Mr. Chen HuanlongPresident
The year 2014 represents an extension to the existing successes that have been achieved by GNPOC in previous years. Many programs have been implemented to increase reserves ,maximize returns,enhance manpower competency and adopt corporate goverance. We successfully hand-over the Pipeline facilities and operation to the Government of Sudan on 31 st August,2014 as per commitment stated in COPA.HSE remains a top priority in our operation. A big effort was exerted to implement Quality HSE Management System based on the international standards. Monitoring KPI performance of HSE issues is regularly undertaken to ensure safe and environmental friendly operations.
We also managed to drill 12 exploration wells,44 development wells and tied in 43 wells. As a result,Oil in Places(STOIIP) has reached 3,394 Mmstb, Reserves(EUR+PR) reached 722.4 MMStb,average Recovery Factor 21.2% and an annual average production rate of 55.7 kbopd. An amount of $ 608 MM representing 95% of total allocated budget was spent to finance such activities.Another blessed activity is a new discovery of Hilba field,which was brought up signs of promising production.Despite the sharp decline in global oil prices,GNPOC managed to sustain its operation.Nile blend price ended up at 55.5 $/bbl in December 2014 compared to much higher price recorded above 100 $/bbl in first half of the same year.A wise decision was taken to reduce the negative impacts of such situation by undertaking cost optimization measures.
We are full of hopes that GNPOC can settle the challenges by continuous support of Government of Sudan through MOP,OPEA,Partners and service providers to achieve our common goals.I would like to thank and appreciate GNPOC's leadership and staff team-work which both have put GNPOC in a position of relative strength and on a path toward sustainable and successful business.
Thank You and Regards
Mr. Chen Huanlong