Seplat reports $166 million loss on Forcados shutdown

Seplat Petroleum Development Company, a leading Nigerian oil and gas company, reported a 2016 full-year loss owing to a prolonged shutdown of the Forcados oil terminal.

The company said loss-after tax reached $166 million compared with an after-tax profit of $66 million in the previous year. Revenue fell by 55 percent to $254 million as oil production fell by 40 percent.

Notwithstanding its loss, Seplat said its gas revenue rose by 37 percent, driven by strong demand from the domestic market. The company had about $160 million in cash and cash equivalents at year end.

The Forcados terminal, which is Seplat's main evacuation facility, was shut down since last year due to frequent attacks by Niger Delta militants. The pipeline is expected to reopen in the second quarter of this year.