Good morning to this conference call. I'm Matthieu Lefrancq, responsible for Investor Relations. We will have Olivier de Langavant, Chief Executive Officer, and Patrick Deygas, financial director. We'll start with a presentation of results and a Q&A session. Written questions only. Olivier,
Thank you, thank you. Good morning, everyone. Thank you for being here. So let's go over the results. I'd like to speak to the aspects that were in this morning's press release. These are results that are marked with good compliance with the guidance that had been given. So I will be quick to leave some time for questions. So operating performance: solid, increased profitability in a lower crude oil price environment. Our production: up 10% at 28,057 barrels of oil equivalent per day. Lower price of oil: down 19%. Contained expenses despite the inflation. The increase was limited, and this is associated with identified aspects.
That is the new rhythm of crude oil and Venezuelan activities: $682 million of sales, EBITDA of $359 million, and recurring net income of $255 million. This is, again, up year-over-year. 2022 had record numbers, might I remind you. Substantial decrease in net debt thanks to high cash flow generation and significant liquidity. Operating cash flow of $270 million and a free cash flow that is, we have a free cash flow of $157 million. Net debt was reduced to $120 million at the end of 2023, from $200 million at the end of 2022. We have a net cash position that's expected in the first half of 2024 or about in the middle of the first quarter. That's quite unparalleled and worthy of praise, really, in four years of high indebtedness, though we've worked on it gradually.
Now we have a good position, or soon to have. Available liquidity of $159 million at the year-end of 2023, of which $97 million in cash and lots of receivables that were cashed in January and in the coming months. On environment: substantial reduction in greenhouse gas emissions and carbon intensity of production. Ahead of our targets. Today, we have Scope 1 and 2 emissions at 11.3 kg of CO2 equivalents per barrel of oil equivalent. We are ahead on our targets. Group development continues. Resumption of activity in Venezuela, you know that. Two liftings in December and January. We'll have one in March. There's an ongoing restart of interventions on the Urdaneta Oeste field. We'll talk further about that. Acquisition of Wentworth Resources finalized in December. After TPDC exercises call option January 2024, M&P now holds a 60% interest in Mnazi Bay.
Now, generally speaking, accounting for the cash flow position now and future, our net debt is canceled out. Accounting also for what was done last year in preparing for the financing of acquisitions, which we'll talk about. This is stopped now. Accounting for all of this, I think we are in a good position for growth transactions. This was shown very clearly. We are able to come up with big amounts in funding. Redistribution of value creation to shareholders: dividends of EUR 0.23 per share, EUR 49 million in total, paid in July 2023 for fiscal year 2022. Yet again, same dividend for 2023, not above this level for specific reasons. So production: 28,000 barrels of oil equivalent. Operating cash flow: $270 million.
Free cash flow: $157 million, about $160 million. And net debt: $120 million. We'll reach zero in the coming months. Then operational performance. First, EHS performance. KPIs for security. We talked about this right after I took up this position. Health and safety is key for us, and I said then that we had to improve. There could be no sustainable business activities if we didn't take this seriously. Security of our people. And now we reach the current situation. 4 years consecutively without a single incident. 1,600 days without environmental incidents. And a rate of recordable incidents, that's 10 times lower than it was 10 years ago. So significant progress accomplished here. We can be proud of this.
Then we maintain our ISO 45001 certification and ISO 14001 on environment. And for the third year consecutively, our environmental commitment measured by the CDP is ranked at B level. This is really good for the industry, and it's really good to maintain this ranking because the requirements of the CDP are each year upgraded. Greenhouse gas emissions and intensity per barrel of operated assets in production. You see here on top, our emissions were divided by 2 since 2022. 2020, despite up in production, intensity of Scope 1 and 2 went from 30 kg of CO2 per barrel of oil equivalent to 11.3, which is really good. And we're way above our own targets.
That is divided by two. Methane emissions or venting, this was reduced to almost nil in just four years. We had a target to reduce them by 70%. Flaring, it's about the same. This was halved in four years ahead of our targets. So good progress here. This was a commitment made by us, and we take this very seriously and will continue to improve in this department. Now, production activities in 2023. So this was up by 10%. Per country, Ezanga, production is up 5% compared to last year.
