Savannah Energy earns $71m from Nigerian operations in Q1 2023
Savannah Energy facility
Lagos — Savannah Energy’s production from its oil fields in Africa improved in the first quarter, Q1, of this year, according to its financial and operational update for the period.
The company, during the period, reported total revenues of US$147.6 million, up 26 percent year-on-year. This comprises US$71 million from Nigerian operations (up 29 percent year-on-year) and Chad’s upstream revenues of US$76.6 million.
Savannah’s cash balance stood at US$217.3 million while net debt is S$412.2 million, the financial and operational update for Q1 202 showed.
For the same Q1 2023, average gross daily production was 54.9 barrels of oil equivalent per day, Kboepd, compared to the average gross daily production of 21.6 Kboepd in Q1 2022. Excluding Chad production, Q1 2023 average gross daily production on a daily production of 54.9 Kboepd, 43% was gas, including a 22% increase in production from the Uquo gas field in Nigeria.
Savannah Energy, during Q1 2023, in Nigeria, sold gas to seven customers, including Calabar Electricity Generation Company Limited, Lafarge Africa PLC, Ibom Power Company Limited, First Independent Power Limited, Central Horizon Gas Company Limited, TransAfam Power Limited and Notore Chemical Industries PLC.
The company said that in advancing its ability to maintain and grow its gas production over the coming years, it is progressing with the US$45 million compression project at the Uquo Central Processing Facility.
Following the front-end engineering and the associated order of long lead items, detailed design work commenced in Q1 2023 and is scheduled to be completed in Q4 2023.
In Cameroon, Savannah Energy acquired an effective 41.06% indirect equity interest in the Cameroon Oil Transportation Company, COTCo, from ExxonMobil.
COTCo owns and operates the 903km Cameroon oil export pipeline and the Kome Kribi 1 floating storage and
offloading unit, which transport and store oil on behalf of its customers, who are in turn, charged a transportation tariff.