Thursday 3 September 2015

OIL FIRMS COUNT LOSSES FROM PRICE COLLAPSE


The slide in global oil prices is weighing heavily on Nigerian oil firms, with one of the major indigenous independents, Seven Energy, forced to reduce the number of rigs working on its blocks to one from five at the beginning of the year.

Oil production platformSeven Energy Finance Limited, together with its parent company Seven Energy International Limited, the indigenous Nigerian oil and integrated gas company, posted a loss after tax for the six months ended 30 June 2015, compared to a profit of $27m in the first half of 2014.
 

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