Seplat pays $14bn taxes to FG, others since inception

Seplat Energy PLC yesterday disclosed that the company has delivered over $2 billion of taxes and royalties to the federal government since it commenced operation in 2009.

In addition, the energy firm delivered over $12bn to its Joint Venture Partners in the period under review.

The outgoing chairman of the company, Mr. ABC Orjiako disclosed this at a briefing shortly after the 9th Annual General Meeting (AGM) of the company.

This is just as the firm in the annual report made a revenue of $733.2m, a 38 per cent growth in the previous performance.

Similarly, volumes of exported oil were lower than the previous year because of downtime on the Forcados export route in August and December and delays to the alternative Amukpe-Escravos Pipeline. However, gas production increased by nearly 7%, according to the report.

Seplat Energy’s portfolio comprises seven oil and gas blocks in the Niger Delta, operated jointly with partners including the Nigerian Government and other oil producers, as well as a revenue interest in OML 55.

Orjiako, who is a co-founder of the firm, is set to bow out of the energy conglomerate while a new Chairman is taking over on Friday.

Reflecting on his years in Seplat, the outgoing Chairman described the journey as a real actualization of his vision and that of the founders of the company to deliver on promises to the joint partners.

He said, “The Seplat journey began in 2009 with the incorporation of Shebah and Platform and took a further step with the execution of the Sale and Purchase Agreement on 29 January 2010 with SPDC/ Total/Eni, which ensured our Landmark Acquisition of OMLs 4, 38 and 41.”

Chief Executive Officer, Roger Thompson Brown explained that the company spent a larger part of the year 2020 restructuring and exploring other investment opportunities.

He also spoke on the company’s 2024 target to end routing flaring, saying the firm has been very aggressive about pursuing the goal.