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INDUSTRY NEWS
We have 60-days fuel sufficiency – NNPC
Seplat’s 2019 profit rises by 13.4% to US$270m ...Pays US$0.05 dividend per share to shareholders
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igerian National petroleum Corporation (NNPC) has urged Nigerians not to engage in panic buying of Premium Motor Spirit (PMS), as the country has adequate stock of the products to last for over 60-days. Mr Mele Kyari, Group Managing Director of the corporation, gave the assurance while briefing newsmen recently, in Abuja. Kyari assured that the NNPC had the support of all stakeholders to ensure adequate supply of petroleum products in the country. He said: “There is absolutely no scarcity anywhere; our supply is robust; we have fuel that will last this country even for 60-days if assuming we do not import any. “Of course people because of the pandemic, stay at home, may try to conserve fuel, there is no need to do this.
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Maintain your normal life, we have secured all assurances that trucks will be moving freely across the country throughout this period of difficulty and supply will be sustained’’. He appealed to Nigerians not to flood fuel stations as there was no need for that. Commenting on National Association of Road Transport Owners (NARTO) order to petrol tankers drivers to vacate the depots, Kyari said that the corporation would continue to engage them.
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No restrictions; as we speak now loading is going on, trucks are moving around, no action like that will come to fruition,’’ he added.
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Majorwaves Energy Report
APRIL 2020, Vol 3 No 4
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eplat Petroleum Development Company Plc, a leading Nigerian independent oil and gas company listed on both the Nigerian Stock Exchange and London Stock Exchange, has announces its audited results for the financial year ended 31 December 2019, posting a 13.4 per cent growth in profit before deferred taxes to US$270m. It recorded a revenue of US$698 million wit h tot al c apit al expenditure of US$125 million, US$114 million on oil and gas assets. Cash flow from operations stood at US$338 million; cash at bank US$333 million and Final dividend maintained at US$0.05 per share. Operational • Low unit cost of production at US$6.20/boe • Working interest production 46,498 boepd in line with 2019 revised guidance of 45,000 – 48,000 boepd • Liquids
production of 23,935 bopd • Gas production of 131 MMscfd • FID taken for 300MMscfd ANOH gas processing facility; first gas now expected Q4 2021 Landmark acquisition of Eland Oil & Gas PLC • Increases Seplat’s WI liquids production by 9Kbopd, increases WI 2P liquids reser ves by 36MMbbls • Loan due from Elcrest to Eland of US$414 million at year end; loan maturity 31 December 2024 • Adds upside potential from unappraised discoveries e.g. Amobe, plus new export routes • Eland achieved a record day’s WI liquids production of 17 kbopd on 17 March 2020. Outlook • Expected production of 47-57 kboepd (inc. Eland 6-10kbopd) for full year, subject to market conditions
