SA-based oil group Energy Africa intends to spend about R1,3 billion on the development of its fields this financial year.
SA-based oil group Energy Africa intends to spend about R1,3 billion on the development of its fields this financial year.
Energy Africa managing director Rhidwaan Gasant said on Thursday that the group’s turnover for the year had increased to R1,44 billion from R1,42 billion last year, reported.
The company’s annual financial results for the year to March showed a 21 per cent increase in average production to 21 400 barrels of oil a day, and a two per cent rise in operational cash flow to R960 million for the period under review.
Gasant said this was achieved despite an 18 per cent lower average realised oil price and a temporary decline in production in Equatorial Guinea that pushed up unit costs.
Energy Africa, which is controlled by Malaysian state oil company Petronas via a majority stake in oil refiner Engen, drilled 18 exploration and appraisal wells during the 2001-02 financial year, achieving a 72 per cent success rate.
Five consecutive discoveries in Equatorial Guinea helped push potential commercial oil reserves up 118 per cent to 37 million barrels, while commercial reserves were 22 per cent higher at 58 million barrels by year-end, Gasant said.