The foremost indigenous energy company on the
The leading Nigerian independent energy company listed on both the
During the year, the Directors recommended and paid to members quarterly interim dividend of US2.5cents per share declared in April, July and October in line with the revised dividend distribution timetable.
In addition to this, the
Chief Executive Officer, Seplat Energy, Mr.
"The addition of MPNU nearly trebles our production and doubles our reserves on a pro forma 2020 basis, reinforcing our leadership of
"Our 2021 performance was affected by outages at
The addition of MPNU offers a significant undeveloped gas resource base which, alongside our ANOH gas project development, will underpin
"Our financial strength is matched by the skills and ambitions of our staff and we look forward to welcoming more than a thousand highly trained colleagues from MPNU and working with them to ensure their smooth onboarding into Seplat Energy. Together we will build a sustainable, world-class company that generates attractive returns for stakeholders and delivers energy transition for one of the world's largest and most rapidly growing populations."
The company in its outlook and plans for 2022 stated that: "Full-year production guidance for 2022 is set at 50,000 to 60,000 boepd on a working interest basis, comprising 30,000 to 35,000 bopd liquids and 116 to 150 MMscfd (20,000 to 25,000 boepd) gas production. This guidance does not include any contribution from MPNU and the ANOH Gas Plant.
"We expect production uptime of 75% for evacuation through the TFS and 90% for evacuation via the AEP, the latter being our preferred export route from OMLs 4, 38, & 41.
"Capital expenditure for 2022 is expected to be around
"We expect to drill a minimum of ten wells, including the Sibiri exploration well and one appraisal well, complete ongoing projects, invest in maintenance capex to secure the existing assets and continue investments in gas. The 2022 drilling programme is designed to address production decline and along with completion of maintenance activities, will support long-term production levels from the assets. With the recovery in oil prices, rig-based and other project activities activity will ramp-up in 2022.
"Facilities and engineering projects will focus on delivery of an upgraded integrated gas processing facility at Sapele and further upgrades to the liquid treatment facility to enable increased deliveries of dry crude. Towards our goal to end routine flaring by 2024, we will focus on Oben, Amukpe, Sapele & Jisike end of routine flaring projects, which will capture and monetise gas for productive use.
"In OML 53, in addition to drilling, we plan to complete the Jisike flow station debottlenecking and gaslift compressor station and installation of the Ohaji South Lease Automatic Custody Transfer (LACT) Unit.
"For the non-operated assets, in OML 40, in additional to the drilling plans, facilities and engineering work will focus on the Gbetiokun facilities upgrade to optimise the Gbetiokun barging operations; whilst we complete all front-end activities for the Gbetiokun to Adagbasa pipeline which will replace the barging of the produced crude. In OPL 283, we have planned one gas well re-entry for production testing and the Igbuku gas plant design (FEED). The delivery of the 2022 workplan will be underpinned by a strong commitment to safety, asset integrity, GHG emissions reduction and operational excellence."
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