French independent Maurel & Prom, since February 1 controlled by Indonesian state Pertamina, has announced its 2016 net production and turnover, but will release profit figures on April 3.
Turnover for full year 2016 was €317mn, up 15%, while net production was 25,202 barrels of oil equivalent/day, up 37%, it said February 13.
The latter comprised 21,756 b/d oil, up 27%, all from Gabon – plus 20.7mn ft³/d gas produced in Tanzania (Mnazi Bay), up 172%. The Mnazi Bay gas was sold for $3.13/mn Btu, 6% less than in 2015. The average oil price realised by M&P in Gabon was 9% lower last year at $42.7/b.
The French firm said it had expected to produce higher Mnazi Bay gas volumes last year but that state offtaker Tanzania Petroleum Development Corp (which has a 20% interest in the field) reduced its demand.
M&P however said that gross Tanzanian production (at Mnazi Bay) is currently some 80mn ft³/d at 100%. Operator M&P’s equity share is 48.06% and the field started production in August 2015.
The third Mnazi Bay partner Wentworth Resources said in November that the reduced TPDC offtake was due to a contractual dispute with a power generator. Wentworth had said in mid-May 2016 that it expected Mnazi Bay to produce at an initial 90mn ft³/d gross plateau for 12 months, before rising to 120 mn ft³/d once a new power plant (Kinyerezi) fired up in mid-2017, and then by a further 30-40mn ft³/d when ‘Kinyerezi-2 fired up later. (source: Mark Smedley at Naturalgasworld)