Total Gabon Released First-Quarter 2012 Results
OREANDA-NEWS. May 16, 2012. The selling price of the Mandji and Rabi Light crude oil grades marketed by Total Gabon averaged USD 111.5 per barrel in the first quarter of 2012, up 8% from USD
Total
First-quarter 2012 revenues rose 9% to USD 416 million from USD 382 million in the prior-year period, mainly due to higher average selling prices.
First-quarter 2012 net income declined 10% to USD 76 million from USD 84 million in the prior-year period. The decrease comes from a change in the mix of production sold, with different tax rates applicable depending on whether the oil is produced under concession agreement or operating and production sharing contracts.
Capital expenditure stood at USD 185 million in first-quarter 2012, up from USD 93 million in the first three months of 2011. First-quarter 2012 capital spending mainly consisted of continued redevelopment of the Anguille field, the program to replace electrical systems on the Anguille and Torpille fields, and drilling programs on the Torpille and Avocette fields.
Funds Generated from Operations
In light of the above, funds generated from operations amounted to USD 113 million in first quarter 2012, against USD 215 million in the prior-year period.
Highlights Since the Beginning of First-Quarter 2012
Board of Directors Meeting on March 9, 2012
The Board of Directors of Total Gabon, chaired by Jacques Marraud des Grottes, met on March 9, 2012 and approved the final accounts for the year ending December 31, 2011. The Board will recommend that shareholders at the Annual Meeting on May 31, 2012 approve the payment of a dividend of USD 34 per share for 2011.
On the Diaba license, a first prospect has been identified for the planned drilling of a well in first-quarter 2013; preparations are under way. Long-lead items have been ordered from suppliers.
On the Mutamba license, the 2D seismic data has been reprocessed and preparations are in progress to drill a well scheduled this year. The Gabonese government approved an application to extend the exploration license, which had been set to expire on May 10, 2012, for a further nine months.
On the Nziembou license, a 2D seismic survey has been launched and is expected to end in the summer.
Anguille Field Redevelopment
AGMN installation has been completed and the platform is ready for the Setty drilling rig to begin drilling the project's 21 wells of Phase 3. Fabrication of the 14,000 metric tons of pipe for the 18-inch gas pipeline between Anguille and Torpille has been completed in
Other Operated Activities
On the onshore PG2 site, construction continues on the power plant to supply the Torpille and Anguille fields. Offshore, the first electrical equipment and structures to expand the platforms to house it are being installed.
Drilling programs are continuing. Onshore, on the Avocette field, the AVO 11 well came on stream in March 2012 and the AVO 10 well is being drilled. Offshore, on the Torpille field, the new TRM 33 well was brought on stream in late March 2012 and work is continuing with the drilling of the TNEM 05 well on Torpille Nord-Est.
|
|
|
Q1 12 |
Q4 11 |
Q1 11 |
Q1 12 vs. Q1 11 |
|
Average Brent price |
USD /b |
118.6 |
109.4 |
105.4 |
+ 13% |
|
Average Total Gabon crude price |
USD /b |
111.5 |
105.6 |
103.0 |
+8% |
|
Crude oil production from fields operated by Total Gabon |
kb/d |
60.3 |
54.4 |
58.9 |
+2% |
|
Crude oil production from Total Gabon interests |
kb/d |
49.1 |
44.9 |
48.4 |
+1% |
|
Revenues |
USD M |
416 |
386 |
382 |
+9% |
|
Funds generated from operations |
USD M |
113 |
260 |
21 5 |
-48% |
|
Capital expenditure |
USD M |
185 |
313 |
93 |
+99% |
|
Net income |
USD M |
76 |
83 |
84 |
-10% |
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