RE: Volume30 Aug 2023 13:11
Posted on advfn by xxnjr
FT"Gabon is among the smallest oil producers in Opec, although production cuts by the wider Opec+ group have left oil traders sensitive to any further potential loss of barrels from international markets.
London-listed Tullow produced about 15,000 barrels a day in Gabon last year, but with its operations largely offshore the impact of the coup is likely to be limited. The company said its Gabon business was “unaffected†and that production continued as normal.
Shares in French-listed energy producer Maurel & Prom, which last month completed a $730mn acquisition of onshore oil assets in Gabon, fell 19 per cent, wiping more than $200mn from its market capitalisation. Brent crude, the international benchmark, was up 0.4 per cent at $85.82 a barrel."
Unfortunate timing for M&P!