Maintains leadership in indigenous gas production in Nigeria
Oando Energy Resources (OER)’s net oil and gas production in the second quarter of 2015 places it at the very top of the leading Nigerian independent oil and gas producers, among who are Seplat, SAPETRO, Famfa and Aiteo.
Its net crude output averaged 20,769BOPD in the quarter. It produced a net average 194.9MMsf/d of gas and 3,664 BOEPD of Natural gas liquids. Its total equity hydrocarbon production of 56,917BOEPD ranks it as one of the top 10 independents-foreign and indigenous-producers on the African continent.
On this list-which considers African production alone- Oando beats Hess Corp. of the United States, Dana Gas of the UAE, the giant independent ConocoPhillips and the Dallas based minnow, Kosmos Energy, to 10th, 11th, 12th and 13th positions respectfively.
The close to 200Million standard cubic feet of day gas production, on a net basis, is higher than any volume from a Nigerian company, excluding the state owned NPDC. But over 90% of this is sold as part of the Agip operated contribution to the Nigerian LNG, so, in effect, this large volume indigenous gas producer does not contribute much to the dire needs of the Nigerian domestic gas system.
Oando’s hydrocarbon production is from a basket of assets; before it acquired ConocoPhllips’ Nigerian asset, which transformed its portfolio, it had (and still holds) 15% of Agip operated Oil Mining Lease (OML) 125, which netted it 4,200Barrels of Oil Per Day (from the Abo field) in the quarter. It was in the same quarter that the company “realized its first sales from production at Qua Ibo”, one of the three marginal fields in which it holds equity.
Oando Energy Resources realized a net loss of $29.3Million in the second quarter of 2015, compared with a net loss of $137.7 million in the second quarter of 2014. During the six months ended June 30, 2015 the company incurred a net loss of $50.4 million, compared with a net loss of $177.5Million in the same period of 2014.
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