Seplat Energy records $733.2m revenue despite challenging environment

Seplat’s director, Fabian Ajogwu, resigns, cites ‘external interferences’

Despite a challenging year for the Nigerian.oil and gas industry, Seplat Energy Plc has recorded revenue of $733.2 million for the 2021 financial year.

The amount represents a growth of 38 per cent against $530.5 million reported the previous year.

Operating cash flow grew from $329.4 million to N394.3 million while production cost rose by $8.9 million in 2020 to $9.9 million.

The company net debt declined to £426.1 million from £439.7 million reported in the comparative period of the year.

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Addressing shareholders at the annual general meeting yesterday, Chief Financial Officer Mr Emeka Onwuka said Seplat Energy had a stronger financial year amid higher oil prices despite produced volume being constrained by outages at its export routes.

He said crude oil revenue surged by 48 per cent to $618.4 million from $417.9 million achieved in the comparable period of last year, reflecting higher average realized oil prices of $70.54/bbl for the year against $39.95/bbl recorded in the preceding year.

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He said the total volume of crude lifted in the year went to 8.8mmbbls lower than the 10.5mmbbls lifted in 2020.

He however said that gas sales revenue increased by 20 per cent to $114.8 million from $112.5 reported in the comparative period on 2020, adding that the growth was due to higher gas sales of 39.4 Bscf compared to 37.1 Bscf in 2020 which reflects new gas well coming on stream during the period.

Also speaking the Non Executive Chairman of the Seplat Energy, Dr Ambrose Orjiako said despite operating challenges the company was able to meet dividend commitment, adding that the board has approved fourth quarter dividend payment of $0.025 per share and returned $0.10 per share to all shareholders for the 2021 financial year.

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