We drilled 12 years. These were necessary drills to maintain production and to even augment it marginally, or at least maintain it. So this was good for performances. One permanent rig on-site. A small discovery was made on the Ezanga structure during the year in August. It was immediately connected and put into production. This makes gains to us, significant gains, about 1.5 million barrels. At the end of the year, we made a seismic campaign with positive results. This campaign did impact production as production was halted for some time during the fourth quarter. But this is ended, and now we are seeing dividends. 21,000 barrels per day. This is the current production, so general improvement of 5%. Mnazi Bay production, that's record. Record levels and still improving, +20% compared to last year. Last year was already a level.
So 107 million cubic feet per day thanks to drilling interventions at the end of 2022, beginning of 2023. And this went well beyond our expectations and boosted significantly the potential. We earned 30 million cubic feet per day coupled with the strong demand. This allowed for strong improvement of production. We also increased our working interest in Mnazi Bay to 60% from January 2023 following the acquisition of Wentworth Resources. And the exercise by TPDC of its call option for 20%, we are preparing our drilling operations for development. This will start at the end of 2024, maybe even three wells. Strong potential is expected, and these wells will allow us to put off the compression need that was slated for the coming months. But this will be able to be put further down the line and maintain cash flow.
These drilling operations are cheaper than compression. Block 3/05 and 3/05A, Angola, average production up 10% compared to 2022. On the last quarter, there was a market growth. We start 2024 with strong potential, strong impetus. What's very important is that in 2023, we obtained the extension of a license until 2040. What's noteworthy is that we have more favorable tax terms than before. This opens the door to make new and stronger operations on this block. Venezuela, Urdaneta Oeste, average gross production 14,251 barrels of oil per day in 2023. License was given by OFAC on 18th of October. Activities resumed in November. November agreements were signed. This allowed for the immediate restart of PRDL's activity.
As you know, these agreements define the mechanisms for progressive repayment of sums owed to M&P and provide further terms of conduct of the operations of the mixed company in which M&P plays a key role. This is all in place today.
Now onto production and reserves. So in 2023, you can see this on the chart on the left. The production reached record level over the past 10 years. In 2024, the levels will be even higher. That, of course, is good news. Now, for our reserves, and it is important, the 2P reserves consolidated 182 million barrels of oil equivalent. So up 10 million barrels compared to the previous year despite having 10 million barrels production. So about 20 million for the revision. So we have significant reserves, and they have increased by 10 million barrels. So we have oil reserves increasing and gas reserves increasing too.
So on both fronts, an increase, and that is very good news. Our working interest when it comes to reserve has also increased, and it is now close to 100 million barrels. So that is on top of the 182 million barrels of oil equivalent. Now, when it comes to actuals versus guidance, we do provide guidance. It is risky, but we are happy to undertake this exercise. So based on the guidance provided, well, we have exceeded it by 7%. Slightly lower results for Gabon, but still. So Angola has compensated with an overproduction. And so we have exceeded our target. So 28,000 barrels of oil per day versus 26. So a good result. And for cash flows, for operating cash flow, for investments, for financing, so slight delay when it comes to operating cash flow. The guidance was $310 million. We reached $270 million.
That is due to what was prepared for the acquisition. Then a few WCR elements were also involved. There were technical elements to explain that. Now, for CAPEX, we had planned on investing $100 million. We invested $107 million. This good result was balanced with the financing figure, which was $82 million of debt service versus $78 million of debt service in the guidance. The dividends paid were as planned or almost the same. $49 million for a guidance of $50 million. The results were in keeping with the guidance. We will provide guidance for the year 2024. Focusing now on the information on the restart of activities in Venezuela, I mentioned this earlier. A new organization was implemented from November 2023 shortly after the General License 44.
We started the first operations on our wells with an order and takes as of January. Equipment orders were done as soon as January 2024. There are several elements to mention. Bottlenecks when it comes to compression to start with. Equipment required maintenance or replacement. Oil or, sorry, well interventions will only pay off as of the second quarter, as of April or May. Then production can increase or is supposed to increase. Our goal is to go from 13,000 to 25,000 barrels of oil equivalent per day. We have the start of a ramp-up. We are perhaps slightly under what was planned. This, again, is due to compression. We also started new turbines for power output, which is critical on our platforms. The turbines required maintenance. There were delays. A few words about the GL 44 license.
From the onset, it was only supposed to last six months, and so it is due to expire on the 18th of April 2024. You will all be aware of this. Given the positions of the election commission or given the organization in Venezuela, the United States announced that the GL 44, given the context, would not be extended on the 18th of April. Sorry, it will not be extended unless authorities react. We have a political analyst that provides guidance. There are certainly discussions ongoing between the U.S. and Venezuela on this topic. I do not know what the content of those discussions is. We'll have to see if the terms of the Barbados Agreement are respected. I think the opposition candidate was not part of this. We are preparing for all scenarios. Many believe the likely scenario is a non-extension.
