Shareholders of Niger Delta Exploration & Production (NDEP) Plc have approved a payment of dividend of N17 per share for the 2019 business year, the highest payout in the company’s 13 years of consistent dividend payment.
The 25th Annual General Meeting (AGM) was held virtually due to the impact of COVID-19 pandemic and in line with the guidelines provided by the Corporate Affairs Commission (CAC) and Securities and Exchange Commission (SEC).
Chairman, Niger Delta Exploration & Production (NDEP) Plc, Mr Ladi Jadesinmi, said the company had witnessed remarkable performance over the past 10 years and predicted another decade of further significant achievements for the company.
He assured the shareholders that the company would continue to explore ways to enhance returns on their investments.
Acting Chief Executive Officer, Niger Delta Exploration & Production (NDEP) Plc, Dr. ‘Layi Fatona, also reassured shareholders of the strong positioning of the company.
According to him, NDEP is on a solid growth track and is well-positioned to weather the challenges of the operating environment including a low oil price regime, reduced OPEC production quotas and the uncertainties surrounding COVID-19 pandemic.
Fatona assured shareholders that the well-being of staff and stakeholders is of paramount importance to NDEP, adding that the company had made considerable investments towards ensuring the health and safety of its human capital following the outbreak of the COVID-19 pandemic.
NDEP’s revenue grew by 16 per cent from N39 billion in 2018 to N46 billion in 2019, the highest in the past decade due to its strong asset quality and operational processes.
The company also recorded a share of profit of N9 billion from its associate, ND Western Limited, while its crude oil revenue rose to N38.3 billion from N29.4 billion in 2018, a year-on-year improvement of 30 per cent, as a result of an increase in production despite the market’s price volatility.
In 2019, NDEP recorded 10 million man-hours with no Loss Time Injury (LTI), despite a significant increase in activity levels, while average daily production at its Ogbele Field increased to a record 7,500 barrels per day during the year under review.
Total gas production of 13.330 billion standard cubic feet (Bscf) was recorded with a minimal technical flare of 193.92 million standard cubic feet (MMscf) about 1.45 per cent of production by its subsidiary, ND Gas Limited, while the company also reported the successful completion of the first of two phases of its refinery expansion project, marked by the production of refined petroleum products just after midnight of December 31, 2019.
The second phase (Train-3) is at the final stages of mechanical completion. The Ogbele Refinery is the first fully-fledged modular refinery in Sub-Saharan Africa.
“From our modest beginnings and small Nigerian shareholder base, we have grown into a fully integrated energy company, with Sub-Saharan Africa exposure and over 1600 shareholders.
Successfully holding our 25th AGM, and celebrating our 13th year of consistent dividend payments show just how far we have come, the solid fundamentals and prudent resources management of NDEP Plc,” Fatona said.
NDEP Plc is an Independent integrated energy company through its wholly-owned operating companies – Niger Delta Petroleum Resources Limited (NDPR), ND Gas Limited and ND Refineries Limited.
It owns a range of assets including its flagship asset, the Ogbele Oil and Gas Field with a fully self- managed Flow Station, 11,000 barrels per day processing capacity refinery that will soon be commissioned, a 100 million standard cubic feet per day gas processing plant, and an operations and management (O&M) venture in South Sudan.