Production from Ogbele marginal field hits 20m barrels, 95bscf of gas
Production from the Ogbele oil and gas field owned and operated by the Niger Delta Exploration & Production Plc (NDEP) has hit 20 million barrels of oil, 95 BScf of gas and over 160 million litres of diesel as of 2020 year-end, 15 years after it commenced operations.
According to Wood Mackenzie, the Ogbele marginal field is an onshore asset in the eastern delta. It was carved out from oil mining lease (OML) 54 operated by Chevron Nigeria Limited (CNL). It was the first marginal field to be awarded to an indigenous company, the Niger Delta Exploration & Production Plc (NDEP).
The company has also announced the approval of the Department of Petroleum Resources (DPR) for the introduction of hydrocarbons to the train of its Ogbele Refinery which he said would make the full-fledged refinery “the first of such privately owned and operated in Nigeria.”
The firm at its yearly general meeting in Lagos, had its shareholders approve a dividend per share of N7.00.
For the second time, the meeting was held virtually due to the COVID-19 pandemic and was held in compliance with Health & Safety protocols as well as the relevant regulatory guidelines.
The Chairman of NDEP, Mr. Ladi Jadesimi, in his statement, said though the dividend of N7.00 was significantly lower than its record N17 per share for the preceding year, it was a prudent approach based on the effects of the COVID-19 Pandemic and reflected NDEP’s solid fundamentals and commitment to its growth strategy and cash preservation.
He said that despite the effect of the Pandemic on business operations in 2020, NDEP “demonstrated its resilience by meeting all its obligations, attaining new milestones and ended the year in profit, albeit modestly with staff strength intact”.
“We rose to the challenges posed by COVID-19 and the prolonged lockdown,” he said, “The Board and Management carefully monitored industry developments and took steps to reposition NDEP and its subsidiaries while sustaining efficiency and ensuring company survival”. With a Profit After Tax of N1.6 billion for the Company and N16.8 billion for the Group, he added that NDEP entered 2021 “on a solid financial foundation”.
He announced the appointments of Mr. ‘Gbite Falade and Mr. Adegbola Adesina as the Group Managing Director/Chief Executive and Chief Financial Officer of the Company, respectively and thanked the pioneer Managing Director/CEO, Dr. ‘Layi Fatona, for coming out of retirement to hold the fort until Mr. Falade’s appointment. Both appointments were ratified by the Shareholders at the AGM.