A Global Brand in the Oil and Gas Industry
Seplat Petroleum Development Company Plc is the operator of the NPDC/SEPLAT joint venture. It is a publicly quoted Nigerian Exploration and Production Independent Company and listed simultaneously in Nigerian and London Stock Exchanges in April 2014.
As an independent oil and gas company, incorporated and operating in Nigeria, SEPLAT was appointed operator of a portfolio of three onshore producing oil and gas leases located in the Niger Delta.
The company is one of the leading indigenous oil and gas operators in Nigeria with gross operated oil production from OMLs 4, 38 and 41 of 11.5 MMbbl for the year ended 31 December 2011, 12.1 MMbbl for the year ended 31 December 2012 and 18.8 MMbbl for the year ended 31 December 2013.
The company intends to continue development of its existing properties by improving operational efficiencies, investing in facilities and infrastructure to increase oil production and positioning itself to further monetise natural gas resources.
As a Nigerian company with highly skilled local management, proven technical know-how, strong local ties and commitment to community relationships, SEPLAT is strategically positioned to successfully bid for further oil and gas assets in Nigeria.
Since its acquisition of a 45 per cent participating interest in OMLs 4, 38 and 41, the company’s management team has achieved a consistent increase in production from approximately 13.9 Mbbl/d gross operated oil production in August 2010 to 61.7 Mbbl/d at 31 December 2013. The Company has historically increased production by drilling additional wells on its existing acreage and by employing advanced and proven technologies to increase production in mature fields.
Natural gas production from the four producing fields during 2011 was 41.9 bcf, equivalent to an average daily production rate of 114.8 MMscfd, and during 2012 was 36.3 bcf, equivalent to an average daily production rate of 99.3 MMscfd. For the year ended 31 December, 2013, gross production from OMLs 4, 38 and 41 was 36.2 bcf, equivalent to an average daily production rate of 99.0 MMscfd.
ANNUAL GENERAL MEETING (AGM)
SEPLAT Petroleum Development Company recently held its AGM for the financial year 2013. The company observed that despite a harsh operating environment underlined by the uncertainties about the passage of the petroleum industry bill, persistent demand for Nigerian crude oil blends in the United States, among other things, SEPLAT has continued to grow exponentially. The AGM, the first since the company became a public enterprise was addressed by the Chairman, Dr. A. B. C. Orjiako.
SEPLAT has continued to deliver growth holistically since inception in line with it strategies. Operated crude oil production has grown significantly over a 3-year period (2011-2013), from 11.5 million barrels in 2011 to 18.8 million barrels in 2013, with an exit gross production rate at 31 December 2013 of 61.7 thousand barrels per day.
Operated average daily production for 2013 was 51.4 thousand barrels per day, with total annual operated production of 18.8 million barrels. SEPLAT recorded total revenues of US$880.2 million for the year ended 31 December 2013, representing growth of 41% over the 2012 figure. Profit for the year increased by US$441.2 million to US$550.3 million, representing earnings per share of US$1.38.
In 2013 the company engaged in a number of bidding processes for the acquisition of oil and gas assets. It was successful in two of the bids; the acquisition of a 40% participating interest in the Umuseti/Igbuku fields, and a 40% participating interest in OML 53, which is yet to be completed due to legal proceedings brought by an unsuccessful bidder.
Corporate social responsibility
SEPLAT remains committed to full implementation of our ”SEPLAT model” of proactive community engagement in the Niger Delta and wherever we operate. An example of this is our Global Memorandum of Understanding with the host communities. We have created the platform for economic prosperity in the communities, a ”win-win” strategy. In addition, we are driving various other CSR programmes in areas of operation, to encourage capacity building and economic empowerment, especially among women and the youth. In this regard far-reaching health and educational programmes in our communities have been implemented. In the health sector, since inception we have provided pre-natal care to over 7,000 pregnant mothers to reduce maternal and infant mortality and morbidity rates. The ”Eye Can See” programme has been instrumental in treating over 27,700 eye patients since its inception.
In education, full scholarships were offered in 2013 alone for study at recognised educational institutions in Nigeria to 722 students at a cost of 19.3 million. The company has also provided skills acquisition training to qualified members of the host communities and donated computers to the University of Benin, Department of Petroleum Engineering.
Operating profit increased by US$148.8 million (45 per cent.) to US$478.7 million for the year ended 31 December 2013 from US$329.9 million for the year ended 31 December 2012 as revenues outpaced the costs of production.
Profit for the year increased by US$441.2 million to US$550.3 million for the year ended 31 December 2013 from US$109.1 million for the year ended 31 December 2012.
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