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The company said it had revised its
2019 capital expenditure guidance downwards to $150m with current focus on
shorter-term oil and gas production gains. In its unaudited consolidated
financial report for the first half of 2019, Seplat said its policy of creating
multiple export routes for all of its assets had resulted in its actively
pursuing alternative crude oil evacuation options for production at Oil Mining
Leases 4, 38 and 41.
To add to the Trans Forcados Pipeline
system and the backup export through the Warri refinery, the Amukpe-Escravos
pipeline, with a capacity of 160,000 barrels of oil per day, the firm said it
would provide a third export option for liquids production.
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According to Seplat, the pipeline
owners, the National Petroleum
Investment Management Services (a wholly owned subsidiary of Nigerian National Petroleum Corporation),
Pan Ocean Corporation Limited and Fenog Nigeria are responsible for the
completion of the pipeline, which has seen delays to date.
It said, “The
completion of the project is in sight. The hydro testing of the 20-inch
pipeline which involves pigging to remove any debris that has accumulated in
the construction, followed by flowing water under pressure from the injection
point at Amukpe to the Escravos terminal, commenced in early July, and the
current flow rates have confirmed the integrity of the pipeline.
“Final works within the
Escravos terminal are underway, which includes the tie-in of the LACT
measurement unit into the Chevron control system and with commissioning
expected to be completed during the third quarter of 2019 with export of oil to
the permitted capacity of 40,000boepd in the fourth quarter of 2019.”
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Seplat said its overall working
interest production in the first half across all blocks stood at 22,974bopd and
145 million standard cubic feet per day, or 48,004boepd with production uptime
of 88 per cent in the period. The company’s half-year profit before deferred
tax rose to $121m (N37bn) from $105m (N32bn) in the first half of 2018.
The Chief Executive Officer, Seplat, Austin Avuru, said the results further
emphasised the strong cash generation potential of the company’s low-cost
production base and the progress being making at the Assa North/Ohaji South gas
and condensate development project.
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He said, “Our
H1 work programme has been impacted owing to unforeseen delays from rig
contractors as well as the need to undertake higher levels of maintenance and
asset integrity work for longer-term benefit of the assets.
“Both have affected
production during the H1 but we have now secured the necessary rig capacity for
the second half to implement the revised work programme, which will drive us
towards a 2019 exit working interest production rate of 62,000 barrels of oil
equivalent per day and bring annualised production within the unchanged
guidance range of 49,000 to 55,000boepd.” (Punch)
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