’Femi AsuOne of the nation’s indigenous independent oil companies, Seplat Petroleum Development Company Plc, posted a loss of $145.3m (N49.8bn) in the first half of this year, compared to a profit of $120.4m (N37bn) in the same period of 2019. The company said its oil operations produced an average 34,117 barrels of oil per day on a working-interest basis in H1 2020. “The average price realised was $34.94 per barrel (H1 2019: $65.16 per barrel). It said it had successfully reduced barging costs from $14 per barrel to $9 per barrel at OML 40. Our oil hedging strategy and gas revenues continue to protect the business from price volatility.”Copyright PUNCH.

Source: Punch July 30, 2020 01:07 UTC