As we reflect on 2018, we have every reason to be thankful to the Almighty God for preserving us, our families and our operations. The year 2018 ended positively with sustained Cumulative Production of over 1 Million Barrels and improved Revenue when compared to the preceding year 2017. The outgoing year 2018 can be best described as “Dramatic & Unbelievable”. Notably, the year recorded an unprecedented improvement of Revenue from 44% by mid-year to over 175% at the end of the year in the midst of the obvious Evacuation Challenges and flood saga that ravaged the JV operations during the year. Other operational indices also showed improvements with Zero Fatality, Zero LTI and 100% Plant Availability.
On the Gas Business, the Platform/Newcross JV achieved the execution of additional 10 – 30MMscf/d with NGMC bringing the total lean gas supply commitment to 32 – 45MMscf/d with various 3rd Party off-takers.
As we continue on our journey of “Consolidation” in 2019, it is pertinent to note that the E&P business environment is still clouded with “Very high price Volatility & Uncertainty” as we saw crude oil prices sliding very steeply in recent times from above $80/bbl in October to end the year at $52/bbl. However, it is important for us to remain Focused & Disciplined on the cardinal pillars of our strategic business plan i.e Sustainable Growth, Operational Excellence, Stable Gas Business, Diversification, Prudent Financial Management, Corporate Culture and Customers/Stakeholders Satisfaction.
Permit me to particularly draw our attention to the following critical projects already lined up to kick-off in the early weeks of the new year:
I cannot over-emphasize the criticality of these projects as their eventual outcomes will play a significant role in defining the future of our business over the medium to long term.
Finally, let me specially thank our Army of Dedicated staff (including our JV support staff), for your hard work, commitment and loyalty in the outgoing year while soliciting your continued support in the year ahead. Together we shall continue to “Consolidate on our Gains” and take the JV to the “Next Level”
Thank you and God bless you all.