Seplat reports $54m revenue from gas in H1


Seplat Petroleum Development Company Plc recorded $54 million revenue from gas in the first half of this year, according to the company’s half yearly result.

The revenue from gas constitutes about 41% of he company’s total half year earnings, up 15% year-on-year, the report said.

The report indicated that overall working interest production in the first half of the year across all blocks stood at 9,507 barrels of oil per day, bopd, and 101.3 million standard cubic feet per day, MMscfd, or 26,383 barrels of oil equivalent per day, boepd.

Working interest production in the second half of the year, after forecasted downtime, is expected to average 25,000 to 29,000 bopd and 110 to 130 MMscfd (43,000 to 50,000 boepd), the report said.

Seplat’s Chief Executive Officer, Austin Avuru, also told SweetcrudeReports that the company’s production has come back strong since lifting of force majeure at Forcados terminal in June

The CEO said the company’s output has recovered to the region of 50,000 barrels per day, bpd.

“Since the resumption of exports via the Forcados terminal our production has recovered strongly providing us with sufficient confidence to reinstate guidance, which we expect to be in the region of 43,000 to 50,000 boepd net to Seplat in the second half of the year,” he said.

Avuru stated that the company is now well-placed to secure a long-term return to profitability and growth.

“We have continued to cut costs, strengthen the balance sheet and establish alternative export routes to insure us against future disruption at Forcados. I believe that we are now a fitter, stronger company than at any time in our history and look to the future with renewed optimism”, he said.

If the current operating environment continues, he said, Seplat expects to see a significant improvement in performance.


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