Seplat Posts Record 1Q Gas Revenue
Nigerian independent producer Seplat said April 30 it continued to grow its gas business.
Gas once again set a new record for quarterly revenue contribution of 158mn ft3/d, said its CEO Austin Avuru, which translated into gas revenues of $40mn in 1Q2018.
Operated production reached 119,591 barrels of oil equivalent, of which 61,500 b/d liquids and 351mn ft3/d. Of that, net to Seplat were 53,604 boe/d (comprising 27,306 b/d and 158mn ft3/d).
The company said it is progressing towards a final investment decision for its large-scale Assa North-Ohaji South (ANOH) gas and condensate development on licence OML 53 in 2018, earlier targeted for 2017.
Seplat’s net profit of $20.6mn (6.29bn naira) in 1Q contrasted with a net loss of $19.1mn in 1Q2017; the London and Lagos-listed company returned to the black in 2017, according to annual results on Feb.28.