As announced in the Group’s 2018 annual results published on 21 March 2019, Maurel & Prom will henceforth be marketing the oil volumes produced by M&P Gabon through its French subsidiary, M&P
Trading (wholly owned by Maurel & Prom).
A first cargo of 619,950 barrels of Rabi Light quality was lifted by M&P Trading at the Cap Lopez terminal in Gabon on 31 March 2019. M&P Trading replaces TOTSA, the Total group's trading company, as the
buyer of the M&P Gabon subsidiary’s crude oil after TOTSA spent 10 years in the role.
The Group's first lifting was made on board the “New Vigorous”, a Very Large Crude oil Carrier (VLCC) bound for Asia where it will deliver various cargoes, including M&P Trading’s Rabi Light cargo.
Michel Hochard, Maurel & Prom’s Chief Executive Officer, said: “M&P Trading is part of our strategy to become more autonomous and to create value across the entire chain, from production and transportation
to the marketing of our crude. We completed the project within a very short time, demonstrating our ability to quickly mobilise our teams for strategic projects. This first lifting is the result of close cooperation
between M&P Gabon and the Group's marketing department at head office. In the long run, M&P Trading will market the oil volumes produced by all Group subsidiaries and allow M&P to continue to maximise
value creation. M&P Trading is in contact with market buyers, including ISC Pertamina, the Pertamina group's refining subsidiary, and is studying the possibility of eventually selling part of its oil production to ISC Pertamina at market conditions.”
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M&P Trading: marketing of the Group’s oil production
Apr 18, 2019
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