A great year 2018 for Total Gabon, which more than doubled its profits during this financial year. The oil company achieved a net profit of 258 million dollars, against 108 million dollars in 2017.

Published on April 4, Total Gabon's financial aggregates for the 2018 financial year show a net result of 258 million dollars, against 108 million dollars a year earlier. This very strong performance is explained by the rise in oil prices, the cost reduction program implemented by the company and the sale of the residual 32.9% stake in the mature Rabi-Kounga field.

In 2018, the oil company achieved a turnover of 905 million dollars, up 1% compared to 2017, the positive effect of the rise in crude prices of 33% being impacted by the drop of 24 % of volumes sold. In addition, "services are down due to the sale of the Rabi-Coucal-Cap Lopez onshore pipeline network," said Total Gabon.

This upward trend can also be seen in oil investments, which amounted to $159 million in 2018. That is 5% more than the year before. These investments include "a well-to-shore intervention campaign, integrity and sustainability work on the installations at sea (Anguille, Torpille and Grondin) and on land (Cap Lopez terminal), the preparation and launch of the first phase of redevelopment of the Torpille field, as well as geoscience and development studies,” explained Total Gabon.

If the 2018 financial year was also characterized by an operating cash flow of 398 million dollars, up 5% compared to 2017, or an average sale price of crude oil at 66.3 dollars per barrel ( up 33% compared to 2017), production remained in decline.

Indeed, Total Gabon produced 36,100 barrels per day, down 19% compared to 2017. Several factors explain this poor performance: the sale of non-strategic assets, mainly onshore on October 31, 2017 and September 30, 2018; damage to the compressors of the Anguille and Torpille fields in the first half of 2018. But also, the natural decline of the fields partially offset by the contribution from the acquisition of a stake.

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