Overview

Since inception, Seplat has acquired an attractive portfolio of assets in the prolific Niger Delta region.

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Working interest reserves

Working interest reserves at 31/12/2015  Working interest reserves at 31/12/2016
Liquid MMbbis Gas Bscf Oil equivalent MMboe Liquids MMbbis Gas Bscf Oil equivalent MMboe
OMLs 4,38 & 41 137.1 786 273 137.3 766 269
OPL 283 9.1 81 23 8.5 72 21
OML 53 46.0 533 138 41.1 671 157
OML 551 16.7 173 47 8.5 35 15
Total 208.9 1,573 480 195.4 1,544 462

 

Full-year average daily production

1 Under the revised commercial terms in relation to OML 55 Seplat will no longer be a shareholder in BelemaOil but will instead have a revenue interest until a discharge sum of US$30 million has been paid to Seplat. Working interest production reported to OML 55 is for preceding volumes to end June 2016.

2 Liquid production volumes as measured at the LACT unit for OMLs 4, 38 and 41. Volumes stated are subject to reconciliation and will differ from sales volumes within the period. Based on preliminary compilations.

Gross Working interest
Seplat % Liquids bopd2 Gas MMscfd Oil equivalent boepd Liquids bopd Gas MMscfd Oil equivalent boepd
OMLs 4,38 & 41 45.0% 16,560 210 51,640 7,452 95 23,238
OPL 283 40.0% 1,531 1,531 612 612
OML 53 40.0% 2,954 2,954 1,182 1,182
OML 551 n/a 3,756 3,756 845 845
Total 24,801 210 59,881 10,091 95 25,877

Seplat has a 45% working interest in OMLs 4, 38 and 41 which are located in Edo (OML 4) and Delta (OMLs 38 and 41) States onshore Nigeria. Seplat is operator of the three blocks on behalf of the NPDC/Seplat Joint Venture and, to date, is the only company that has secured NPDC approval for operatorship over blocks acquired as part of recent divestment programmes by the major IOCs. As operator, Seplat is empowered with running the day-to-day operational activities and is able to set production and operational improvement goals and lead exploration activities, subject to the approval of its partner.

Production is predominantly from seven fields, namely Amukpe, Oben, Okporhuru, Ovhor, Orogho, Sapele and Sapele Shallow, and the partners aim to bring additional fields onstream in the future.

Since acquiring the blocks in July 2010, the Company has consistently grown oil production, primarily through the drilling of new wells and employing advanced and proven technologies to increase production in mature fields. The Company also became the first operator in the Niger Delta to install a LACT unit, enabling significantly improved measurement of produced oil prior to injection into the Trans Forcados Pipeline system. This has greatly reduced the reconciliation losses applied to the Company’s oil production to a level of approximately 10% to 12%, compared to an average of approximately 18% to 20% prior to installation of the LACT unit.

Alongside the oil business, the Company has also prioritised the commercialisation and development of the substantial gas reserves and resources identified at OMLs 4, 38 and 41 and is today a leading supplier of gas to the domestic market in Nigeria. Going forward, Seplat plans to further increase its gas production and processing capacity to help meet Nigeria’s growing demand, particularly in the gas to power sector. A major step forward in this respect is the recently completed installment that will bring total processing capacity at the Oben facility to 525 MMscfd, which will create a strategic gas hub ideally located to aggregate and supply gas to Nigeria’s main demand centres.

For the latest production update, please see the Company’s most recent reported information here.

For the latest reserves update, please see the Company’s most recent reported information here.