Published On: Fri, Apr 15th, 2016

Gas deliveries from Niger Delta increase three-fold

Oil shortage

Nigeria oil shortage

LAGOS, (CAJ News) –SEVEN Energy, the leading integrated gas company, has  announced a significant increase in gas deliveries from its operations in the Niger Delta.

Gas business trebled to an average of 70 million standard cubic feet per day (MMcfpd).

Phillip Ihenacho, Chief Executive Officer, Seven Energy, said the company  was now well established as a significant participant in the rapidly developing Nigerian gas market, despite the current challenging environment.

“Our gas deliveries more than trebled during the course of 2015 and, although oil prices fell significantly, our operating cash flow increased  by more than 50 percent. We continue to work to diversify and build our customer base and we are targeting a year end exit rate in excess of 150  MMcfpd,” said Ihenacho.

The challenging environment meanwhile saw earnings before interest, taxes, depreciation, amortization and exploration expenses (EBITDAX) for the year down decline 77 percent to $62 million for 215.

Seven Energy recorded loss after tax of $182 million while total capital expenditure was down 74 percent in 2015 to $238 million.

Operating cash flow increased by 52 percent to $215 million in 2015.

CAJ News

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