Seplat Petroleum Development company plc is reporting 93% decrease in losses to NGN1.6 billion for the nine months ended in the year 2017 compared to NGN24.0 million loss reported in the same period in the financial year 2016.
The company ended the period with higher revenue of NGN85.1 billion in contrast to NGN49.9 billion posted in the previous year while gross profit stood at NGN38.0 billion against NGN19.2 billion in the year before.
The company recorded NGN16.2 billion as its operating profit for 2017 compared to NGN13.1 billion loss recorded in the fiscal year 2016.
Seplat Petroleum said its total assets was NGN675.0 billion worth of assets in the 9 months ended compared to NGN664.6 million acquired in the year 2016 while total liabilities was NGN298.1 billion versus NGN288.3 billion in the year before.
About the company
Seplat Petroleum Development Company (Seplat) is a Nigerian oil company based in Lagos. The company was formed in 2009 by a merger of Platform Petroleum and Shebah Exploration and Production, both small Nigerian based companies. Maurel & Prom, a French oil exploration company, purchased a 45% share in the newly formed company.
Seplat acquired several oil blocks from Royal Dutch Shell in the Niger delta. The company was able to expand production to 43,000 barrels per day, which was doubled from when Seplat acquired the blocks.
In January 2014, Seplat became the preferred bidder on Chevron’s OML53 off shore block, after indigenous oil company Britannia-U did not show evidence that it could raise the US$ 1.2bn it had bid for blocks OML52, 53 and 55, estimated to contain proven oil and gas reserves of 555 million barrels of oil equivalent (MMBOE).
Seplat was bidding to acquire OML53, but was outbid by Brittania-U.
Chevron has been seeking to liquidate its 40 percent stake in blocs OMLs 52, 53, 55, 83 and 85 since June 2013, listing them for sale to local operators. Other international oil majors ConocoPhillips, Royal Dutch Shell, Total and Eni are also disposing of stakes in onshore and shallow water offshore fields in the Niger Delta region.