In 2022FY, SEPLAT recorded a 29.82% YoY growth in revenue to NGN951.80mn and crude oil sales remained the major growth driver (contributing 98.42% to growth). Crude oil sales increased by 35.73% YoY to USD839.34mn, attributable to the significant rise in average oil prices to USD101.67/bbl (vs USD70.54/bbl in 2021FY). Oil production on the other hand declined by c.27% to 24,735bopd, causing total production to fall to an average of 44,104boepd (vs. 47,693boepd in 2021FY).
