Maurel & Prom reported solid operational performance during the first quarter of 2026, driven by increased hydrocarbon production and a favorable oil price environment.
Maurel & Prom Boosts Production and Revenue
Specifically, attributable production reached 37,444 barrels of oil equivalent per day, representing a 7% increase compared to the previous quarter. This growth was accompanied by a significant increase in revenue, which stood at $163 million.
Additionally, the recovery in crude oil prices was decisive. The average price rose to $90.8 per barrel, compared to $64.3 previously recorded, strengthening the company’s cash generation.
Gabon Leads Operational Performance
Gabon consolidated its position as the main growth driver. Production in this country increased by 14%, reaching 14,456 barrels per day thanks to reservoir optimization and new drilling operations.
Likewise, the company advanced its gas strategy with the completion of the Mouletsi-2 well, which presents production potential close to 25 million cubic feet per day, marking a significant advancement in this segment.
Mixed Results in Other International Assets
In other regions, performance was more heterogeneous. Production in Angola registered a slight decline, while in Venezuela it decreased by 6% due to operational restrictions, although activities resumed toward the end of the quarter.
Meanwhile, gas production in Tanzania remained stable. However, new drilling operations at Mnazi Bay increased the reservoir’s potential above 130 million cubic feet per day.
Active Exploration and Expansion in Latin America
On the other hand, exploratory activity continues to gain traction. In Colombia, the campaign in the Sinu-9 block showed early indications of hydrocarbons, reinforcing the natural gas expansion strategy.
Solid Financial Position and Focus on Growth
From a financial perspective, Maurel & Prom closed the quarter with a robust position. Net cash reached $235 million and total liquidity approached $500 million, allowing the company to maintain flexibility for new investments.
However, the company faced setbacks in Angola, where the acquisition of interests in blocks 14 and 14K was canceled following the exercise of preferential rights by a partner.
Outlook for the Remainder of 2026
In the current context, the exploration and production sector shows signs of recovery supported by improved oil prices. In this scenario, Maurel & Prom seeks to consolidate gradual growth through active campaigns in Africa and Latin America.
With ongoing operations in Gabon, Tanzania, and Colombia, along with greater regulatory clarity in Venezuela, the company is positioned to sustain its production and capitalize on opportunities in the energy market.
Source: Maurel & Prom
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