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Thursday, May 22, 2014
Seplat Petroleum Development Co. plc announced that its delivery targets for 2014 remains on track despite Shell’s Trans Forcados Pipeline (TFP) shutdown. The company’s new pipeline to Nigeria’s Warri refinery has been completed and commissioned, creating an alternative liquids export route to reduce impact of “future third-party pipeline and terminal shut-downs.”
Austin Avuru, CEO of Seplat, said: “Completion of our pipeline to the Warri refinery and commencement of crude deliveries to Warri was a strategically important milestone for Seplat. This pipeline provides an alternative export route for our liquids, is under Seplat’s control, and will further reduce the reconciliation losses imposed on our exports via Forcados.”
However, Shell informed the Nigerian firm that it was not a preferred bidder for OMLs 29 and 24 while Chevron’s OML 53 remains delayed due to litigation. Avuru added, “Our strong bid for OMLs 29 and 24 was not the highest priced offer, and therefore did not lead to our selection as preferred bidder; however, we have a substantial pipeline of other material opportunities that are being pursued. We will retain our focus on acquisition opportunities where we can leverage Seplat’s technical and financial strength, and we will continue to exercise price discipline.”
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