Seplat Energy’s penalties for gas flaring up by 50%

Seplat Energy recorded N2.6 billion as penalties for gas flaring from January to September 2023.

This is according to the figure from the company’s financial statement for the first to third quarters of 2023.

The figure represents a 50 per cent increase from the N1.3 billion the company paid for the same period in 2022.

“Operational and maintenance expenses relate mainly to maintenance costs, warehouse operations expenses, security expenses, community expenses, clean-up costs, direct staff costs, fuel supplies, and catering services. Also included in operational and maintenance expenses is a gas flare penalty of N2.6 billion (2022: N1.3 billion),” the statement partly reads.

Data from the National Oil Spill Detection and Response Agency said the Federal Government lost about N843 billion to gas flaring between January 2022 and August 2023.

Seplat Energy’s penalties for gas flaring up by 50%