…records 4.2 million hours without LTI, harps on biodiversity
Seplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, says its commitment to operational safety and environmental sustainability is a conscious one and remains unwavering.
The Company achieved over 4.2 million hours without any Lost Time Injury (LTI) year-on-year on its operated assets, which reflects a strong focus on safety and the dedication of its workforce to maintaining a secure work and operational environment, according to the notes to its 2023 H1 financial and operational report.
In addition to Seplat Energy’s safety record, no major human injuries were reported during this period.
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“This accomplishment highlights the effectiveness of the safety measures and procedures implemented by the Company. The Company has embarked on a journey to obtain ISO 45001 and 14001 certifications. These certifications are internationally recognised standards for occupational health and safety management systems and environmental management systems, respectively,” the notes explained.
By pursuing these certifications, Seplat Energy aims to ensure the highest standards of safety and environmental performance, in line with the company’s places a strong emphasis on safety and environmental responsibility.
As part of it commitment to biodiversity and sustainability, the company is collaborating with the National Conservation Foundation (NCF) to promote and support initiatives that protect and preserve the environment.
It added: “Reducing carbon intensity is crucial for the Company, and the flares-out roadmap, which includes measures to minimise greenhouse gas emissions and improve overall energy efficiency, is being implemented to eliminate routine flares by Q4 2024.
Whilst commenting on the Company’s H1 performance recently released, Mr. Roger Brown, Chief Executive Officer, Seplat Energy said: “Seplat Energy’s continuing strong performance puts us on track for an excellent year that will support the increased quarterly dividends we announced in April, and our balance sheet remains strong despite the impact of the recent Naira devaluation.
“We remain focused on improving operations, reducing costs where possible and further de-risking the business. We continue to strengthen our Company in the knowledge that our efforts to improve governance and sustainability are widely supported by Nigerian and international investors.”
In line with the Federal Government’s commitment to leveraging gas as the transition fuel, Seplat Energ, within a year experienced a 10.2 per cent gas revenue, reaching $63.7 million in 6M 2023 (compared to $57.8 million in 6M 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% 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 6M 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.”