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Savannah Energy Shares Unaudited FY 2025 Operational, Financial Updates

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Savannah Energy has released its financial and operational update on its Nigerian operations and other markets in Africa, including up-to-date cash collections in its Nigerian business.

Biztellers reports that the update shows that the company’s gross production in Nigeria averaged 18.8 Kboepd for FY 2025, of which 83% was gas (FY 2024: 88%). Following the completion of the SIPEC Acquisition in March 2025, it had commenced an 18-month expansion programme that saw its Stubb Creek average gross daily production increase to 3.0 Kbopd in 2025, approximately 13% above the 2024 average.

The report also shows that its cash collections in Nigeria increased by over 12% to US$278.0 million, compared to the previous year’s US$248.5 million, with the trend continuing into 2026 with cash collections during January 2026 at over US$64.4 million, compared to US$20.4 million in January 2024.

According to the report, Savannah’s total revenues for FY 2025 stood at US$235.0 million, compared to US$258.9 million in FY 2024. As at 31 December 2025, its cash balances stood at US$39.5 million, compared to US$32.6 million in FY 2024, with a net debt US$655.9 million, compared to US$636.9 million as at 31 December 2024. It also reported a Gross debt US$698.4 million as at 31 December 2025, of which only US$39.0 million (6%) was recourse to the Company, with the balance sitting within subsidiary companies on a non-recourse basis. Its Trade Receivables balance as at 31 December 2025 stood at US$507.2 million, a 6% improvement on year-end 2024’s US$538.9 million.

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Savannah also reported that it has made significant progress in refinancing its debt facilities. It reports that following the previously announced increase in the Accugas debt facility from NGN340 billion to up to approximately NGN772 billion as at 31 December 2025, there was a remaining principal balance under the US$ Facility of approximately US$2 million, which has been repaid in early 2026.

Savannah also provided new updates on its Uquo NE development well, the Uquo South exploration well, and the new compression system at the Uquo Central Processing Facility (“CPF”). It reports that site construction on the Uquo NE development well is expected to be completed this month, with the rig ready for deployment, and mobilisation scheduled over the next few weeks, with first gas from the facility targeted by the end of Q2 2026. Well site preparation has also commenced on the Uquo South exploration well.

According to the company, the newly completed and fully commissioned compression system at the Uquo Central Processing Facility which was delivered safely and approximately 10% under the original US$45 million budget, will enable it to maximise production from its existing and future gas wells. It also signed a gas contract extension agreement with the Central Horizon Gas Company Limited to end December 2026 for up to 10 MMscfpd.

On the renewable energy front, Savannah, which had in 2025 repositioned its power sector business model to pursue operating asset opportunities in both the thermal and renewable energy spaces alongside interests in large scale renewable energy development projects, said it has set itself the target of completing its proposed acquisition of indirect interests in three East African hydropower projects by H1 2026. The assets include the 255 MW Bujagali power plant, with a 13-year operating and payment track record, and two advanced-stage development projects, marking Savannah’s potential for entry into five new countries – Uganda, Burundi, the Democratic Republic of the Congo, Malawi and Rwanda.

It is also continuing to progress its existing priority Power Division projects, including the up to 250 MW Parc Eolien de la Tarka wind farm project in Niger and the up to 95 MW Bini a Warak hybrid hydroelectric and solar project in Cameroon.

In Niger, its subsidiary is considering commencing a four-well testing programme and/or a return to exploration activity in the R1234 PSC contract area in 2026/27, subject to a satisfactory agreement being reached with the country’s government.

Andrew Knott, CEO of Savannah Energy, said: “2025 was a year of execution for Savannah with good progress delivered across the nine focus areas we set out at the start of the year. In Nigeria, we increased our rate of cash collections year-on-year by 12%, a trend which we hope to continue into 2026, and have made significant progress in refinancing our debt facilities.

“In our Hydrocarbons Division, the completion of the SIPEC acquisition in March enabled us to commence an expansion programme at Stubb Creek, increasing 2025 production materially above 2024 levels. At Uquo we delivered the new compression system under budget and advanced site construction ahead of the planned commencement of drilling of the new Uquo NE well. During the year, we also announced a 21% 2P Reserves upgrade at the Uquo gas field and a 29% upgrade to Stubb Creek oil field 2P Reserves. In Niger, we remain actively engaged with the Government on future activity, with the R3 East development plan significantly enhanced during the year.

“In the power sector, we repositioned our business model and advanced both operating and development opportunities, including the proposed acquisition of interests in three East African hydropower projects, which is targeted for completion in H1 this year. We have also continued to progress on our wind, solar and hydro portfolio. Alongside this, we continue to pursue further value-accretive acquisitions across both hydrocarbons and power, with several other opportunities under active discussion.

“We also continued to progress our arbitration claims, with the Savannah Chad Inc (“SCI”) and Savannah Midstream Investment Limited (“SMIL”) proceedings currently expected to be concluded in the first half of 2026.

“Overall, this progress provides a strong platform for continued delivery in 2026.”

Energy

NMDPRA Accuses Marketers of Manipulating Cooking Gas Market

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Subsidy Removal: NMDPRA Assures Smooth Fuel Supply

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has pointed fingers at marketers for charging non-cost reflective prices, which has pushed liquefied petroleum gas (LPG) prices as high as N2,100 per kilogram.

