Seplat Energy Plc is optimistic of exporting crude oil from Abiala oil field in the fourth quarter of 2024.
The company said it had rolled out its first oil from the field in September, hoping that exports will begin before the end of this year, as the field targets gross production level of c.5,000 barrels of oil per day (bopd) in by the first quarter of 2025.

Seplat Energy, in its unaudited results for the nine months ended September 30, 2024, said its revenue for the period has grown to N1.071 trillion from N478.1 billion year-on-year with cash generated from its operations rising to N633.8 billion from N213.8 billion.

The oil company’s working interest production averaged 47,525 barrels of oil equivalent per day (boepd) (nine months 2023: 48,152 boepd), around the midpoint of guidance.
According to the report, Seplat Energy’s operating profit also rose to N411.3 billion from N91.3 billion year-on-year, as the company achieved 8.2 million-man hours without Lost Time Injury (LTI).
The company also increased its core dividend by 20 per cent to US3.6 Cents per share in 3Q 2024 alone.

Total core dividend declared to date in 2024 is US9.6 cents per share.
The report stated: “Working interest production averaged 47,525 boepd (9M 2023: 48,152 boepd), around the midpoint of guidance. Daily average liquids production increased 6% and gas production decreased by 11% versus 9M 2023. Annual guidance narrowed to 46,000 – 50,000 boepd (previously 44,000 – 52,000 boepd).
“Oben gas plant turnaround maintenance activity successfully completed, expect higher gas production in 4Q 2024.”

Commenting on the results, Chief Executive Officer, Seplat Energy, Roger Brown, said: “The first nine months of 2024 has seen Seplat Energy deliver a strong operational performance. Production has been consistent, drilling has improved and our main maintenance activities have been executed successfully.

“We have brought two new fields on stream, most recently Abiala, and are approaching completion of the Sapele gas plant. Further delays to the start-up at ANOH are frustrating, but we have been pleased to see the commitment of our government partner in tackling the technically challenging river crossing.

“Based on the latest estimates received, and maintaining a cautious stance on any risk of further delays, we update our guidance for first gas to Q2 2025.

“Commodity prices remained supportive, combined with operational uptime and timely cash calls from our joint venture partner, helped cash generation improve year over year, enhancing our balance sheet position. As a result, we are pleased to announce a 20 per cent increase in the core quarterly dividend and note that this is reflective of the strength of the underlying business.”