Seplat Petroleum has raised cash for its ANOH gas plan from a group of primarily Nigerian banks.
Shell Nigeria Gas (SNG) has signed a deal to provide gas to industrial and manufacturing companies in Lagos and Ogun states.
Seplat fell to a loss in the first half of the year as oil prices roughly halved, from $65.16 per barrel in the first half of 2019 to $35.94.
Seplat Petroleum’s revenue fell to $130 million in the first quarter, down 18%, with the company blaming an under lift of oil and lower prices.
Seplat Petroleum’s revenue fell 6.5% in 2019 while cash flow from operations fell 32.7%, but the company was keen to highlight its resilience to the current macroeconomic shock.
Seplat Petroleum’s production slipped during the first nine months of 2019 versus the same period in 2018, although profit increased substantially.