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 in accordance with the determine from the corporate’s monetary assertion for the primary to 3rd quarters of 2023.

The determine represents a 50 per cent improve from the N1.3 billion the corporate paid for the identical interval 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 assertion partly reads.

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