Savannah Energy Plc, a British independent energy company, has reported a slight decline in its total revenues for the 2024 financial year, reaching $258.7m, compared to $260.9m in 2023.
The company, which operates in Nigeria and other African markets, also saw a boost in its total income, which increased to $393.6m compared to $289.8m in the previous year.
The report, released as part of the company’s annual trading update on Tuesday, highlighted that Savannah’s Nigerian operations remained the cornerstone of its performance, with gross production averaging 23.1 Kboepd for FY 2024. This figure was consistent with the 23.6 Kboepd recorded in 2023, with 88 per cent of the production being gas.
The company’s growth is attributed to improved operational efficiency and higher operating income, particularly from its midstream subsidiary, Accugas Limited. This subsidiary has made progress in its Uquo Central Processing Facility compression project, which is expected to expand gas production capacity in the medium term.
Savannah Energy’s cash collections for the year amounted to $248.5m, marking a slight increase from $206m in 2023. However, the company reported a decline in cash balances, which stood at $32.6m as of 31 December 2024, compared to $107m in the previous year. Savannah’s net debt also increased to $634m by the end of the year, up from $473.7m in 2023.
In its update, the outfit confirmed the ongoing procurement for the Uquo Field’s planned two-well drilling campaign, set to begin in the second half of 2025. The company also provided details of its acquisition of Sinopec International Petroleum Exploration and Production Company Nigeria Limited, targeting completion in Q1 2025.
Beyond its oil and gas activities, Savannah continues diversifying its portfolio with a focus on renewable energy projects. The company is advancing major initiatives, including the 250 MW Parc Eolien de la Tarka wind farm project in Niger and the 95 MW Bini a Warak hybrid hydroelectric and solar project in Cameroon. Savannah aims to achieve a portfolio of over 2 GW of renewable energy projects by the end of 2026.
Commenting on the results, Savannah Energy’s Chief Executive Officer expressed satisfaction with the company’s performance in 2024 and optimism for the future.
He noted, “2025 is expected to be an exciting year for our company, with large-scale operational programmes in Nigeria and continued growth in both the hydrocarbon and power sectors.”
The PUNCH reported that Savannah Energy Plc, a British energy company, has signed separate share purchase agreements with Sinopec International Petroleum Exploration and Production Corporation and Jagal Ventures Limited to acquire 100 per cent of the outstanding share capital of its Nigerian unit, Sinopec International Petroleum Exploration and Production Company Nigeria Limited.
