M&P pumps profits

Growing production: M&P sees increasing yields from Gabon

Kathrine Schmidt

 29 March 2012 22:31 GMT

Colombia- and Africa-focused Maurel & Prom flipped a loss into a profit in 2011 as it sold nonessential assets and saw increased production in Gabon and Colombia.

The Paris-based explorer reported 2011 net income of €164.5 million, a major turnaround from its 2010 loss of €138.7 million.

Annual sales grew to €373.5 million in 2011, up from €216.9 million in 2010, thanks both to price and volume improvements, the company said.

Among other things, M&P sold off its service subsidiary, an interest in Lagopetrol in Venezuela and the Hungary-focused Raba XProm Energia.

In 2012 the company plans to spend US $125 million for exploration and $269 million for development and anticipates gross production of 19,450 boepd.

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