Maurel & Prom, a French oil company, has seen its sales growth fall due to a drop in revenue from the main fields

Maurel & Prom, a French oil company, reported a sharply reduced first-quarter growth rate on Thursday. Revenues declined in its main oil fields of Gabon, Angola, and Tanzania.

The revenue for the quarter ending March 31 dropped by 70% compared to a year ago, falling from $64 million.

The group reported that sales were down due to the lifting of imbalances which resulted in a $76 million negative impact - net of inventory valuation - as well as the absence of oil trade.

It said that "only one cargo was sold in Angola during this period, but several liftings will be expected in Gabon and Angola in the second quarter, starting in April."

Oil prices were also lower, with a drop of 11% to $74.9 per barrel.

M&P reached its highest ever level of production, 38,534 barrels equivalent per day (boepd), in the quarter reported.

The increase in Venezuela was the main driver, with a quarter-on-quarter rise of 9%.

The company is now facing uncertainty in the area as its license was revoked on May 27 by the U.S. Treasury Department’s Office of Foreign Assets Control.

Olivier de Langavant, Group CEO, said that the group's financial situation still allowed it to expect sustainable economic growth "even if crude oil prices continued to fall for a long time".

M&P "continues to actively search for opportunities that arise in a favorable M&A climate," he said.

The group announced that it would propose to its annual general meeting, which will be held in May, a dividend per share of 0.33 euro ($0.3746).

(source: Reuters)