We need to wait. Now, what is important is that in the event that this general license is not extended, we have tools, agreements that would enable us to continue our activities with, of course, strict compliance with the restrictions imposed by the U.S. authorities. We have means and tools to continue our operations. And again, I insist, while remaining in strict compliance with those restrictions. So there are documents that would enable us to work, of course, in more difficult conditions, but at least we could continue working. A few words about Tanzania. The acquisition of Wentworth was finalized in December. And then there was the TPDC sell-down. And now, we have reached 60% of TPDC. So from 20%-40% thanks to the acquisition of Wentworth.
So we can consolidate an extra production of about 2,000 barrels of oil equivalent per day and so 50.7 billion cubic feet of additional 2P reserves as of the 31st of December 2023. Production increases thanks to the increase of our working interest and the very good results thanks to interventions on wells early December 2023, which increase reserves up to 100% of the license. Most of them were integrated end of 2023. Another part will be integrated next year. So good news overall when it comes to Tanzania. A few words about Gabon now. A few words about the participation in the Assala sale process. So on the 15th of August, M&P signed an SPA. Early December, so on the 15th of February, Carlyle and GOC also signed an SPA. So there's this sovereign right to preemption this right of the transaction.
So our SPA is no longer valid from that day. And M&P confirms and reiterates its wish to remain a trusted partner of the Gabon state. And our relationship remains good. We remain determined. We want to be a trusted partner. And we have had a strong footing there for a long time. So we will continue to have a good relationship and continue other activities if opportunities arise. And of course, we remain at the Republic of Gabon's disposal in the future. And just a reminder of what I said earlier, we have given the Assala project, given all of those elements, the goal was to raise financing and significant financing, $1.3 billion to raise. We proved we could do that. And now, the context is an even better proof of our ability to do so. Our debt continues to decline.
It will continue to decline over the next few months. So we are determined to have meaningful transactions, meaningful for our company and for our activities. Perhaps I should give the floor to Patrick Deygas for the review of financial performance. We have two important slides to show you, and then I will say a few words about perspectives. Patrick, please.
Thank you, Olivier. Good morning, everyone. I'm delighted to show our accounts an outstanding performance, especially in a context of adverse conditions when it comes to prices. So a decrease in oil prices, significant fall in the average oil sale price to $79.3 per barrel. And so a $200 million share of income from equity affiliates. So that's for our operating income. And this year, the results are marked by the lifting of sanctions in Venezuela. So we have significant debt worked on.
We have $174 million from the 40% interest in our company in Venezuela. So we have historic results. At group level, $210 million for this year compared to $205 million last year. When it comes to cash flows, operating cash flow is slightly below our guidance for WCR reasons, so $270 million. There was exploration CAPEX. So free cash flow, about $160 million. Closing cash, almost $100 million. We have an available cash flow of $159 million. Debt now. We significantly reduced our debt. The level of net debt is now at $120 million. A few years ago, we had higher amounts of about $500 million. We have a heavy trend of debt going down and a strengthening of our financial structure. I can reasonably say that we're confident that we will reach net cash or zero debt very soon.
So here you see the debt position by 2027, our loans and our shareholder loan at $70 million at the end of the year. After these few comments, I'd like to give back the floor to Olivier.
Thank you. Thank you, Patrick. So prospects, perspectives, our goals for 2024. Now, this looks quite deceivingly like what you know already. Strive for EHSS excellence. Maintain the incidence rates at 0 or below 0.60. Continue to work on GHG reduction targets. We want to maintain the operational financial focus. Support to the production plateau in Ezanga and Mnazi Bay via new development drilling. Continued redevelopment of Urdaneta Oeste field in Venezuela and maintaining strict control of costs. This is very important in the quite difficult context. Pursue growth. Potential exploration well the end of 2024. Maybe a well under exploration that's being prepared in Sicily on the Fiume Tellaro permit. Current analyses are being done.
The 3D seismic mapping was done in 2020. So we have good hope. Maximum flexibility to complete large growth transactions. This is our key message. We do have this flexibility, this capacity, and we want to put that to good use on a target that, if I may reassure you, will be positive and very much profitable. Return value to shareholders. Dividend of EUR 0.23 per share, EUR 50 million in total, submitted to shareholders' vote for fiscal year 2023. Lots was said internally with the board on the dividend. Our ability given to our financial position would have allowed us to go higher, but we decided to maintain the level at EUR 0.23. Still a good dividend. This is because in the funding we raised, some of which are still active or can be activated, we are undergoing some limitations. We have some constraints for 2024.
