Seplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, has within a year experienced a 10.2 per cent gas revenue, reaching $63.7 million in the first half of 2023 (compared to $57.8 million in the first half of 2022).
This growth is attributed to increased realised gas prices and a rise in sales volume. The average realised gas price rose by 4.4 per cent to $2.87/Mscf, while gas production saw a moderate 1.4 per cent increase to 21.6 Bscf during the same period (compared to 21.3 Bscf in the first half of 2022).
The average realised gas price improvement reflects the impact of upward gas price revisions implemented in the period, Seplat Energy said in a recent breakdown on performance for its business operations.
In its outlook for the remaining part of the year, Seplat Energy said: “Our group production performance has improved in 2023, thanks to greater uptime on OML40 and reduced losses on our Western Asset. We maintain our 2023 guidance range at 45,000-55,000 boepd, which we are confident of meeting, given year to date production and the expected benefit of new well stock as it becomes available in the latter part of the year.
“We stress that our guidance does not include any expected contribution from Mobil Producing Nigeria Unlimited (MPNU) or ANOH projects. Our capital expenditure guidance for 2023 is adjusted to a range of $160-190 million. Our commitment to meeting the planned drilling targets remains steadfast, and we have a drilling plan in place to meet these targets in 2H 2023″, a statement by the compNy said.