Maurel & Prom posted a 7% quarter-on-quarter increase in working interest production to 37,444 boepd in Q1 2026, alongside an 85% jump in sales to $163 million, as oil prices rebounded and development activity accelerated across key assets.
The key development is a combination of rising output – particularly in Gabon – and a significant uplift in realized oil prices, which climbed to $90.8/bbl from $64.3/bbl in the previous quarter, materially boosting revenue.
Production growth was led by Gabon, where output rose 14% to 14,456 bopd, supported by ongoing field optimization and new drilling. The company also advanced its gas strategy in the country, completing the Mouletsi-2 well with a production potential of around 25 mmcfd – marking its first gas development milestone there.
Elsewhere, performance was mixed. Angola output declined slightly, while Venezuela production fell 6% due to earlier licensing constraints, although operations resumed in March following updated U.S. authorizations. Tanzania gas production remained stable, but new drilling at Mnazi Bay lifted field potential above 130 mmcfd, signaling future upside.
Exploration momentum also picked up in Colombia, where the Sinu-9 campaign delivered early hydrocarbon indications, reinforcing the company’s broader push to expand its gas footprint.
From a financial standpoint, the company enters the rest of 2026 in a strong position. Net cash stood at $235 million, with total available liquidity approaching $500 million, giving Maurel & Prom flexibility to pursue external growth opportunities.
However, not all strategic initiatives progressed as planned. A proposed acquisition of stakes in Angola’s offshore Blocks 14 and 14K was terminated after a partner exercised pre-emption rights, highlighting the competitive nature of asset consolidation in mature African basins.
The broader context is a recovering upstream environment where higher crude prices are once again supporting cash flows and investment. For mid-cap E&Ps like Maurel & Prom, the combination of stable African production, selective exploration, and improved pricing creates a more constructive outlook after a volatile 2025.
With active drilling campaigns underway across Gabon, Tanzania, and Colombia – and regulatory clarity improving in Venezuela – the company is positioning for incremental production growth through the remainder of the year.
By Charles Kennedy for Oilprice.com
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