By Alex C
Nigeria’s largest indigenous upstream operator, Seplat Petroleum Development Company has posted a profit growth of 404 percent for the full year 2013. These exciting figures are contained in the 2013 annual reports released at the first Annual General Meeting (AGM) of the company as a public entity.
“The future of our company is very bright,” declared the excited Chairman of Seplat, ABC Orjiako, who was impressed by the continued exponentially growth of the company amid uncertainties shrouding the oil and gas sector on the passage of the Petroleum Industry Bill (PIB) and reduction in US demand for Nigerian crude oil, among others.
The company has managed to grow its crude oil production from 11.5 million barrels in 2011 to 18.8 million barrels in 2013, with an exit rate 61,700 barrels daily as at December 31, 2013.
Revenue for the year ended December 31, 2013 also grew by 41 percent in one year to $880.2 million. A N10 per ordinary share dividend ended a remarkable first year for Seplat’s shareholders, with a projected N16 per share expected for 2014.
Further into the future, Seplat intends to continue infrastructural development to enhance operational efficiency and in turn grow revenue, Seplat CEO Austin Avuru stated.
“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,” Avuru added.
The oil and gas company is working on increasing capacity and revenue by commercializing gas production, averaging 99 million standard cubic feet per day in 2013 and expected to reach about 300 million standard cubic feet per day by 2016.