Erin Energy sinks deeper into the red

U.S.-based oil and gas company Erin Energy recorded a bigger loss in 2017 compared to the prior-year despite a 30 pct revenue increase boosted by higher oil prices.

The company, with assets in Nigeria, Gambia, and Ghana, on Thursday reported a net loss of $151.9 million for full year 2017 compared with a net loss of $142.4 million for full year 2016.

During 2017 Erin Energy produced approximately 1.7 million net barrels of oil and generated revenues of more than $101 million compared to approximately 1.8 million net barrels of oil and revenues of $77.8 million in 2016. This represents a 30% increase in revenues.

Erin Energy’s average net daily production for 2017 was approximately 4,900 bopd compared to approximately 4,800 bopd for 2016.

For the fourth quarter 2017, net daily production was approximately 4,000 bopd compared with 5,800 for the comparative period in 2016. The average price received for 2017 was $54.84 per barrel compared to $45.45 in 2016.

Earlier this week, Erin responded to recent media reports regarding its Oyo field operations off Nigeria, calling the articles inaccurate.

According to Erin Energy’s statement on Wednesday, the articles erroneously contended that a Nigerian court had ordered the “take over” of the Oyo oil field.

Offshore Energy Today Staff