The outlook for the year comprises 30,000 to 35,000 bopd liquids and 20,000 to 25,000 boepd gas production for the year. The projections exclude possible contributions from new gas plants.
Recovering the loss in production and raising the mark to a new high therefore constitute the energy company’s chief operating strategy this year. Its management, led by Roger Brown, is optimistic that production uptime of 90 per cent will be attained this year through its preferred export route.This will expectedly address the loss of crude oil volume that resulted from export disruption caused by the suspension of exports at the Forcados terminal last year.
Last year, the price recovery in the crude oil market was significant enough to drive a huge turnaround the company recorded in the year despite the drop in production level. Crude delivery price averaged $70.54/bbl in 2021, marking a record increase of $30.59/bbl over the average price of $39.95/bbl in 2020.
The final quarter contributed over 70 per cent of the full year profit and close to 38 per cent of the sales revenue for the year. Seplat Energy, therefore, changed the rhythm from two years of declining sales revenue to the outstanding growth of close to 54 per cent in 2021.
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