Total Gabon sees revenue up 49% in Q2 but down year on year

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The selling prices of the gross sales marketed by Total Gabon, notably the Mandji, performed well on the international market in the second quarter. The Gabonese crudes sold by the local subsidiary of the French operator posted a price increase of 14%, to 65.7 dollars, compared to the first quarter. With a production of 33,400 barrels per day, up 5% during this period, the French oil and gas company has been able to restore its activities to the reins in the last three months of the current fiscal year.

Thus, its sales over the period amounted to 245 million dollars, an increase of 49% compared to the first quarter. This increase is “  driven mainly by the increase in volumes sold and to a lesser extent by the average selling price  ,” explains the company.

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But, says the company, the turnover in the first half is $ 409 million. It is down 7% compared to that recorded in the first six months of 2018. This underperformance is due “  mainly to lower prices  ”, compared to the same period in 2018.

It is also the result of the 7% drop in production in the first half. This performance is due to the disposal of assets on land, which occurred on September 30, 2018, and the natural decline of the fields. As a result, the company’s net income of $ 25 million in the first half of the year is well below the $ 46 million achieved in the same period in 2018.

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However, the company invested $ 69 million during the first six months of the year, for the “  redevelopment of the Torpille field, the work of integrity and sustainability on the offshore facilities and the neighbourhood life field of Grondin  ”. The company’s cash position dropped to $ 146 million, a decrease of 15%.

Agence Ecofin

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