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Seplat Energy PLC - Lagos-based energy company focused on Nigeria - Begins the commercial injection of crude oil through its new Amukpe-Escravos pipeline. The 67 kilometre pipeline is expected to provide a ‘more reliable and secure’ export route for liquids from Seplat Energy's major assets OML 4, 38 and 41, connecting them with the Chevron Corp-operated Escravos terminal. It has a capacity of 160,000 barrels of oil per day, of which the Seplat Energy and NPDC joint venture is entitled to inject 35,000 bbl/day. Adds that dewatering was completed on Friday.
Says that the company previously relied on the Trans Forcados system, which has experienced numerous disruptions in recent years due to pipeline maintenance and vandalism, which have impacted its revenue.
Chief Executive Officer Roger Brown comments: ‘The commercial launch of the Amukpe-Escravos Pipeline is a significant event for Seplat Energy and for Nigeria, offering a more secure and reliable export route that will assure higher revenues and profitability for Seplat Energy, enabling us to make a larger contribution to Nigeria's economy.’
Current stock price: 126.00 pence, up 1.6% on Monday morning
12-month change: up 27%
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