Seplat Energy's Gas Flaring Penalties Soar to N2.6 Billion in 2023, A 50% Increase from Previous Year.

 

Seplat Energy incurred penalties totaling N2.6 billion for gas flaring from January to September 2023, as per the company's financial report for the first to third quarters of the year.

 This amount marks a 50% increase compared to the N1.3 billion paid during the same period in 2022.

The financial statement explained that operational and maintenance expenses encompass maintenance costs, warehouse operations, security, community expenses, clean-up efforts, direct staff expenses, fuel supplies, and catering services. 

Additionally, it includes a gas flare penalty of N2.6 billion (compared to N1.3 billion in 2022), as stated in the report.

According to data from the National Oil Spill Detection and Response Agency, the Federal Government suffered losses of approximately N843 billion due to gas flaring between January 2022 and August 2023.