Yemisi Izuora
Seplat Petroleum Development Company Plc, has resumed production at OMLs 4, 38 and 41 to the levels they were before.
According to the company, the production was returned to levels of around 75,000 bopd and 290 MMscfd, or 125,000 boepd respectively, after it recommenced the injection of oil and condensate into the Forcados system at the end of May.
“The resumption of exports at the Forcados terminal has enabled us to very quickly de-constrain production, and in doing so once again demonstrate Seplat’s strong underlying fundamentals. Our focus now is on restoring production and cash flow momentum whilst also establishing longer-term access to multiple export routes. Whilst the lifting of force majeure is welcome news we continue to monitor the situation closely and, dependent on performance in the interim period, will seek to resume formal production guidance at our half-yearly results to be released on 27 July 2017,” Austin Avuru, Seplat’s CEO said.
The company further explained that after upgrading one of its two jetties at the Warri refinery in April, work on the second jetty will be completed in this quarter, as earlier announced. Once completed the jetties will be able to export 30,000 bopd. Along with this, Seplat is partnering with the Nigerian government to complete the 160,000 bopd Amukpe-Escravos pipeline which will serve as a third export route for the company.