https://www.miningweekly.com

Erin Energy posts 18% y/y increase in oil sales

16th March 2017

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

     

Font size: - +

JOHANNESBURG (miningweekly.com) – Dual-listed Erin Energy achieved crude sales volumes of more than 1.7-million net barrels of oil during the fourth quarter of 2016 – an 18% increase over 2015.

This resulted in the company realising a 14% year-on-year increase in revenue to $77.8-million.

CEO Jean-Michel Malek noted that, although 2016 had been a challenging year for the industry, the company still produced about 1.8-million net barrels of oil, up from the 1.6-million barrels produced in 2015.

“Our perseverance allowed for good progress in our cost-cutting and balance sheet restructuring efforts,” he said, adding that Erin Energy’s finance team worked diligently to raise the capital necessary for this year’s drilling.

“Looking ahead, 2017 promises to be an exciting year as we kick off our drilling campaign, increase Oyo production, and look to drill some of West Africa’s most prospective exploration wells,” Malek highlighted.

Average net production for 2016 was around 4 800 bbl/d of oil, up from the prior year’s 4 300 bbl/d. For the fourth quarter, net production stood at 5 800 bbl/d, compared with 2 500 bbl/d for the comparative period in 2015. The average price received for 2016 was $45.45/bl, compared to $47.24/bl in 2015.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Projects

Image of lithium ore stockpile
Lithium conversion plant, Australia
Updated 2 hours 29 minutes ago By: Sheila Barradas
Aerial view of the Amapá mine
Amapá iron-ore project, Brazil
Updated 2 hours 29 minutes ago By: Sheila Barradas

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
Flameblock
Flameblock

FlameBlock is a proudly South African company that engineers, manufactures and supplies fire intumescent and retardant products to the fire...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.145 0.182s - 107pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: