A Review of the Nigerian Energy Industry

Afren profit skyrockets

Afren-Ebok-platform-workers27 March 2014, London – UK-listed independent producer Afren’s revenue rose by year-on-year by 5% to $1.6 billion in 2013, bolstered by increased oil production, principally from its Nigerian offshore Ebok and Okoro fields, and higher oil prices, the company said Thursday.

“Afren delivered record revenues and cash flows in the period driven by strong production performance from the Ebok and Okoro fields, offshore Nigeria, benefitting from continued high oil prices,” Afren said in a statetment.

Oil production was on target at 47,112 boe/d, representing year-on-year increase of 8%, Afren said.

The company’s profits after tax increasing by 151% to $475 million, but profit before tax dropped to $318 million largely due to shares of joint venture losses booked in the year, it stated.

Afren, which is also exploring in other West and East Africa countries, as well as the Kurdistan region of Iraq, said it expects gross oil prodution to rise to 62,000 b/d in 2014, with an additional platform installation on the Ebok field, a further field development on the Okwok field and additional drilling on the onshore Niger Delta block OML 26.

Afren along with partners purchased OML 26 from Shell in 2012, with estimated oil reserves of 134.6 million barrels,

Afren also sees an upsurge in its production from the Ogo well in OPL 310, offshore Nigeria, which the company said last November holds estimated reserves of 774 million barrels of light grade crude oil and condensate rich gas.

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