Transnational Corporation of Nigeria Plc has unfolded plans to begin the exploratory drilling of its Oil Prospecting Licence 281 before the end of this year.
The Chairman, Board of Directors, Transcorp Plc, Mr. Tony Elumelu, disclosed this while addressing shareholders at the company’s ninth Annual General Meeting, which was held in Abuja.
He said the management of Transcorp had turned the company into a diversified conglomerate with interest in four strategic sectors of the nation’s economy. The sectors are power, oil and gas, hospitality and agriculture.
Elumelu said the company, through its subsidiary, Transcorp Energy Limited, which was established in 2008, had been positioned to focus on upstream petroleum development.
For instance, he said to facilitate the exploration, a production sharing contract had been signed with the Nigerian National Petroleum Corporation for the development of the oil block, which is located in Delta State.
Elumelu said, “We are in the final stage of securing approval to commence our drilling programme. We expect to begin exploratory drilling on our oil block, OPL 281, before the end of 2015.
“Our ambitions are clear in this space as we want to build a fully integrated energy company, owning, producing, distributing and utilising the gas that is Nigeria’s most valuable long-term natural resources for significantly enhanced power generation.”
Speaking on the 2014 financial performance of the conglomerate, he said the growth trajectory was sustained in the year as gross earnings increased by 120 per cent to N41.3bn from N18.8bn the previous year.
He attributed the increase in gross earnings to the first full year of earnings from its operation in the power sector.
The group’s operating profit, Elumelu added, also rose from N10.2bn in 2013 to N13.6bn in 2014. However, he said the company’s operating profit declined by 11 per cent from N3.9bn in the preceding year to N3.5bn in the period under review due to fair value losses on listed equity portfolio.
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