Total-Gabon posts 45 pct drop in its turnover in 2015

Total-Gabon, a subsidiary of the French oil giant, Total, over the weekend announced a 45 percent drop in its turnover in 2015, despite increased production.

The company's turnover in 2015 stood at 842 million U.S. dollars against 1,538 million dollars in 2014, which is equivalent to a drop of 45 percent, the company said in a statement.

The drop was attributed to the drop in the prices of crude oil produced by Total-Gabon.

The average price of crude oil produced by Total-Gabon was 46.8 dollars per barrel in 2015, a 50 percent drop when compared to 93.6 dollars per barrel in 2014.

However, the company recorded a 7 percent growth in the crude oil sold in 2015.

Total-Gabon is a limited company governed under the Gabonese law. The company whose headquarters is in Port-Gentil, Gabon's commercial capital, is the leading oil producer in the country Gabon. Endit