Seplat Achieves 74,000BOPD Gross

Seplat Petroleum, the Nigerian founded, London listed independent, hit 74,000Barrels of Oil Per Day operated production in Oil Mining Leases (OMLs) 4, 38 and 41 in early November 2014 and has maintained between 73,000 and 74,000BOPD for most of the month so far. The company’s gross production for November 21, 2014 was 73,166BOPD and equity production was 32, 925BOPD.

Seplat exited 2013 at around 59,000BOPD (operated), thus netting 26,550BOPD equity crude. However, in the first four months of 2014, the company’s total oil and gas production was impacted by 43 days of shut-down of Shell’s Trans Forcados Pipeline (TFP). In May 2014, Seplat reported it had completed a new 10km  pipeline to the Warri refinery in the west of the Niger Delta basin, “creating an alternative liquids export route to reduce impact of future third-party pipeline and terminal shut-downs”. It then declared it was “on track to deliver its 2014 target gross operated production exit rate of 72,000 BOPD”. This target seems clearly in hand.
At its first annual general meeting in late June, 2014,  Seplat gave notice of another target; operated production of 85,000BOPD by 2016. With 74,000BOPD reached by November 2014, the company would appear to be on course. But the five- fold crude oil production increase achieved since 2010 have been made in the same acreages, which were acquired from Shell, TOTAL and ENI. How much can the company squeeze out of these reservoirs?


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