Maurel & Prom achieved a disappointing first half of 2020. Over this period, the French hydrocarbon producer based in Gabon posted a net profit of -606 million dollars against 33 million in the first half of 2019, due to the fall in prices oil companies following the Covid-19.
Weighted down by the plunge in black gold prices due to the Covid-19 pandemic, Maurel & Prom achieved a first half of 2020 characterized by a net profit that fell into the red, at -606 million dollars against 33 million on the same period 2019. Depreciation charges recorded as liabilities “corresponding to the adjustment to the current context of the assumptions for crude prices and production and cost profiles”, explained Maurel & Prom.
The Group’s consolidated sales amounted to 142 million dollars in the first half of 2020, down 38% compared to the same period in 2019. The Group’s production in M&P share in the first half of 2020, was high at 26,917 boe / d, up 6% compared to the first half of 2019 (25,326 boe / d), thanks to the integration of Angolan production.
In Gabon, on the Ezanga permit, voluntary and targeted production reductions were carried out in the second quarter, taking advantage of the period of low crude prices to temporarily suspend production from certain wells and thus improve conditions for the future. of the tank.
With this in mind, and in conjunction with work on water injection, production was deliberately limited to 20,000 b / d (at 100%, or 16,000 b / d in M&P share). Further production cuts, this time within quotas set by the Organization of Petroleum Producing Countries (OPEC), are expected in the second half of the year.
