Oil Company Promises Improved Operational Efficiency

The management of
an oil company, seplat  Petroleum Development Company Limited (SPDC) said the company would continue the task of developing its existing properties to improve operational efficiency and service delivery.
The company’s Chief Executive Officer, Mr Austin Avuru stated this in an interview with newsmen in Port Harcourt last Friday, stressing that the company commitment was to ensure enhanced value creation with its available resources.
Avuru said the company  would invest in facilities and infrastructure to increase oil production and position itself to further monetize natural gas resources, adding that the company would invest in new oil wells and improve facilities to boost production.
He said the company’s crude oil production had increased in the last three years from 11.5 million barrels in 2011 to 18.8 million barrels in 2013.
He said the company would embark on assets acquisition to grow revenue and reserves as well as develop a robust gas business in the country.
He added that the company would triple gas production by the end of 2016 through massive investment in processing and delivery infrastructure, stressing that this would be achieved through an average grass gas production of 99 million standard  Gubic feet per day.
He said the oil company had been recently listed as a quoted company on the Nigerian stock Exchange after a successful initial public offering to raise capital for the company investments.