British oil firm swings to profit as Nigerian output rises
Savannah Energy Plc, a British independent energy company, swing to profit in the first half of the year as it produced more oil and gas in Nigeria.
It reported a profit after tax of $46.8 million in H1 2023 as against a loss after tax of $20.5 million in the same period of last year.
Its unaudited half-year results showed the company’s total revenue grew 8 percent to $138.7 million from $128.7 million.
The company’s average gross daily production from Nigeria increased by 12 percent to 25,300 barrels of oil per day, compared to 22,500 boepd during H1 2022.
The period also saw a 15 percent increase in gas production from its Uquo Field to 138.5 MMscfpd from the 120.3 MMscfpd.
The company said it sold gas to eight principal customers, with a number of new and extended gas contracts agreed with Amalgamated Oil Company Nigeria Limited, Shell Nigeria Gas Limited, and Shell Petroleum Development Company of Nigeria Limited, among others.
“I am pleased to report robust results for the first six months of 2023, which demonstrate our continuing ability to deliver strong operational performance,” the CEO of Savannah Energy, Andrew Knott, said. “The expansion of our Renewable Energy division has continued apace, with several new projects added to our development portfolio in the first half of the year.”
