Petroleum Africa
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Friday, April 11, 2014
Mart Resources saw its share of production from the Umusadege field in Nigeria drop for 2013 due to various disruptions in production. The company’s average share of production for the year was 4,000, down from its average of 5,039 bpd in 2012.
The field produced in fits in starts over 2013 for a myriad of reasons, including various disruptions, repairs, and maintenance of the export pipeline.
The drop in its take of production led to a drop in net income for the company, Mart came in with a net income of $35.5 million for 2013, compared to the net income of $58 million for the previous year. Mart confirmed that the lower net income and cash flows from operating activities during the period were primarily due to higher pipeline and export facility losses, export pipeline shutdowns, and increased production costs during the year.
Mart’s share of Umusadege field oil produced and sold for the year ended December 31, 2013 was 1,459,823 barrels of oil compared to 1,844,389 barrels of oil for the year ended December 31, 2012. The average price received by Mart for oil sales during the year ended December 31, 2013 was $110.62 per bbl compared to $103.43 per barrel for the year ended December 31, 2012.
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