Nigeria’s Ikike oil production lifts TotalEnegies earnings to $6.5b
Crude oil production from the Ikike oil field offshore Port Harcourt, River State, has been identified among the major fields that bolstered TotalEnegies earnings in the first quarter 2023.
TotalEnergies, in its first quarter 2023 financial statement obtained by The Guardian, revealed a net income of $6.5 billion, with production growth of two per cent.
The report said company’s hydrocarbon production was 2,524 barrels of oil equivalent per day (kboe/d) in the period under review, up one per cent year-on-year. It linked the growth to four per cent production due to start-ups and ramp-ups in Mero 1 in Brazil and Ikike in Nigeria.
Located 20 kilometers off the coast, at a depth of about 20 meters, the Ikike platform on OML 99 is tied back to the existing Amenam offshore facilities through a 14-kilometer multiphase pipeline. It delivers peak production of 50,000 barrels of oil equivalent per day.
The Chief Executive Officer, TotalEnergies, Patrick Pouyanné, said: “TotalEnergies once again demonstrates its ability to generate strong results, posting in the first quarter 2023 adjusted net income of $6.5 billion, cash flow of $9.6 billion, and return on average capital employed of 25 per cent, in an environment of lower oil and gas prices. IFRS net income was $5.6 billion for the quarter.”
In an environment with Brent prices averaging $81 per barrel, he stated that exploration and production generated adjusted net operating income of $2.7 billion and cash flow of $4.9 billion with production growth of two per cent compared to the previous quarter, benefiting from the start-up of gas production on Block 10 in Oman and the acquisition of a 20 per cent interest in the SARB/Umm Lulu oil fields in the United Arab Emirates.
According to him, downstream posted adjusted net operating income of $1.9 billion and cash flow of $2.2 billion, benefiting from strong refining margins.
