Paris-headquartered Maurel & Prom pledges to invest $85m in Gabon

Maurel & Prom, an oil company based in Paris, has announced it will invest $85 million to develop its activities in Gabon this year after spending $67 million in the African country last year.

Maurel CEO Olivier de Langavant indicated that planned investment in Gabon is a chunk of the company’s total 2023 investment put at $100 million.

The company is also planning to produce 26,200 barrels of oil equivalent per day this year, of which 15,600 bpd will come from Gabon. In 2022, Gabon produced 14,646 bpd.

An accident at the Cap Lopez export terminal in April 2022 reportedly brought down production which however returned to normal in the third quarter of the year.

Maurel began a well-stimulation campaign in the fourth quarter of 2022, finishing in early 2023. There has been a “significant increase” in production potential, now said to be over 21,000 bpd.

The company also aims to invest in a 3D seismic shoot on Ezanga this year. This had been planned for 2022. Maurel has an 80% stake in Ezanga.