Seplat Petroleum Development Company Plc said it will be focusing on expansion of its domestic natural gas business to improve on its profitability.
Briefing newsmen at the company’s 2017 Annual General Meeting (AGM) held in Lagos, last week, the chairman of Seplat, Ambrose Orjiako explained that the company made good progress as it focused on key priority to de-risk future cash flows through diversification of oil export routes, invest in and scale up its domestic gas business, maintain a liquidity buffer while continuing to reduce debt.
He stated that the company controls 25 to 30 per cent of the domestic gas market, saying that gas was a key driver underlining Seplat’s gas domestication strategy and demonstrating the robustness of gas source of growth and diversification, as well as delivering a much-needed reliable supply of gas to the Nigerian power sector.
Source:Â Independent
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