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Nigeria’s Biggest Independent Oil Company Hit by OPEC Curbs

From bnnbloomberg.ca

Seplat Petroleum Ltd., Nigeria’s biggest independent energy company, said the West Africa nation’s decision to comply strictly with OPEC+ production cuts will lead to a drop in its third-quarter output. “We have managed the cut in such a way that it has had very little impact on our working interest production, and should have little impact on full year results” Seplat’s Chief Executive Officer Austin Avuru said on an investor call Wednesday. Seplat’s gas revenue will start rising when its Anoh project starts producing in 2022. Physical installation of equipment should be done in the first half of next year, ... (full story)

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