Seplat Petroleum Business Development Company Plc has promised to sustain its profitability position and returns on shareholders’ value. It would be recalled that the company returned back to profit in 2017 after its revenue fall continuously since 2014 and rapidly falling profits hit a big loss at the end of 2016.

Speaking yesterday at the company’s fact behind the figures on the Nigerian Stock Exchange (NSE), the chief executive officer of Seplat, Austin Avuru said that the company is positioned to deliver long-term profitability and capitalise on growth opportunities. According to Avuru, the company will continue to pursue growth opportunities in the industry as it focused on a strong financial position and a core business restored to full production operations, which provides a solid foundation upon which to resume the pursuit of value accretive acquisition opportunities.

The CEO stated that Seplat’s policy of creating multiple export routes for all of its assets had resulted in it actively pursuing alternative crude oil evacuation options for production at Oil Mining Leases 4, 38 and 41 and potential strategies to further grow and diversify production in order to reduce any over-reliance on one particular third party-operated export system. Avuru pointed out that in its gas business, the company is strategically positioned to access Nigeria’s main demand centres, saying that total operated processing capacity at Anoh completion will be capable of supporting 3,000MW power generation.

Source: Leadership