Seplat Petroleum records higher 104% revenue in Q3 2018

Seplat Petroleum Company, one of the front runners in Africa’s rapidly emerging independent oil and gas companies on Tuesday reported a significantly increase in  revenue from contracts with customers  of 103 percent from N85.1 billion in 2017 to N173billion in 2018.

Components of revenue from contracts with customers included proceeds from crude oil sales of N134.8 billion up by 97 percent from N68.4 billion in 2017. Also, proceeds from gas sales were up by about 48 percent from N26.3 billion to N38.8 billion during period under review.

Meanwhile, the major off-taker for crude oil is Mercuria, while the major off-taker for gas is the Nigerian Gas Marketing Company.

More so, during the period 9 months 2018, Seplat recorded no over lift or under lift compared to an over lift of N9.5 billion recorded in 2017.