Nigerian energy company Seplat Petroleum Development has delivered oil and gas production volumes of 48 239 bbl/d of oil equivalent for the three months ended March 31.
With the company’s Gbetiokun field now back in production since the start of April, the company is currently achieving average daily volumes of 54 000 bbl/d of oil equivalent.
In terms of liquids production, Seplat produced 28 541 bbl/d of oil equivalent in the quarter under review, while gas production amounted to 19 698 bbl/d of oil equivalent.
Seplat declared a $0.025 quarterly dividend, after posting earnings before interest, taxes, depreciation and amortisation of $77.8-million for the first quarter of the year.
The company’s operating profit was $44-million in the first quarter of the year, compared with an operating loss of $77-million reported in the first quarter of last year.
The company says its ANOH gas project is progressing as planned, which speaks to the company’s goal of becoming a low-cost energy provider for the fast-growing population of Nigeria.
Seplat’s expected production for the year remains unchanged at between 48 000 bbl/d and 55 000 bbl/d of oil equivalent.
The company, with its eight blocks in the Niger Delta, expects to invest $150-million of capital expenditure during the year, with $33-million already invested.