Latest news with #OlivierdeLangavant
Reuters
4 days ago
- Business
- Reuters
Maurel & Prom's half-year core profit drops by 25% on lower oil prices
Aug 5 (Reuters) - French oil group Maurel & Prom ( opens new tab reported a 25% drop in its half-year core profit on Tuesday, hit by falling crude oil prices. Earnings before interest, taxes, depreciation and amortization fell to $140 million in the six-month period, from $186 million a year earlier. The group was hit by a 16% drop in the average sale price for oil products to $70.90 per barrel, after it warned in mid-June that weak prices would weigh on its quarterly revenue, echoing comments from TotalEnergies ( opens new tab, BP (BP.L), opens new tab and Shell (SHEL.L), opens new tab. "Despite the sharp fall in crude oil prices, M&P has once again demonstrated the strength of its business model and its ability to generate value," CEO Olivier de Langavant said in a press release, however. Crude oil prices fell in the second quarter after the Organization of the Petroleum Exporting Countries and allies (OPEC+) in April began to unwind its self-imposed production cuts of 2.17 million barrels per day. The organization agreed on Sunday to raise oil production by 547,000 barrels per day for September, the latest in a series of accelerated output hikes to regain market share, as concerns mount over potential supply disruptions linked to Russia.
Business Wire
19-06-2025
- Business
- Business Wire
Maurel & Prom S.A.: Signing of an SPA to acquire additional interests in Blocks 3/05 and 3/05A in Angola
PARIS--(BUSINESS WIRE)--Regulatory News: Etablissements Maurel & Prom S.A. (Paris:MAU) ("M&P", the 'Group') is pleased to announce it has agreed to jointly acquire, alongside Afentra plc ('Afentra'), Etu Energias S.A.'s ('Etu') 10% interest in Blocks 3/05 and 13.33% interest in Block 3/05A in Angola (the 'Acquisition'). M&P has signed a Sale and Purchase Agreement ('SPA') with Etu for its 50% share of the Acquisition which is subject to customary closing conditions including approval from Angolan authorities. M&P will acquire an additional interest of 5% in Block 3/05 and 6.67% in Block 3/05A, with an initial consideration of $23 million. A contingent consideration of up to $11 million may be payable, linked to a combination of oil price thresholds, production performance, and the successful development of existing discoveries. The acquisition will be funded entirely from M&P's existing cash resources and available credit facilities ($377 million as of 31 March 2025, proforma finalisation of the accordion in early April). Olivier de Langavant, Chief Executive Officer of M&P, declared: ' This transaction marks a further step in the expansion of M&P's footprint in Angola, a country where we see strong potential for long-term value creation. By increasing our interests in Blocks 3/05 and 3/05A, we reinforce our commitment to stable, producing assets with upside from development and near-field exploration. We are also pleased to strengthen our collaboration with our partners, including Sonangol and Afentra, as we continue supporting Angola's upstream sector. ' Transaction overview M&P has signed an SPA to acquire 50% of Etu's working interests in offshore Blocks 3/05 and 3/05A, consisting in a 5% non-operated working interest in Block 3/05 and a 6.67% non-operated working interest in Block 3/05A. The effective date of the transaction is 31 December 2023. The total headline cash consideration payable by M&P at completion is $23 million. This includes $22 million for the Block 3/05 interest and $1 million for the Block 3/05A interest. The consideration is on a cash-free, debt-free basis and is subject to customary adjustments for working capital and crude inventory balances between the effective date and completion. Based on current estimates, these adjustments are expected to result in a material reduction to the final cash consideration payable at completion. M&P may pay up to $6 million in contingent consideration for Block 3/05: This applies only to the years 2025 and 2026, with the annual contingent payment capped at $3 million; Payments are based on a sliding scale of average annual Brent oil price between $75 per barrel and $123 per barrel; and Only if average gross production exceeds 15,000 barrels of oil per day for the relevant year. A further contingent consideration of up to $5 million may be made in connection with the Caco-Gazela and Punja discoveries on Block 3/05A: Two payments of $2.5 million each are payable one year after first oil from each development; Subject to a minimum Brent price of $75 per barrel and gross production averaging at least 5,000 bopd during the twelve months following first oil; and First oil must occur by 31 December 2029 for the contingent payments to become due. Following completion of the Acquisition, the joint venture partners across both Blocks 3/05 and 3/05A will be comprised as follows: Next steps Completion of the Acquisition remains subject to customary conditions precedent, including government approvals in Angola and finalisation of definitive documentation. M&P expects closing of the Acquisition to take place in the second half of 2025. Asset description Located offshore in the Lower Congo Basin of Angola, Blocks 3/05 and 3/05A are mature, producing assets comprising several oilfields developed since the 1980s, with a strong track record of production. It benefits from established infrastructure and ongoing redevelopment efforts aimed at enhancing recovery. M&P has been a partner on these blocks since 2019. Before the Acquisition, it held a 20% interest in Block 3/05 and a 26.67% interest in Block 3/05A. As of Q1 2025, gross production on Blocks 3/05 and 3/05A was respectively 21,300 bopd and 800 bopd. Glossary For more information, please visit This document may contain forecasts regarding the financial position, results, business and industrial strategy of Maurel & Prom. By their very nature, forecasts involve risk and uncertainty insofar as they are based on events or circumstances which may or may not occur in the future. These forecasts are based on assumptions we believe to be reasonable, but which may prove to be incorrect and which depend on a number of risk factors, such as fluctuations in crude oil prices, changes in exchange rates, uncertainties related to the valuation of our oil reserves, actual rates of oil production rates and the related costs, operational problems, political stability, legislative or regulatory reforms, or even wars, terrorism and sabotage. Maurel & Prom is listed on Euronext Paris CAC Mid & Small – CAC All-Tradable – PEA-PME and SRD eligible Isin FR0000051070 / Bloomberg / Reuters
