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Maurel & Prom: -2017 sales: $400m (up 14%)

Maurel & Prom: -2017 sales: $400m (up 14%)

February 6, 2018

Paris, 5 February 2018
 No. 02-18

2017 sales: $400m (up 14%)
  • Group sales up 14% to $400m for 2017
    • Increase in the average sale price of oil: up 24% compared to 2016
    • Higher demand for gas in Tanzania: annual production up 13%
  • Group reserves at 31 December 2017 in M&P share :
    • Gross P1+P2 reserves: 215 MMboe
    • P1+P2 reserves net of royalties: 195 MMboe

 

2017 Sales

Q1 2017 Q2 2017 Q3 2017 Q4 2017   12 months 2017   12 months 2016 Chg.17/16
   
Total production sold over the period, M&P share                  
millions of barrels of oil 1.6 1.7 1.8 1.7   6.8   7.4 -8%
million MMBTU 1.9 1.4 2.7 2.8   8.8   7.8 +13%
   
Average sale price                  
OIL, in $/bbl 52.8 48.6 50.0 59.7   53.0   42.7 24%
GAS, in $/BTU 3.18 3.22 3.13 3.12 3.15 3.13 1%
EUR/USD exchange rate 1.06 1.10 1.17 1.18   1.13   1.11 2%
           
SALES (in $m)                
Oil production 91 87 97 109   384   337 14%
Gabon 86 83 90 102   361   317 14%
Tanzania 5 4 7 7   23   20 14%
Drilling operations 5 3 4 4   16   14 17%
Consolidated sales (in $m) 96 90 101 113   400 351 14%
Consolidated sales (in €m) 90 81 86 97   355 317 12%
 

The Group’s consolidated sales for 2017 amounted to $400 million (€355 million), up 14% compared to 2016.

This increase was due to the sharp rise in oil prices in 2017, despite a drop in oil production in Gabon during the period.
The average sale price of oil in fiscal year 2017 rose by 24% to $53/bbl versus $42.7/bbl in 2016.

To meet the higher demand for gas in Tanzania, gas production significantly increased starting in the second half of 2017. For the full year, average production stood at 49.1 MMcf/d at 100%, up 14% over the previous year.

Hydrocarbon production in 2017

Q1 2017 Q2 2017 Q3 2017 Q4 2017   12 months 2017   12 months 2016 Chg.17/16
             
Production operated by Maurel & Prom (100%)                
 Oil bopd 24,303 25,104 26,290 24,144   24,963   27,195 -8%
 Gas MMcf/d 43.3 30.7 60.0 62.2   49.1   43.1 14%
 TOTAL  boepd 31,509  30,221  36,268  34,514      33,145      34,365  -4%
Maurel & Prom
share of production		                
 Oil bopd 19,442 20,083 21,032 19,315   19,970   21,756 -8%
 Gas MMcf/d 20.8 14.8 28.8 29.9   23.6   20.7 14%
 TOTAL  boepd 22,905  22,542  25,828  24,299      23,903      25,202  -5%

Operated oil production in Gabon in the fourth quarter of 2017 amounted to 24,144 bopd, down 8% compared to the previous quarter. This was primarily due to the installation of an autonomous power generation system designed to reduce operating costs. Production was halted during its commissioning, resulting in an estimated loss of 860 bopd in Q4 2017.

To mitigate the Ezanga permit field depletion resulting, among other things, from its development programme being halted for close to three years on account of the drop in oil prices, Maurel & Prom Gabon will resume all of its drilling activities. This programme, set to begin in the first half of 2018, involves drilling 11 development wells and three sidetracks.
In addition, drilling of the first exploration wells on the Kari and Nyanga-Mayomnbé permits will start in the second half of 2018.

In Tanzania, demand for gas from the national company, TPDC, rose steadily in 2017 to reach average production of 62.2 MMcf/d at 100% in Q4 2017.
This demand, which is linked to industrial gas consumption in Dar Es Salam, is expected to increase further in 2018.
Group reserves in M&P share at 31 December 2017 (WI M&P)

The Group’s reserves correspond to the volumes of recoverable hydrocarbons currently in production plus those revealed by discovery and delineation wells that can be operated commercially. These reserves were certified by DeGolyer and MacNaughton in Gabon and RPS Energy in Tanzania as at 31 December 2017.

Gross P1+P2 reserves
M&P’s share		 Oil (MMbbl) Gas
(Bcf) ([1])		 MMboe
Gabon Tanzania
01/01/2017 178.2 272.3 223.6
production -7.2 -8.8  
revision 0.2 1.9  
31/12/2017 171.3 265.4 215.5
 o/w gross P1 reserves 134.9 146.5 159.3
or 79% 55% 74%
P1+P2 reserves net of royalties
M&P’s share		 Oil (MMbbl) Gas
(Bcf) (1)		 MMboe
Gabon Tanzania
01/01/2017 157.7 272.3 203.1
production -6.8 -8.8
revision 0.2 1.9
31/12/2017 151.1 265.4 195.3
 o/w P1 reserves net of royalties 119.1 146.5 143.5
or 79% 55% 73%

At 31 December 2017, gross P1+P2 (2P) reserves amounted to 215 MMboe, the equivalent of 195 MMboe in M&P share net of royalties.

In Gabon, 2P reserves net of royalties and restated for 2017 production amounted to 151.1 MMbbls at 31 December 2017, with P1 reserves accounting for 79% of that total. This level of certified reserves reflects the value and success of the work undertaken to optimise the Ezanga field following the drop in oil prices.

At 31 December 2017, the Group also had gas reserves of 265 Bcf.

These gas assets give the Group access to fixed, stable revenues over the long term. The sale price is $3.0441 per thousand cubic feet and rises with inflation. Maurel & Prom thus has cash flow unaffected by oil price fluctuations.

Français     Anglais
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
baril b bbl barrel
barils d’huile par jour b/j bopd barrels of oil per day
milliers de barils kb Mbbl 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

https://globenewswire.com/news-release/2018/02/05/1332573/0/en/Maurel-Prom-2017-sales-400m-up-14.html

 

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