Indigenous energy firm, Seplat Energy Plc, has witnessed a substantial increase in its gas revenue, reaching $63.7 million during the first half of 2023, marking a 10.21% growth from the $57.8 million recorded in the corresponding period of 2022.

The rise in gas revenue can be attributed to higher gas prices and an augmented sales volume, as stated in a recent company release.

The company noted that the average realized gas price surged by 4.4% to $2.87 per thousand standard cubic feet (Mscf), while gas production experienced a modest 1.4% boost to 21.6 billion standard cubic feet (Bscf), in comparison to 21.3 Bscf during H1 2022.

This growth in the average realized gas price reflects the influence of upward revisions in gas prices executed within the timeframe.

Looking ahead, Seplat Energy projected an improved production performance for the rest of the year, maintaining its guidance range of 45,000 to 55,000 barrels per day (bpd).

The company emphasized its dedication to meeting planned drilling targets and highlighted ongoing efforts to secure third-party gas for its Oben and Sapele gas plants.

Furthermore, Seplat Energy disclosed progress in the separation of its midstream business from upstream operations, successfully transferring midstream assets to Seplat Midstream Company and initiating communication with joint venture partners and regulators regarding this development.

During the reporting period, Seplat Energy delivered several wells through its drilling program, including Opuama-17, Sibiri-2, Gbetiokun 4 workover, Gbetiokun[1]10, and Assa North-05.

The company also mentioned a newly established Gas Sales Agreement with a bulk gas supplier, awaiting fulfillment of necessary conditions for gas supply commencement.