Crude oil production from the Ikike oil field offshore Port Harcourt, River State, has been identified among the major fields that bolstered TotalEnegies earnings in the first quarter 2023.
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TotalEnergies, in its first quarter 2023 financial statement obtained by The Guardian, revealed a net income of $6.5 billion, with production growth of two per cent.

The report said company’s hydrocarbon production was 2,524 barrels of oil equivalent per day (kboe/d) in the period under review, up one per cent year-on-year. It linked the growth to four per cent production due to start-ups and ramp-ups in Mero 1 in Brazil and Ikike in Nigeria.

Located 20 kilometers off the coast, at a depth of about 20 meters, the Ikike platform on OML 99 is tied back to the existing Amenam offshore facilities through a 14-kilometer multiphase pipeline. It delivers peak production of 50,000 barrels of oil equivalent per day.

The Chief Executive Officer, TotalEnergies, Patrick Pouyanné, said: “TotalEnergies once again demonstrates its ability to generate strong results, posting in the first quarter 2023 adjusted net income of $6.5 billion, cash flow of $9.6 billion, and return on average capital employed of 25 per cent, in an environment of lower oil and gas prices. IFRS net income was $5.6 billion for the quarter.”

In an environment with Brent prices averaging $81 per barrel, he stated that exploration and production generated adjusted net operating income of $2.7 billion and cash flow of $4.9 billion with production growth of two per cent compared to the previous quarter, benefiting from the start-up of gas production on Block 10 in Oman and the acquisition of a 20 per cent interest in the SARB/Umm Lulu oil fields in the United Arab Emirates.

According to him, downstream posted adjusted net operating income of $1.9 billion and cash flow of $2.2 billion, benefiting from strong refining margins.
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