GAS CAN TRANSFORM NIGERIA, OTHERS – ORJIAKO

The Chairman of Seplat Petroleum Development Company, Dr. Ambrosie Orjiako, has highlighted the importance of developing the gas potential in Nigeria and other African countries to transform the continent.

 

Orjiako made the submission as a panelist at the Africa/Singapore Business Forum hosted by the International Enterprise in Singapore on August 24, 2016, according to a statement

 

Read more @ Punch Online

OIL FIRMS COUNT LOSSES AS MILITANTS WORSEN WOES

Chevron and Eni, two of the global oil majors operating in Nigeria, and their local counterparts such as Seplat and Oando may have been worst hit by the production disruptions occasioned by militant attacks in the Niger Delta, their financial results have shown.

 

Chevron Corporation, the second largest United States-based oil producer, lost $1.47bn in the second quarter of this year, its largest since 2001, compared with a net profit of $571m in the same period of 2015.

 

Read more @ Punch Online

70% OF ONSHORE OIL OUTPUT SHUT IN, FG RESUMES PAYMENTS TO MILITANTS

As the federal government resumed cash payments to militants in the Niger Delta, it was revealed on Tuesday that up to 70 per cent of oil and gas production from traditional onshore and shallow water terrain has been locked in due to the attacks on oil infrastructure in the region.

 

This was just as the Managing Director/CEO of Seplat Petroleum Development Company Plc, Mr. Austin Avuru, warned that the crisis in the Niger Delta has interrupted major reforms in Nigeria’s oil and gas industry, which were initiated a few years ago to increase oil and gas production for the attainment of 15,000MW of electricity and also boost economic development nationwide.

 

Read more @ Thisdaylive

AFTER SUPREME COURT RULING, SEPLAT TAKES OVER OML 53 AND OML 55

Seplat Petroleum Development Company Plc, a leading Nigerian indigenous oil and gas company listed on both the Nigeria Stock Exchange and London Stock Exchange, on Friday announced that the Supreme Court of Nigeria has delivered its judgement in favour of Seplat and Chevron Nigeria Limited (“CNL”).

Read more @ Businessday Online

PLUMMETING CRUDE OIL PRICES HIT NIGERIAN FIRMS’ BALANCE SHEET

Tumbling oil prices have hit the earnings of Nigeria’s indigenous energy companies, in one of the first tangible signs of how the oil supply glut is reverberating across the global economy.

For instance, indigenous oil firm, SEPLAT Petroleum Development Company Plc, reported a fall in revenue and profit in the first nine months of 2015 as a substantial lift in production was not enough to offset the large fall in oil prices.

Read more @ The Guardian

WOOD MACKENZIE CLASSIFIES CHEVRON'S DISPUTED OIL BLOCK AS NON-COMMERCIAL

A global leader in commercial intelligence for the energy, metals and mining industries, Wood Mackenzie has declared the Ohaji South Field in Chevron’s disputed Oil Mining Lease (OML) 53, which was acquired by Seplat Petroleum Development Company Plc as non-commercial.

 Read more @ Thisdaylive

CHEVRON, SEPLAT, BRITTANIA-U TO MEET IN SUPREME COURT OVER OIL BLOCKS

The Supreme Court will today entertain an appeal brought against Chevron Nigeria Limited and Seplat Petroleum Development Company Plc by Brittania-U Nigeria Limited over the sale of Chevron’s Oil Mining Leases (OMLs) 52, 53 and 55.

Chevron had sold the three oil blocks despite the pending litigations at a Federal High Court, Appeal Court and the apex court arising from the disputes in the bid process leading to the sale of the three leases.

 

Read more @ Thisdaylive

SEPLAT TO DEFER OIL PROJECTS, BOOST GAS TO BEAT PLUNGE

Seplat Petroleum Development Co., a Nigerian oil producer that bought assets from Chevron Corp., plans to defer some oil investments while expanding gas output to survive low crude prices, company Chairman Ambroise Orjiako said.

“We’re looking very strongly to compensate for the revenue drop by increasing gas production,” Orjiako said in an interview on Thursday.

Read more @ SweetCrude Reports

Chevron defies pending Supreme Court case

Chevron Nigeria Limited (CNL) may have ignored a case pending before the Supreme Court, over a controversial oil assets sale initiated in 2013 following the announcement yesterday by Seplat Petroleum Development Company plc that it has concluded the takeover of Oil Mining Leases (OMLs) 53 and 55, two of the three assets, the multinational oil company offered in the bid round.

A raft of suits seeking to stop Chevron Nigeria Limited from signing off these assets to a Seplat-led consortium followed a stalemated bidding session when Chevron failed to announce an outright winner

Read more @ Businessday

OIL FIRMS SLASH CAPEX, WORK PROGRAMMES ON PRICE CRASH

Oil companies are cutting their capital expenditures (capex) and work programmes for this year as crude oil price remain below $50 per barrel for close to two months, it was learnt.

The implication of these cut downs, according to the Managing Director of Seplat Petroleum Plc, Austin Avuru, is that as the oil firms cut their capex, they are also reducing future oil production.

Read more @ Nation Online

NESTE, SEPLAT, GUINESS OTHERS GAIN AS STOCK MARKET RISES BY 0.06%

Nigeria’s stock market closed positive yesterday by 0.06 percent driven by gains recorded in share prices of Nestle Nigeria plc, Seplat Petroleum Development Company plc, Guinness Nigeria plc, Nigerian Breweries plc and Mobil Oil Nigeria plc.

After yesterday’s trading, 23 stocks gained on the Nigerian bourse while 29 equities lost their value. Nestle led the pack of 23 stocks that recorded price increase after its share price rallied from N995 to N1,043, adding N48; followed by Seplat which recorded gain of N16.88 after its share price moved up from N355.12 to N372.

Read more @ Businessday

INDIGENOUS FIRMS BOOST NIGERIA’S MARGINAL FIELD PRODUCTION

The contribution of indigenous firms to oil and gas production and reserves in Nigeria through marginal fields awarded to them in the first licensing round has grown in recent times, adding pressure on the government to expedite action on the next bid round.
More indigenous oil firms are seen as positioned to boost Nigeria’s stagnant production and reserves, as the next marginal field bid round is eagerly anticipated to come on stream sooner than later.

“Without necessarily ranging them, I can count five indigenous oil companies that are poised to grow in the upstream sector. They include Energia, Platform, Seplat, Niger Delta Resources, Waltersmith, and Emerald,” Wumi Iledare, president, International Association for Energy Economics, told BusinessDay

Read more @ Businessday