Seplat Petroleum Development Company Plc has stated its gas business recorded $124 million revenue, representing over 27 per cent enhance to the agency’s total revenue for the 2017 monetary yr.
The indigenous oil and gas firm, which returned to profitability after making a loss earlier than tax of $173 million in 2016, defined that its technique to diversify revenue base via growth of gas business has considerably strengthened its steadiness sheet.
Speaking on the 2017 yearly normal assembly held in Lagos on Wednesday, the Chairman of the corporate, ABC Orjiakor, defined that the corporate is presently pursuing a Nigeria targeted progress technique and is effectively positioned to take part in future divestment programmes by the worldwide oil corporations, farm–in alternatives and future licensing.
As acknowledged by him, the agency accomplished and commissioned the part 11 of its Oben gas processing hub, which added a additional 225 MMscfde capability to take a total capability on the Oben plant to 465 MMscf.
Orjiakor, who assured shareholders of elevated worth on investments and enhanced profitability, stated: “Following repeated disruptions to the TransForcados export route, Seplat is now targeted on offering a number of export route to mitigate downtime and revenue loss.
“In 2017, the company successfully completed repairs and upgrades on two jetties at the Warri refinery that would enable sustained export of 30,000bopd (gross), up from 15,000bopd.”
Furthermore, he stated the Amukpe-Escravos 160,000bopd capability pipeline is about to come on stream and would offer a third export possibility for liquids manufacturing at OMLs four, 38 and 41, which presently accounts for about 90 per cent of the agency’s total liquid manufacturing combine, anticipated to be accomplished by Q3, 2018.
He also stated that the agency’s revenue earlier than tax for the yr stood at $44 million and mirrored the return to profitability within the third and fourth quarters, the place internet quarterly revenue earlier than tax of $24 million and $46 million, respectively offset the $26 million loss earlier than tax recorded at mid-year.
“Looking forward, Seplat, which migrated to the premium board of the Nigerian Stock Exchange (NSE) on April 16, 2018, will deal with its early mover benefit within the home gas sector that may now be anchored round OML 53 giant scale ANOH greenfield gas and condensate growth.
“The company will also retain the flesibility and financial discipline that ha seen it emerge from a difficult chapter in its history a fitter and stronger business,” he stated.