Business is booming.

Seplat Energy hits $1bn revenue, commits $5.7m to end gas flaring

Chairman of the Board, Seplat Energy Plc, Mr. Udoma Udo Udoma, on Thursday, provided insights into the company’s financial performance for 2023, highlighting the company’s robust financial results, including an 11.5 percent increase in total revenue to $1.061.3 million, crossing the $1.0 billion mark for the first time.

Seplat Energy PLC, Nigeria’s leading indigenous energy company listed on both the Nigerian Exchange Limited (NGX) and the London Stock Exchange (LSE),

Udoma who was speaking virtually at the 11th annual general meeting, Mr. Udoma said: “We delivered a strong set of results in 2023, against a weaker oil price environment. Despite the 17.0% decline in average price of Brent crude, we grew our oil and gas revenue by 11.5% to $1,061.3 million, crossing the $1.0 billion mark for the first time, supported by improved production and asset availability. We also made significant progress on several of our growth projects, showing a willingness to not just deliver value today but to plan for tomorrow.

“Our average daily production also increased by 8.3% in 2023, to 47,758 boepd (barrels of oil equivalent per day), from 44,104 bopd in 2022, with revenue from oil and gas sales for 2023 rising to 11.5% to $1,061.3 million from $952.0 million in 2022. This excludes the reported $98.9 million overlift. We also completed 14 new wells across our operated and non-operated assets.”, he stated

Seplat Energy chief executive officer, Mr. Roger Brown, reiterated the company’s commitment to sustainability and energy transition, outlining Seplat Energy’s initiatives to increase its contribution to Nigeria’s power sector by providing lower carbon and renewable energy solutions.

He said: “As Nigeria’s leading indigenous energy company, we recognise our duty to minimise the impact of our operations on the environment. We aim to create increasingly sustainable energy solutions to provide access and meet increasing energy demand, while addressing the critical challenge of climate change for society and our business. We are positioned for decarbonisation through several strategic initiatives and continue in our role in leading Nigeria’s domestic gas supply, which accounts for about 25% of the country’s gas-to-power supply.

“A key focus for us has been the aggressive program to eliminate gas flares by 2025, which is a significant part of our commitment to achieving net zero by 2050. We are also exploring using solar power where feasible and have initiated a diesel replacement program to increase the use of gas, a less carbon-intensive fuel, for power generation in our operations. To support these decarbonisation efforts, Seplat Energy has committed substantial financial resources.

“In 2023, we allocated $5.7 million towards projects to end routine flares in operations. This includes installing gas compression facilities and incineration at various flow stations. Upon completing these projects, we expect to significantly improve our gas handling capacity and reduce flares, thus monetising flare gas in alignment with our corporate strategy and national initiatives.”

Seplat Energy’s shareholders also approved the payment of a total dividend of US 15 cents by the Company as recommended by the Board.

This comprises a special dividend of US 3 cent per share for the 2023 business year aside the core dividend of US 12 cent per share.

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