Gas supplies up, profits down at Seven EnergyFrom OKORO CHINEDU in Lagos, Nigeria
LAGOS, (CAJ News) – SEVEN Energy, the integrated gas company, has recorded a significant increase in deliveries from the southeast Niger Delta.
The company announced deliveries of 101 million standard cubic feet per day (MMcfpd) during the three months ended March 31.
This represents an increase of more than 40 percent from the previous year.
Phillip Ihenacho, Chief Executive Officer, Seven Energy, expressed pleasure at the growth.
“Our long held focus on gas is reaping benefits, at a time when the upstream component of our business is challenged with a continued weak oil price, and with the Forcodos terminal having been closed since February, severely limiting oil production deliveries and cash flow from our assets in the northwest Niger Delta,” he said.
Meanwhile, the company felt the pinch of declining oil prices in the international markets as earnings fell from US$28 million to $17 million.
The firm recorded a loss after tax of $14 million.
Cash flow provided by operating activities fell to $36 million from $54 million from the corresponding period last year.
– CAJ News
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