A.B.C. Orjiako, Chairman

Chairman's statement

Adapting to overcome challenges

“I am pleased to report continued success in our strategy of mitigating the impact of lower oil prices through the ongoing and significant expansion of our gas business.”

A.B.C. Orjiako Chairman

Chairman's statement PDF (0.14Mb)

Executive summary

Overview of our business year

Seplat is a leading independent oil and natural gas producer in the prolific Niger Delta area of Nigeria and a leading supplier of gas to the domestic market.

2016 highlights

Working interest production (boepd)

-40%

Graph: 2016(25,877), 2015(43,372), 2014(30,823)

Revenue
(US$m)

-55%

Graph: 2016(254), 2015(570), 2014(775)

Gross profit
(US$m)

-71%

Graph: 2016(72), 2015(249), 2014(459)

New cash flow from operations
(US$m)

+353%

Graph: 2016(172), 2015(38), 2014(225)

Working interest 2P gas reserves
(2010 to 2016)

Graph: 2016(67), 2015(271), 2010(142)

Working interest 2P liquid reserves
(2010 to 2016)

Graph: 2016(195), 2015(209), 2010(139)

Total working interest 2P reserves
(2010 to 2016)

Graph: 2016(462), 2015(480), 2010(281)

Executive summary PDF (0.17Mb)

Austin Avuru, Chief Executive Officer

Chief Executive Officer's statement

Resolute focus on solutions in our control

“2016 has been our most challenging year since inception and whilst the obvious headwinds we have been faced with are clearly reflected in our 2016 results, we have responded effectively by focussing on the delivery of solutions to those challenges that are within our control.”

Austin Avuru Chief Executive Officer

Chief Executive Officer’s statement PDF (0.10Mb)

Corporate social responsibility

Ensuring a positive and impactful legacy

Shared value remains at the centre of our investment in Nigeria. Delivering a longstanding and positive social and economic legacy for our local stakeholders is our priority.

Corporate social responsibility PDF (0.38Mb)