Globally, all businesses unless you are Amazon or unless you are Zoom, were heavily impacted by the pandemic. We saw in the second quarter of last year unprecedented oil prices. So, last year, we showed the resilience of our business and the counterbalance of our gas business, which is delinked to the oil price, and that really helped us last year.
We are seeing a recovery in oil prices now, and we certainly see a recovery coming in through 2021 results the first quarter of 2021 has shown that and your continue to see.In terms of guidance this year, we don’t guide on oil price obviously. Oil prices are coming back. We are cautiously optimistic about oil price. It has reached up to $65-$70 per barrel but we remember when it was $10.
We have significant cash resources and will continue to manage our finances prudently in 2021, expecting to invest $150m of capital expenditure across the full year, with nearly $33m already invested.We have made a progressive start to the year, delivering oil and gas production volumes of 48,239 boepd, within our guidance range.
As we drive forward our strategy of being a low-cost energy provider delivering reliable, affordable and sustainable energy to the young, fast-growing population of Nigeria, energy transition – which delivers on Nigeria’s social development goals in tandem with the climate agenda – is essential. Having proved our resilience again, and in the most challenging and unprecedented environment we have ever experienced, I am confident that Seplat will build on its strong foundations to become a larger, more diverse, and more sustainable energy company in the years to come.We are sitting on a good cash flow; we just raised a new bond – a $650million bond, which is one of the biggest bonds to be raised, particularly for a Nigerian oil company.
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