels of oil per day|
|milliers de barils||kb||Mboe||1,000 barrels|
|millions de barils||Mb||MMbbl||1,000 Mbbl = million barrels|
|barils équivalent pétrole||bep||boe||barrels of oil equivalent|
|barils équivalent pétrole par jour||bep/j||boepd||barrels of oil equivalent per day|
|milliers de barils équivalent pétrole||kbep||Mboe||1,000 barrels of oil equivalent|
|millions de barils équivalent pétrole||Mbep||MMboe||1,000 Mbbl = million barrels of oil equivalent|
For more information, go to www.maureletprom.fr
MAUREL & PROM
Tel: +33 (0)1 53 83 16 00
Press, shareholder, and investor relations
Tel: +33 (0)1 53 83 16 45
This document may contain forward-looking statements regarding the financial position, results, business and industrial strategy of Maurel & Prom. By nature, forward-looking statements contain risks and uncertainties to the extent that they are based on events or circumstances that may or may not happen in the future. These projections are based on assumptions we believe to be reasonable, but which may prove to be incorrect and which depend on a number of risk factors, such as fluctuations in crude oil prices, changes in exchange rates, uncertainties related to the valuation of our oil reserves, actual rates of oil production and the related costs, operational problems, political stability, legislative or regulatory reforms, or even wars, terrorism and sabotage.
Maurel & Prom is listed for trading on Euronext Paris
CAC® mid 60 - SBF120® - CAC® Mid & Small - CAC® All-Tradable - CAC® All-Share - CAC PME - EnterNext© PEA-PME 150
ISIN FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Maurel & Prom via Globenewswire