Home Energy Seplat makes $564,165,102 as statutory payments to governments

Seplat makes $564,165,102 as statutory payments to governments

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MON 08 MARCH, 2021-theGBJournal- Nigeria’s leading indigenous energy company Seplat Petroleum Development Company Plc reported statutory payments to governments totalling $564,165,102 on Monday.

‘’The payments include payments to governments made by Seplat and its subsidiaries and all payments arise from operations within Nigeria,’’ the Company said.

Breakdown of the payment shows that $389,575,992 was paid to the Nigerian National Petroleum Corporation (NNPC) as production entitlement. The Department of Petroleum Resources (DPR) was paid a total of $130,009,108 as royalties and fees. $579,361 was paid as fees to the Nigeria Export Supervision Scheme.

The Niger Delta Development Commission (NDDC) got $17,934,968 as fees, the Nigerian Content Development and Monitoring Board was paid $4,826,290 as fees while $21,239,383 was paid as taxes to the Federal Inland Revenue Service (FIRS).

According to Seplat, the payments arise from activities involving the exploration, prospection, discovery, development and extraction of minerals, gas processing, oil and natural gas deposits.

Listed on the Nigerian Stock Exchange (NSE: SEPLAT) and the Main Market of the London Stock Exchange (LSE: SEPL), the company invested $150 million in about 9 wells in 2020, despite a challenging year for the global economy and for oil and gas, in particular.

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