So not to jeopardize this, we decided to maintain last year's level of EUR 0.23. This allows us to pursue growth more. So this was just a choice by us. And I think this is reasonable. And shareholders understand this very well. The profitability is still good. Now, operational and financial guidance. Cash flow guidance and operating cash flow. We reaching $230 million at $70, $280 million at $80. Dividends to be received about $70 million for 40% stake in PRDL in Venezuela and $18 million for our 20.46% stake in Seplat. These are strong avenues that add to operating cash flow. Development CAPEX, $130 million split as follows. $100 million in Gabon, $15 million in Tanzania, and $15 million in Angola on 3/05. Well, exploration CAPEX, we provided a budget of $15 million. That's contingent on some aspects, and we can cover this with our cash flow financing.
So debt service, $67 million according to current loans, $52 million in debt repayments, and $15 million in net cost of debt, and then $15 million in dividends that I mentioned already. So we reach this after production of which the guidance is 29,000 barrels per day on the whole year at 100%. In Gabon, we're quite conservative at 18,000. Tanzania, 105 million cubic feet per day and our goal at 21,000 up north of 21,000. M&P remains focused on its long-term objectives. First priority, relentlessly focus on EHS excellence. Sorry to repeat it, but this is dear to me. Of course, our environmental footprint. This needs to be reduced. Maximize value from existing assets. Third, capital discipline. Strengthen our balance sheet and maintain our liquidity. This is what we've been working on, and we will continue to build on trends.
We're reaching a landing zone with a net debt that will be improved with more cash than debt. I think this is quite a good position to be in. Grow the business through exploration and M&A. We are in a very good position to do that and create value and return it to shareholders. Operational flexibility through the operator of its main assets, Ezanga & Mnazi Bay, support to the operator, and delegation of responsibilities to M&P on key operations in Venezuela. This is key. Asset resilience with break-even cash to $25 per day or $40 per barrel, including debt repayments. So we're ready to face any crisis on the crude oil market. But there can be crises, of course. History has taught us that. A net income break-even. This was lowered to $40. So this is quite good. Again, financial strength.
We have cash flow and RCF of $160 million at the end of the year and plus $100 million on drawn shareholder loans and other facilities that can be used. Access to debt under favorable terms thanks to the support of Pertamina Group. So this is pretty much it for the messages we wanted to convey to you. We will now answer your questions. I'll let everyone have a few seconds to pose your questions, and we'll get back to you in a few moments.
Thank you. First question from Jean-Luc Romain from CIC. Given the government's activity before elections, are there any risks? Second question. Will you integrate Venezuela in your reserves? When and under what conditions?
Do we have easier questions? Okay. We'll start with this one. So Venezuela sanctions, this is quite a tricky story. Of course, I mentioned that earlier. It's hard to speak on that knowledgeably. Look into the future. Of course, we keep ear and ear to the ground and try to understand the situation. The 18th of April deadline is in more than a month, and we still have some time, but it'll be soon. This is really a real subject for the U.S. and Venezuela, who will be geopolitical back and forth, some arm-wringing involved. We don't know much really about the situation after the elimination of Ms. Machado from the running. There's a negative covering of the situation. There's still six weeks until elections, so let's not pass judgment on what can happen.
The non-renewal is not a given, really, but we'll see. Let's wait and see then. What's important is what I said earlier without going into details. We should follow sanctions, strictly abide by sanctions, as was done since we entered the country. We have all the tools in trickier conditions, though, to continue to work beyond the 18th of April if the license was not renewed. So range of technical conditions that need to be worked on, but this is very much possible. We could, on principle, continue to export assets to cover our debt and get reclaim cash to maintain operations and support the maintenance of our current assets. We could continue to do that by strictly abiding by American sanctions.
This is important to stress. I cannot predict the future when it comes to the renewal or non-renewal, but if this is not renewed, our activities will not stop immediately. For reserves, when and under what conditions? Now, to bring the reserves, bring this into reserves, well, this would require the consolidation of activities today. Now, this was not expected for today. We could treat this as an interest, a working interest, as we do it with Seplat. So this is not integrated in our accounts yet. Today, we're in a situation where we were authorized on this well to create a production of 400 million barrels. This is the figure we get from the oil operator in Venezuela. And today, we're resuming activities, and we're appraising what share of that 400 million will be recouped.
