A major Nigerian independent oil and gas exploration and production firm, Seplat Petroleum Development Company Plc, said its gas revenues increased by 37 per cent last year, even as its oil production was curtailed by the shutdown of the Forcados terminal, The Punch reports.
The company attributed the increase in its gas volume to the new Oben gas processing facility installed mid-year 2015, with a processing capacity of 150 million standard cubic feet per day. The Chairman, Dr. Ambrose Orjiako, said the company was able to increase its gas processing capacity to over 500 million scfpd and gas production to 300 million scfpd.
Orjiako said on the sidelines of the company’s Annual General Meeting in Lagos on Thursday that the shut-in of the Trans Forcados Pipeline, the main route for the company’s exports, however impacted on the company’s volume of oil production amid low prices.
The Chief Executive Officer, Seplat, Mr. Austin Avuru, also said, “While force majeure at the Forcados terminal has materially affected our oil production, I am particularly pleased to see the growth in our gas business, which in 2016 exceeded the $100m revenue milestone demonstrating its robustness and providing a solid base from which to grow.”