As we reflect on 2017, we have every reason to be thankful to the Almighty God for preserving us, our families and our operations. The outgoing year 2017 will certainly go into history as one of the most “Remarkable & Rewarding” year for the Platform/Newcross JV since the inception of the Egbaoma Marginal field.
One of the notable feat recorded is the Achievement of an All-time Record of 3,600barrel of Oil per day culminating in the attainment of An all-time 1,000,000 barrel per year Oil production mark. Overall-performance showed significant growth in Revenue as evident by over 170% improvement when compared to the previous year 2016.
Some of the major factors for the improvement in the JV Profitability & Revenues includes;
- Increase in Production Capacity as a result of the success of 2016 drilling campaign;
- Increase in Injection/Evacuation Capacity (RPC)
- Gradual Rebound of Oil price above the budget benchmark,
- Reduction in Unaccountable Oil Losses from previous circa 20% to less than 5%.
- Prudent Financial Management
- And a host of others
Additionally, our continued focus on operational efficiency and cost control/reduction efforts saw us drive our unit operating cost (OPEX) to less than $15/bbl at the end of 2017 from the near $18/bbl mark at the beginning of the year. Other operational indices also showed improvements with Zero Fatality, Zero LTI and 100% Plant Availability.
On the Gas Business, the Platform/Newcross JV successfully achieved the execution of 12MMscf/d & 10MMscf/d of GSPA with Powergas & UDIPPCO respectively while negotiation for additional variable volume of 10-30MMscf/d is nearing conclusion with NGMC. We are therefore optimistic the JV will achieve 1st Commercial Lean Gas by Q3/Q4, 2018.
As we look into the new year 2018, it is pertinent to note that the E&P business environment is still clouded with “Very high price Volatility & Uncertainty”. However, we shall remain focused on the cardinal pillars of our Strategic Business Plan i.e Sustainable Growth, Prudent Financial Management, Corporate Culture & Customers/Stakeholders Satisfaction. We shall consolidate efforts towards improving operational efficiency, reduced OPEX & CAPEX, Lean Gas commercialization, Farm-in opportunities and diversified growth.
Engr. Osa Owieadolor
On Wednesday June 28, 2017, the Geology department of the University of Nigeria Nsukka will take possession of a brand new and ultra-modern building courtesy Platform Petroleum.
Platform Petroleum Limited donated the new building to the university in honour of Austin Avuru, their Advisor and Pioneer Managing Director/Chief Executive Officer who graduated from the Geology Department of the University of Nigeria, Nsukka in 1980.