Shareholders of Seplat Petroleum Development company Plc have approved the final dividend of $0.04 per share, bringing the total dividend payment for 2015 to $0.08 per share.
The oil company said with the plunge in the price of the crude oil in the international market, it has intensified effort to boost revenue from gas production expansion.
The chairman of the Company, Ambrosie Orjiako disclosed this at the Company’s post Annual General Meeting briefing held with financial journalist in Lagos, on Wednesday, June 1.
He said: “In a significant step forward for its gas business, during mid-year 2015, Seplat successfully completed and commissioned the Oben gas plant phase I expansion. This expansion saw the Company’s overall gross processing capacity double to 300 MMscfd.
“The Oben gas plant phase II expansion is undeway with addional processing modules ordered. Once installed, the additional processing modules will take gross processing capacity to an expected minimum level of 525 MMscfd.”
Orjiako added: “Alongside the significant increase in gas production, the positive financial impact of Seplat’s gas business was evident as revenues from gas sales increased 185 per cent year-on-year to $77 million.”