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From the Managing Director’s Desk
Managing Director Looking back to November 2004 when the Asuokpu/Umutu Marginal Field was handed over to Platform Petroleum Limited as sole Farmee/Operator, I must say that we have covered a lot of grounds in the intervening five odd years. By year end (2009) we would have fully met our target of assembling the building blocks for the creation of an enduring, world-class Nigerian Independent. We would have in place:
  • A fully manned, 10kbd Flowstation
  • 48km of evacuation Pipeline
  • 24months of continuous crude Oil production with less than 2% production deferment
  • A 30mmscfd Gas Plant(nearing completion) capable of feeding 100MT/day of LPG into the local market
  • A fully manned corporate structure consisting of 78 permanent staff and 92 contract/outsourced staff (all Nigerians).
  • A hitch free Farmor/Farmee relationship with Shell
  • An efficient and hitch-free Crude Handling/Crude Sales arrangement with the ENI Group.
December 01, 2009 will mark the end of our Foundation-laying activities. We would have to step up our activities and move into the next level:
  • Building on our solid foundation to start the full implementation our new Corporate Vision and Mission.
  • Embark on a 3-year full development of the Asuokpu/Umutu Field, capturing the full value of Crude Oil, Condensate and Gas Production.
  • Embark on low-medium risk asset acquisitions to enable us build up our Production/Reserve Base.
  • Establish our Company as a notable, highly regarded Nigerian Independent Operating to world-class standards.
I have total confidence in the quality of staff we are developing and the integrity of facilities we are building. With God on our side, I think we are on course, as our mission statement clearly captures, to build and sustain the foremost Indigenous Petroleum development Company, through time-tested principles, best practices and efficient resources management.