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Maurel & Prom

Description

Maurel & Prom is an oil company specialising in the production of hydrocarbons. It is listed on Euronext Paris and has its registered office in Paris.

The Group generates most of its business in Africa through the exploitation of onshore production assets (in Gabon and Tanzania) and offshore Angola as well as a significant stake in SEPLAT, one of Nigeria’s leading indigenous operators.

Since 16 February 2017 Maurel & Prom has been controlled by PIEP, a subsidiary of oil company Pertamina, and aims to become the international development platform for the upstream activities of Pertamina.

Following the public offer initiated by PT Pertamina Internasional Eksplorasi dan Produksi (“PIEP”), a wholly owned subsidiary of the Indonesian company Pertamina, on Maurel & Prom shares that was completed on 9 February 2017, PIEP holds 72.65% of the capital of Maurel & Prom.

Production and reserves

M&P’s total working interest production was 27,340 boepd in 2019, up 19%.

  • Average 2019 oil production in Gabon of 19,828 bopd for M&P’s working interest (80%), up 22% from 2018 following the resolution of the pipeline export issues
  • Oil production in Angola of 4,484 bopd for M&P’s working interest (20%) for the period during which the asset was held (since 1 August 2019), corresponding to 1,879 bopd for the full year
  • Gas production in Tanzania of 33.8 MMcfpd for M&P’s working interest (48.06%)

The Group’s 2P reserves stood at 191.9 MMboe at 31 December 2019.

History
Created in 1813 as a trading company between Bordeaux and the French colonies in West Africa, Etablissements Maurel & Prom was one of the leading shipping companies between France and Senegal, the Ivory Coast, Cameroon, Gabon and Congo.

The decline in the shipping sector in the 1970s led the Group to refocus its activity on the agri-food sector, later expanding into oil and gas services, gold and forest industries. Maurel & Prom was 76% controlled by Electricité et Eaux de Madagascar (EEM) until 2000, when it became a separate legal entity in order to focus on the oil business.

Since then Maurel & Prom’s business has focused on hydrocarbon exploration and production.

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