In its outlook for 2021, Seplat Petroleum Development Company Plc has said it hopes to hit first gas in the ANOH project by fourth quarter of 2021. This was revealed as the indigenous oil and gas firm announced its unaudited results for the nine months ended 30 September 2020, recording increased operational efficiencies and further reduction in costs.

According to the report, the timely completion of the ANOH project in late 2021 remains a major priority for the company, as it expects that the debt financing will achieve financial close in the coming weeks. “Following our performance over the first nine months of the year we are narrowing guidance to 48,000-52,000 boepd for the full year. We continue to hedge against oil price volatility and expect a higher proportion of revenues to come from long-term gas contracts at stable prices. We also continue to focus on cost savings to maintain profitability at the lower oil prices we have realised so far this year”.

Seplat said it has significant cash resources available and will continue to manage its finances prudently in 2020, expecting now to invest US$120 million of capital expenditure across the full year (of which US$109 million has already been invested). “We remain confident that our cost-cutting initiatives and prudent management of cash will enable further reductions in debt, whilst supporting dividend payments and investment for growth”.

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Source: SweetCrudeReports