Seplat Energy has boost profits among higher production, with the company staying confident on its planned purchase of ExxonMobil’s local Nigerian unit.
Seplat Energy has reported some slow progress at pipeline projects, but with EBITDA growing at 82% year on year it is seeing a clear benefit from higher oil prices.
Seplat Energy saw production drop in 2021 but, with the expectation that a new export route will open in March, expects better things ahead.
Nigerian Gas Co. (NGC) and Nedogas Development have commissioned a gas gathering facility in Delta State to supply the OB3 trunk line.
An attack in Nigeria’s Imo State has left seven Shell contractors dead, according to local reports.
Seplat Petroleum has ramped up production in the first quarter and has set out plans to rebrand as Seplat Energy.
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.