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Seplat eyes commissioning of AEP, ANOH project

Seplat Energy Plc has set a December 2021 deadline for the commissioning of Amukpe-Escravos Pipeline (AEP) and the ANOH gas processing plant for the first quarter of 2022.

The 160,000 barrels of oil per day (bpd) pipeline is expected to add to the Trans Forcados Pipeline system and the backup export via the Warri refinery.

The pipeline, when commissioned, would provide a third export option for liquids production at OMLs 4, 38 and 41.

ANOH Gas Processing Company on the other hand is expected to add 300MMscfd to existing gas processing plants in the country around OML 53 in Imo State,

The company has similarly reported a nine-month 2021 revenue of N182.7bn, representing a rise of 18.7 per cent year-on-year.

In its unaudited results for the nine months ended September 30, 2021, the company in a statement reported an operating profit of N62.6bn, representing a rise by 299 per cent year-on-year.

The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) also rose to N105.7bn from N71.9bn recorded 9M 2020, depicting a growth of 29.6 per cent.

The Chief Executive Officer, Seplat Energy Plc, Roger Brown, said the company’s production has recovered strongly since the outage at Forcados Oil Terminal (FOT), noting that the firm has been averaging nearly 33, 000 bpd liquids throughout October.

“Now that production has normalised, we expect production to be in the range 48-50, 000 bpd for the year, provided uptime on the Forcados Pipeline and FOT remains above the budgeted 80 per cent.

“I’m pleased to report that our new wells at Gbetiokun are performing strongly, and we will soon commence drilling the exciting Sibiri prospect on OML40.

“We have taken the difficult, but practical decision to bring an end to the uncertainty of the Access Bank legal dispute regarding Cardinal Drilling Services, which completes the Board-mandated removal of Related Party Transactions. Although we maintain our previously stated position that legal action against the company was wholly without merit, the risk of significant disruption to our operations and other opportunities from a long, drawn-out legal case brought us to a negotiated settlement with Access Bank. We have therefore acquired the four Cardinal rigs and we are now focusing on fast tracking their deployment in future drilling campaigns,” he noted.

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