We're confident that there are big reserves, and this will depend on our ramp-up. And this ramp-up was showed in November when activities were resumed, when we signed agreements with PDVSA, 25 million barrels per day until the end of the year, about 40,000 in the two years following that and beyond. There's still potential. In the short term, these are simple operations: changing pumps, equipping wells, compression turbine equipments. We've done good work, and this is done progressively. Then we'll build on that with more complex operations from next year with drilling operations. Some rigs are available. We have targets in sight. A working group is already working on this, and we're quite confident about delivering on this.
Regarding the consolidation of this in our own accounts, this is not expected or in our plans yet. The figures I gave you are notional authorized reserves, 400 million barrels at 100%. We're authorized to have 40% of this. Again, this is only notional. We'll see what we get in reality if we do a reasonable ramp-up. This is quite substantial, the cash flow from this. I mentioned the dividend for 2024, $70 million. This is quite conservative due to the political uncertainty. This might be tricky to deal with, but $70 million is quite modest, but still is quite high. However, this will grow in the future. Between the beginning and the end of the year, we will almost double production. In 2025, we will be well beyond this figure.
Thank you, Olivier. Question from Jean-Luc Romain on emissions and the environmental performance. What measures? I'll read the question. Can you remind us of the figure of the emissions per barrel in 2022, and what measures were implemented to reduce those emissions? And what is the split between Gabon, Tanzania, and perhaps comments also on the emissions not in the operated assets, but for Venezuela and Angola because those emissions need to be taken into account?
In 2022, 18 kilograms of CO2 per barrel, and we lowered this to 11 kilograms. Those are specific emissions for 2023. For 220,000 tons for 2022, reduced to 154,000 tons in 2023. For venting, it was also reduced in two ways. There was controlled venting on our platforms, and this venting became flaring, which is 30 times better. The situation was not acceptable. That is what I noticed when I went to Gabon for the first time when I joined the company. Also, part of the gas was rerouted towards central installations, central sites, to be used in the machines and in order not to be flared anymore. This was an important step to reduce the environmental impact in four years. 200,000 tons of CO2 equivalent were eliminated by getting rid of venting.
This was paramount. When it comes to emissions in Angola and Venezuela, well, there are two different contexts. In Angola, emissions are very specific and very high because fields have no water injections, and you have light oils where the natural gas and oil ratio that is high, and so the gas needs to be burnt. We do try and put pressure on our operator there to find solutions, and there are solutions to target those emissions. Turning to Venezuela, the situation there is far better, first of all, because you have heavy oils with less gas and light oils with more gas. But there's a recycling, and so emissions are far more contained without giving you any specific figure. That is what I could tell you about emissions. Next question by Nicolas Montel.
A question on the level of investment in Gabon for development and the impact on production, and a more general question on the changes in production in Gabon for the mid and long-term perspective. You mentioned a potential above 20,000 barrels per day. So what are the investments planned for the years to come? So for Gabon, about $100 million are meant to be invested, mostly on wells. The program is well designed and constant since we resumed drilling after the COVID-19 pandemic in 2021. So we want a rig to function permanently with about 12 wells working per year. So about 12 wells. Well, that's $70 million. Add to that additional surface investment. So it's quite an effort to have this permanent rig, and it requires a lot of investments.
But Gabon is now a mature field. You have not heavy oils, but oils that are not light. And so mobility is at stake. So operations are made more difficult, and there is now a water production, and means are required, not necessarily to improve production. That is no longer an objective, but simply to maintain production. We have done so for several years. We were perhaps slightly below 20,000 barrels per day. That is one high level of performance. As I said, the objective is to maintain that level as long as possible. About 12 wells per year. We want to improve drilling performance levels, and we managed to speed up our processes through several ways. So we could go from 13-14 wells, perhaps.
We need to continue our efforts. On top of the development of wells, we have a few exploration wells too planned for this year for fresh oil reserves that will enable a postponement of the production deadline. We have several projects in Gabon and the south exploration activities, but we have not reached a final decision in any case. But we should manage to do so by the end of the year. So a high potential in Ezanga, but things will take time. And maintaining the level of production is a success. Another question. Could you tell us more about the operations planned in Venezuela for 2024? I touched upon that. We want to go ahead with maintenance of certain pieces of equipment for electricity. The wells function with lift gas, and it requires compression.
And those are difficult processes. So we want to refurbish the equipment that can be refurbished or repaired. And also interventions on some wells. We will work on pumps that were damaged. They need repairs. Certain valves will need to be repaired. And so interventions will be undertaken. And then we will have workovers and drilling. Once again, the effect on production is or the prospect is for an effect during the second quarter of the year.
