Capital Flight: Nigeria accounts for 95% of Heritage Oil income

Oil-rigIke Amos

08 June 2014, Sweetcrude, Lagos – The negative effect of the refusal of oil companies to list on the Nigerian Stock Exchange, NSE, has been brought to the fore once again, as United Kingdom-based Heritage Oil Plc announced that its Nigerian operations contributed $48.1 million (about N7.696 billion) to its revenues in the first quarter of 2014.

The amount contributed by its Nigerian operations is 95.44 per cent of its total first quarter revenue of $50.4 million.

According to its interim management statement for the first quarter financial result, the company said this result was driven by its OML 30 licence in Nigeria.

The company disclosed that production for the first three months of 2014 from OML 30 averaged about 9,216 barrels of oil per day net to Heritage, 33 per cent higher than the same period in 2013.

The company, however, noted that revenue from OML 30 was impacted negatively by an enforced shut-in at a third party terminal, where the crude is exported and there being an under lift at quarter end resulting in an inventory build-up.

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