PANAFRICAN Energy (PAET), a development and supply of natural gas in the country, has reported 31 per cent revenue decline in quarter three after TANESCO reduced gas intake.
The decrease was primarily the result of
lower cost gas allocations which resulted in an increase in profit gas
attributable to Tanzania Petroleum Development Corporation (TPDC). “The
decrease in additional gas volumes … is primarily the result of reduced
nominations of natural gas volumes by TANESCO,” it said in a financial
statement.
PAET, a subsidiary of Orca Exploration,
said the revenue dropped to 12.2 million US dollars in Q3 from 17.7
million in similar quarter last year. This was “a consequence of the
decline in the cost pool” with the company having now recovered the cost
of the 2015-2016 capital programme, Orca said in a report.
In nine months ending September, the
firm revenue, whose big chuck comes from Tanzania, fell by 12 per cent
to 42.2 million US dollars compared to 48.1 million US dollars realised
in a similar period last year.
Orca, British Virgin Islands registered
international public company, engaged in hydrocarbon exploration,
development and supply of gas in Tanzania and oil appraisal and gas
exploration in Italy.
Also the firm reported that sales
revenue was pushed down after Additional gas deliveries and sales for
the quarter dropped to an average 45.1 million standard cubic feet per
day (mmcfd), a decrease of 3 per cent over 46.6mmcfd in Q3 2016.
While in the first nine months realised a
decrease 4.0 per cent to 42.7 mmcfd compared to 44.4mmcfd for the
comparable prior year period.
The decrease in volumes was partially
offset by a 3.0 per cent rise in the weighted average price for the
quarter to 4.87 US dollars/mcf from 4.73US dollars/ mcf in Q3 last year.
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