Q2 2020 Seplat Petroleum Development Company PLC Earnings Call Transcript
Ladies and gentlemen, thank you for standing by. Welcome to the Seplat 2020 Half Year Financial Results Conference Call. My name is Haley, and I will be the operator for your call this morning.
I would now like to hand you over to Austin Avuru, CEO. Please go ahead.
Thank you. Good morning all, and welcome to our half year result broadcast. But let me just start with a few key highlights of our results. As you all know, we've -- industry has been hit by a combination of COVID-19 and the earlier pricing war -- oil pricing war between Russia and the Kingdom of Saudi Arabia. And so oil prices took a huge downturn, particularly during the second quarter, but a recovery now over in the past few weeks, around $42, $43 for Brent. Now the price recovery itself has been driven by OPEC costs, OPEC and Russia and a few other countries to combine that require substantial volumes of the market. The result also is that Nigeria been a member of OPEC has had to cut down on its own national total production. These costs have been handed down to all operators or
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