Seplat Petroleum Development Company has stated that it has achieved, beyond expectation, its first phase of early, rapid growth, brand placement and capacity development. With a consistent growth in production, reserves and profit and her recent dual listing in London and Lagos, the company is now fully set for the next phase of building a sustainable long term business with substantial contributions to Nigeria’s Energy Security.
Chairman of SEPLAT, Dr. ABC Orjiako announced that despite a harsh operating environment underlined by “the uncertainties about the passage of the Petroleum Industry Bill, persistent oil theft, huge exposure to subsidies and reduced demand for Nigerian crude oil blends, in the United States, among other things,” Seplat has continued to grow exponentially.
According to Orjiako, “SEPLAT has continued to deliver growth holistically since inception in line with our strategy. 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.”
ABC Orjiako further declared that “The future of our company is very bright. We shall strive to maintain our leadership position in the indigenous E & P industry in Nigeria and our focus in following our growth strategy to seek to ensure delivery of our commitment not only to capital growth but also to remain profitable and dividend paying. We shall seek to deliver tangible rewards to all stakeholders.”
The company has already paid a dividend of N16.50 per share for the 2013 financial year.
In his own comments, Austin Avuru, CEO of SEPLAT noted company’s growth trajectory will remain on the upward because the company intends to keep production levels and revenue streams on the high by investing in new wells, improving infrastructure and monetising its natural gas resources.”
“SEPLAT 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. New developments for recent discoveries and the completion of identified development projects will also ensure that the Company is well-positioned to grow both reserves and production by converting contingent and prospective resources into commercial reserves.”