Niger Delta Exploration & Production Plc (NDEP) held its 25th Annual General Meeting (AGM) on Wednesday, June 17, 2020, at which shareholders unanimously approved a dividend of N17 per share, the Company’s highest in its 13th year of consistent dividend payment.
The AGM which held virtually due to the impact of COVID-19 Pandemic, as it was organized in line with current Health and Safety protocols and in accordance with the guidelines provided by the Nigerian Corporate Affairs Commission (CAC).
Speaking at the Event, NDEP Plc’s Chairman of the Board Mr Ladi Jadesinmi, reviewed the outstanding and remarkable previous ten years journey of the company. He predicted a future next ten years of further significant achievements for the Company and assured rewards for shareholders.
The interim CEO, Dr. ‘Layi Fatona, reassured shareholders of the strong positioning of the Company, adding that “NDEP is on a solid growth track and is well-positioned to weather the current challenges of the operating environment” , including a low oil price regime, reduced OPEC production quotas and the uncertainties surrounding COVID-19 pandemic.
Dr. Fatona also assured shareholders that the well-being of staff and the Company’s Stakeholders was 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.
Among the highlights of the Company’s Financial performances was its Top line Revenue growth of 16%, from N39Bn to N46Bn, the highest in the past decade due to its strong asset quality, and Operational processes.
NDEP also recorded a sustained robust share of profit of N9bn from its associate, ND Western Ltd, while its Crude Oil revenue rose to N38.3 Billion from ₦29.4Billion in 2018, a year-on-year improvement of 30%, as a result of an increase in production despite the market’s price volatility.
The Company also had a lot of positives in its Operational highlights for the 2019 financial year, recording 10MM 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 bbls/d, during the year.
Other Production highlights include a Total gas production of 13.330 B Scf with a minimal technical flare of 193.92MM Scf (1.45% of production) from its subsidiary, ND Gas Ltd, while the Company also reported the successful completion of the 1st of two (2) phases of its Refinery Expansion Project, marked by the production of refined petroleum products just after midnight of 31st December 2019. . The 2nd 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.’ Dr Fatona remarked at the closing of
NDEP Plc is a foremost Independent integrated Energy Company. Through its wholly-owned operating Companies, Niger Delta Petroleum Resources Ltd (NDPR), ND Gas Ltd and ND Refineries Ltd – it owns a range of assets including its flagship asset, the Ogbele Oil and Gas Field with a fully self managed Flow Station, the soon-to-be commissioned Refinery with 11,000 bbl/d processing capacity, a 100MM Scf/d gas processing plant, and an Operations and management (O&M) venture in South Sudan.
To view the AGM, which was conducted live, please use this link: