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Maurel & Prom H1 Production Grows on Higher Venezuelan Output

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Oil and gas exploration company Maurel & Prom Thursday posted a year-over-year rise in H1 production to 37,890 barrels of oil equivalent per day from 37,637 boe/d, driven by strong output from Venezuela.

The company's operations in Venezuela have picked up after the US government granted a license in February authorizing certain oil and gas transactions in the country.

"Drilling and workover rig operations have been ongoing since March," the company said, while crude oil sales resumed in June. Exports from the country are also expected to normalize in H2.

Maurel & Prom recorded stronger sales in H1 as it capitalized on the favorable oil price environment, with oil sale price averaging $103.8 per barrel, up from $70.9/bbl a year earlier.

The company said it has also advanced asset development in Tanzania, Colombia, and Angola.

Expanding its portfolio, the firm has signed an agreement to acquire Gran Tierra's assets in Colombia and Ecuador, which represent a working interest production of 29,026 barrels of oil per day in H1 and 144 million barrels of certified proved plus probable reserves as of last year.

The transaction, valued at $1.33 billion, is expected to close in December.

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