Yahoo
21-05-2025
- Business
- Yahoo
Maurel & Prom: Start of Construction of Quilemba Solar Photovoltaic Power Plant in Angola
PARIS, May 21, 2025--(BUSINESS WIRE)--Regulatory News: Maurel & Prom (Paris:MAU): The Angolan company Quilemba Solar Lda, a joint venture between TotalEnergies (51%), Sonangol (30%) and Maurel & Prom (19%), has begun construction work on the Quilemba photovoltaic power plant, located near Lubango in southern Angola. The Quilemba photovoltaic power plant, with an initial capacity of 35 MWp and the possibility of adding 45 MWp in a second phase, is scheduled to come on stream during the first half of 2026. The project will be the largest privately-owned photovoltaic power plant in Angola and will contribute to the decarbonization of the country's energy mix by supplying renewable electricity to nearly 40,000 homes. The groundbreaking ceremony took place on May 16, 2025 in Lubango, in the presence of the Vice-Governor of Huíla Province, the Secretary of State for Oil and Gas, the Secretary of State for Energy, the Chairman of the Board of Directors of the National Oil and Gas Agency, the French Ambassador to Angola, local traditional authorities and all partners. Olivier de Langavant, Chief Executive Officer of M&P, said:"We are very pleased to contribute to the realization of the Quilemba solar power plant, a project that is perfectly in line with our ambitions in terms of sustainable development. For M&P's first industrial solar project, we chose Angola - a strong signal of our commitment to supporting the Angolan state as a trusted partner over the long term." For more information, please visit This document may contain forecasts regarding the financial position, results, business and industrial strategy of Maurel & Prom. By their very nature, forecasts involve risk and uncertainty insofar as they are based on events or circumstances which may or may not occur in the future. These forecasts are based on assumptions we believe to be reasonable, but which may prove to be incorrect and which depend on a number of risk factors, such as fluctuations in crude oil prices, changes in exchange rates, uncertainties related to the valuation of our oil reserves, actual rates of oil production and the related costs, operational problems, political stability, legislative or regulatory reforms, or even wars, terrorism and sabotage. Maurel & Prom is listed on Euronext ParisSBF 120 – CAC Mid 60 – CAC Mid & Small – CAC All-Tradable – PEA-PME and SRD eligibleIsin FR0000051070 / Bloomberg / Reuters View source version on Contacts Maurel & PromShareholder relationsTel.: +33 (0)1 53 83 16 45ir@ NewCapInvestor/media relationsTel.: +33 (0)1 44 71 98 53maureletprom@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
21-05-2025
- Business
- Business Wire
Maurel & Prom: Start of Construction of Quilemba Solar Photovoltaic Power Plant in Angola
Maurel & Prom (Paris:MAU): The Angolan company Quilemba Solar Lda, a joint venture between TotalEnergies (51%), Sonangol (30%) and Maurel & Prom (19%), has begun construction work on the Quilemba photovoltaic power plant, located near Lubango in southern Angola. The Quilemba photovoltaic power plant, with an initial capacity of 35 MWp and the possibility of adding 45 MWp in a second phase, is scheduled to come on stream during the first half of 2026. The project will be the largest privately-owned photovoltaic power plant in Angola and will contribute to the decarbonization of the country's energy mix by supplying renewable electricity to nearly 40,000 homes. The groundbreaking ceremony took place on May 16, 2025 in Lubango, in the presence of the Vice-Governor of Huíla Province, the Secretary of State for Oil and Gas, the Secretary of State for Energy, the Chairman of the Board of Directors of the National Oil and Gas Agency, the French Ambassador to Angola, local traditional authorities and all partners. Olivier de Langavant, Chief Executive Officer of M&P, said: "We are very pleased to contribute to the realization of the Quilemba solar power plant, a project that is perfectly in line with our ambitions in terms of sustainable development. For M&P's first industrial solar project, we chose Angola - a strong signal of our commitment to supporting the Angolan state as a trusted partner over the long term." For more information, please visit This document may contain forecasts regarding the financial position, results, business and industrial strategy of Maurel & Prom. By their very nature, forecasts involve risk and uncertainty insofar as they are based on events or circumstances which may or may not occur in the future. These forecasts are based on assumptions we believe to be reasonable, but which may prove to be incorrect and which depend on a number of risk factors, such as fluctuations in crude oil prices, changes in exchange rates, uncertainties related to the valuation of our oil reserves, actual rates of oil production and the related costs, operational problems, political stability, legislative or regulatory reforms, or even wars, terrorism and sabotage. Maurel & Prom is listed on Euronext Paris SBF 120 – CAC Mid 60 – CAC Mid & Small – CAC All-Tradable – PEA-PME and SRD eligible Isin FR0000051070 / Bloomberg / Reuters
