Growing production: M&P sees increasing yields from Gabon
29 March 2012 22:31 GMT
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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