Seplat Energy revenue rises by 29.8% in 2022
Lagos -- The chairman of the board of Seplat Energy Plc, Basil Omiyi, has disclosed that Seplat Energy’s total revenue rose by 29.8 per cent to $951.8 million while profit before tax rose by 15.3 per cent to $204.4 million in 2022.
Omiyi disclosed this at the company’s 10th year annual general meeting, which was held recently in Lagos, with shareholders, regulators and company directors.
Omiyi explained that the company’s oil business started the year on a strong footing, with working interest production of 29,078 barrels of oil per day, bopd, and 30,338bopd in the first quarter, Q1, 2022 and Q2-2022 respectively.
He added: “In the third quarter, production was impacted negatively by evacuation problems at the Forcados Oil Terminal, FOT, not being available for a period.
“Thankfully, the much-delayed launch of the Amukpe-Escravos Pipeline , AEP, provided some relief as we were able to flow c.10,100bopd (working interest production) during the period.
“The AEP is now a major export route for our largest assets at OMLs 4, 38 and 41. As a result, our reliance on the Trans Forcados Pipeline and FOT is significantly lower, reducing risks of downtime while providing a solid base for stronger export volumes and revenues.”
According to Omiyi, Seplat Energy’s gas business has remained strong through the year, as good progress was made with the construction of the ANOH Gas Processing Plant, which now awaits the completion of thirdparty infrastructure before it can commence operations, projected for the final quarter of 2023.