Seplat’s gas revenue grows to $63.7 million year-on-year

Recommits to environmental sustainability, records 4.2m hours without LTI
A leading Nigerian independent energy company, Seplat Energy Plc, listed on both the Nigerian Exchange Limited and the London Stock Exchange, has, within a year, experienced 10.2 per cent gas revenue, reaching $63.7 million in six months of 2023 (compared to $57.8 million in six months 2022).

This growth is attributed to increase from realised gas prices and a rise in sales volume. The average realised gas price rose by 4.4 per cent to $2.87/Mscf (a thousand standard cubic feet per day), while gas production saw a moderate 1.4 per cent increase to 21.6 Bscf (Billion Standard Cubic Feet) during the same period (compared to 21.3 Bscf in six months of 2022).

The average realised gas price improvement reflects the impact of upward gas price revisions implemented in the period, Seplat said in a recent breakdown on performance for its business operations.

In its outlook for the remaining part of the year, Seplat said: “Our group production performance has improved in 2023, thanks to greater uptime on OML40 and reduced losses on our Western Asset. We maintain our 2023 guidance range at 45,000-55,000 boepd (Barrels of oil equivalent per day), which we are confident of meeting, given year to date production and the expected benefit of new well stock as it becomes available in the latter part of the year.

“We stress that our guidance does not include any expected contribution from Mobil Producing Nigeria Unlimited (MPNU) or ANOH projects. Our capital expenditure guidance for 2023 is adjusted to a range of $160-190 million. Our commitment to meeting the planned drilling targets remains steadfast, and we have a drilling plan in place to meet these targets in 2H 2023.”

The firm has also restated its commitment to operational safety and environmental sustainability, stating that it achieved over 4.2 million hours without any Lost Time Injury (LTI) year-on-year on its operated assets, which reflects a strong focus on safety and the dedication of its workforce to maintaining a secure work and operational environment, according to the notes to its 2023 H1 financial and operational report. In addition to Seplat Energy’s safety record, no major human injuries were reported during this period.

“This accomplishment highlights the effectiveness of the safety measures and procedures implemented by the company. The company has embarked on a journey to obtain ISO 45001 and 14001 certifications. These certifications are internationally recognised standards for occupational health and safety management systems and environmental management systems, respectively,” the statement explained.

By pursuing these certifications, the company aims to ensure the highest standards of safety and environmental performance, in line with its strong emphasis on safety and environmental responsibility.