Thank you, Olivier. Several questions from some of our shareholders on the potential well in Sicily. Could you tell us what the objectives for this well might be?
So the well is in an oil area that is known, recognized. So we will have intensive exploration there. We identified a number of targets with seismic 3D methods. And so there's an oil objective for the well we have identified and also a less significant gas objective. So we're drilling for oil, and we're in the midst of an alignment when it comes to permit issuing. But we have a good relationship with local authorities. And to abide by the timeline, we should start by the end of the year. If we're not ready in December, perhaps we could extend or postpone the deadline. And so we'll have to undertake cost assessments. And if we discover that the investment required is three times what was planned, then we will stop. But I'm confident we will be able to start this adventure successfully.
Thank you, Olivier. Another question on Nigeria and Seplat activities.
So for Seplat activities, I can't tell you more than what was said by Seplat. The results were published yesterday, and they are good. Seplat is doing well. There's a government shift. A new chairman was appointed. New directors were appointed, and Seplat is showing good results in a country where the situation isn't always easy. Seplat is still working on closing the authorizations to finalize the acquisition of ExxonMobil assets. The case was slightly delayed, and the SPA was signed early 2022 and could still not be closed. This is because of the NNPC's intervention to prevent that. I understand that this is a pending case. The issues are not resolved.
There was this postponement in agreement with Exxon. Now, this, of course, is public information, and there's quite a high level of optimism when it comes to closing. But Seplat activities are showing good results, and Seplat will start development activities for gas. Seplat secured all of the Western production when it comes to its permits. And so the share price for Seplat is also showing good results.
Thank you, Olivier. Question from Sheldon on other projects in Venezuela. The project was greenlighted to reduce flaring. Do you intend on increasing their presence through other assets?
First, the gas project. We talked about this. Discussions are ongoing still. This is quite tricky. This will run over long term. We haven't invested more than time in studies and discussing. There was no breakthrough over the past few months. Discussions are ongoing. I'm not expecting any quick breakthroughs. We're still discussing with authorities on this tricky project. It's complicated, but it's quite worthwhile. Other projects. You know that for Urdaneta Oeste, in our agreements with PDVSA, we have an option for PRDL to acquire other assets. So we are involved actively to discover this oil field. This is a big oil field which has many wells. This was stopped for many years. There's lots of work to do on this. We're appraising the necessary investment.
We're identifying any potential quick wins. And we'll confirm that we will take over this other asset or not. This is comparable in some ways to Urdaneta Oeste, though the latter was better preserved. Production never stopped, though much work is still needed. We preserved through our operations the better part of it for production to continue. But nowadays, Venezuelan authorities are open to giving other possibilities. And if possible, we're in good position to move in as we didn't leave the country like other companies. We know the national context, and I can tell you that we're involved with the current oil fields and studying other potential assets.
Another question from a shareholder. In which country do you think you will move with acquisitions?
Sub-Saharan Africa, Latin America. Yes, there are potential areas to explore. We know these regions. So most probably Sub-Saharan Africa and Latin America. We have enough work there. Let's put it that way.
Last question on dividends paid to shareholders. Do you think you will do a shares buyback, and in what proportion?
Well, we mentioned it in our communiqué, in our press release. We sometimes do share buybacks in an opportunistic way, of course, by following relevant rules to abide by insider trading laws. And this year, we may do more share buybacks. I won't give numbers. €0.23 or $50 million paid to dividends this year. This is limited, but we will compensate for this as we're unable to go higher, unfortunately, with a shares buyback. The current price allows for this in a reasonable way, I think. But I cannot give you any precise number.
Thank you, Olivier. We've reached the end of Q&As. Do you have any comments t o make?
Conclusions. Well, I think we can say that everything was already mentioned. We're very confident in our soundness. Many good prospects ahead of us. I said we are in a good position to perform growth-pursuing trends at any date.
Again, understand me well. No project is on my desk ready to move. [uncertain] and others are still under exploration. We'll see the results. I think it's best not to go into too much detail. For [uncertain], we are resuming work on this. We're in a good position. We don't have concrete projects that we can move on yet, but we're confident in our capacity to work and identify potential win zones. So again, we're confident. Based on past trends and the hard work done by our teams, we have run a tight ship. We lowered our debt position. We reached an unparalleled financial position. This provides for a strong foundation. Thank you.
Thank you very much, Olivier. Have a good end of the day.
Thank you for being.