SEPLAT’s 2020FY performance ended on a negative note, as topline dipped by 10.85% YoY to NGN190.92bn (vs. 2019FY: NGN214.16bn). Excluding the impact of Naira devaluation, the decline was much worse, as topline fell by 23.98% YoY (2020FY: USD530.47mn, 2019FY: USD697.78mn). The oil industry faced tough headwinds in 2020, with global oil demand cascading to record low levels. Nevertheless, SEPLAT managed to increase crude oil lifted by 36.36% YoY, arriving at a total of 10.5MMbbls from 7.7MMbbls in 2019. Working interest production grew by 10.08%YoY (51,183boepd) and stayed within guidance of 47,000boepd – 57,000boepd set for the period. The uptick in production was due to new additions from OML 40 and Ubima blocks (acquired Eland asset) which contributed 26% of total liquid production in 2020.
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