TotalEnergies EP Gabon has reported decline in revenue in the first quarter of 2023 compared to the same period last year, in a context marked by a fall in oil prices. “ The turnover for the first quarter of 2023 amounted to 105 million dollars (64.3 billion FCFA, at the current dollar rate) down 44% compared to the first quarter of 2022  ”, the Gabonese subsidiary of global energy giant said. The French oil giant published its results for the first three months of the year in a press release made public this Wednesday, May 31 according to New Gabon news source.

This result is due to the drop in the average selling price of the quality of crude oil marketed by the group and the drop in volumes sold in connection with a less favorable lifting program. “  TotalEnergies EP Gabon’s crude oil production amounted to 16.2 kb/d in the first quarter of 2023, down slightly compared to the first quarter of 2022 (16.5 kb/d) mainly due to a lower availability of the gas lift compressor on the Torpille field, and the natural decline of the fields  ”, specifies the company.

In the first quarter of 2023, the average price of Brent stood at 81.2 dollars per barrel, down 21% compared to the first quarter of 2022 (102.2 dollars per barrel). In a bearish oil price environment, the average selling price of crude oil quality marketed by TotalEnergies EP Gabon amounted to 74.3 dollars per barrel, down 24% compared to the first quarter of 2022.

Conversely, net income for the first quarter of 2023 ($22 million) remained stable compared to the first quarter of 2022 ($21 million). It was positively impacted by the decline in operating costs, depreciation and current tax expense, and negatively by the decline in the average selling price and the volumes of crude oil marketed by TotalEnergies EP Gabon, learns- we.

Present for more than 80 years in Gabon, TotalEnergies is active in the exploration and production of hydrocarbons and is positioned as the leader in the distribution of petroleum products in the country. In December 2022, the oil group signed two agreements with the Gabonese State which strengthen the partnership between the two parties and allow it to continue developing its activities until 2047.