The authority disclosed this in a presentation delivered by its Chief Executive Officer (CEO) Rabiu Umar, during an emergency stakeholders’ meeting convened by the Ministry of Petroleum Resources over rising LPG prices across Nigeria, adding that the malpractice was despite significantly lower indicative prices issued by the regulator.

According to the NMDPRA, consumers across the country are paying far above the regulator’s indicative pricing benchmarks due to marketer profiteering and distribution bottlenecks.

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The NMDPRA noted that cooking gas sells for between N1,600/kg and N2,100/kg in the south-west despite an indicative price range of N1,018/kg to N1,177/kg.

In the north-central, LPG prices range from N1,550/kg to N1,950/kg against an indicative benchmark of N1,066/kg to N1,224/kg, while consumers in the south-south pay between N1,400/kg and N2,000/kg compared with an official guide of N1,021/kg to N1,179/kg.

Umar attributed the disparity to “non-cost reflective pricing” by wholesalers and retailers as well as infrastructure constraints affecting product distribution.

Cooking gas price had risen in May to N2,000/kg in Lagos and N1,600 in Abuja.

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Energy

Gas Flaring: Stakeholders Urge Stronger Enforcement, Tracking

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A call has gone to the operators in Nigeria’s extractive sector to embrace strict governance principles to avert gas production coming at heavy human and environmental costs and consequences.

Stakeholders raised concerns over methane emissions and gas flaring in the Niger Delta, on Tuesday during a webinar titled “Leveraging Media Storytelling to Strengthen Accountability and Enforcement on Methane Emissions.”

The event was put together as part of an advocacy campaign to amplify Flaring Lives, a documentary that exposes the human cost of methane emissions in Nigeria’s oil-producing communities.

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The documentary, co-produced by Policy Alert and We The People, with support from the Natural Resource Governance Institute, chronicles the environmental, health and socio-economic impacts of decades of gas flaring and methane emissions on residents of the Niger Delta.

During the virtual event, the Country Manager of the Natural Resource Governance Institute, Tengi George-Ikoli, said Nigeria currently faces the challenge of balancing its gas expansion agenda with its commitments to reduce methane emissions and eliminate routine gas flaring.

According to her, while methane is often discussed as a climate issue, communities living close to oil and gas facilities experience its effects daily through poor air quality, health challenges, environmental degradation and declining livelihoods.

She said, “Nigeria is currently pursuing two ambitions at the same time. On one hand, we are seeking to expand gas production and position gas as a key part of our economic and energy future. On the other, we have made significant commitments to reduce methane emissions, eliminate routine gas flaring, and contribute to global climate goals.

“The challenge is whether these ambitions can be delivered together, and at what cost if they are not.

“For communities living near oil and gas facilities, methane is not an abstract climate issue. It is connected to the air they breathe, the health risks they face, the quality of their farmland and fishing waters, and their everyday experience of living alongside extraction activities.”

George-Ikoli further noted that methane emissions have increasingly become an economic concern as international markets tighten environmental requirements for oil and gas producers.

She explained that major export destinations, particularly in Europe, are beginning to assess not only the volume of energy products supplied but also the environmental conditions under which they are produced.

“The stakes extend beyond local communities. Methane is one of the most powerful greenhouse gases driving near-term warming. It is also becoming an economic issue.

“New international regulations, including emerging methane requirements in major export markets such as the European Union, mean that countries and companies will increasingly be judged not only by what they produce, but by how they produce it,” she stated.

While acknowledging progress made by the Federal Government and industry players through new methane regulations, reporting requirements and improved emissions disclosures, she stressed that policy commitments alone would not solve the problem.

“Progress on paper is not the same as progress in practice. The real test lies in implementation. Are commitments being met? Are emissions being measured accurately? Are regulations being enforced consistently? And most importantly, are the experiences of affected communities reflected in the decisions being made?” she asked.

The NRGI official outlined several measures needed to ensure Nigeria successfully aligns its gas development strategy with methane reduction targets.

She said, “First, enforcement must become stronger and more consistent. Regulations only matter if there are consequences for non-compliance.

“Second, the sector needs a credible and unified approach to measuring methane emissions. You cannot effectively reduce what you cannot accurately measure. A common baseline and robust measurement standards are essential for tracking progress and building trust in reported figures.

“Third, companies should be required not only to disclose their methane emissions, but to actively manage and reduce them. Transparency is important, but disclosure must ultimately lead to action.

“Fourth, initiatives such as the Nigerian Gas Flare Commercialisation Programme have an important role to play and should be accelerated. Every cubic foot of gas captured and put to productive use is gas that is not wasted through flaring.

“Fifth, stronger monitoring, reporting and verification systems are needed across the entire oil and gas value chain. Independent verification and effective oversight are critical if emissions reductions are to be credible.”

She emphasised that the success of methane reduction efforts should not be measured solely by emissions data but by improvements in the quality of life of host communities.

“Community well-being must remain at the centre of decision-making. The success of any methane reduction strategy should not be measured only by tonnes of emissions avoided, but also by whether it improves the lives of the people most directly affected,” she added.

George-Ikoli described Flaring Lives as an attempt to humanise a debate often dominated by statistics and policy targets.

According to her, “The documentary seeks to bring forward voices that are often missing from conversations about energy, development and climate policy.

“Our hope is that it serves not only as a film, but as a resource for journalists, advocates, researchers and citizens seeking to understand what these issues mean in human terms.”

In the same vein, Executive Director of Policy Alert, Tijah Bolton-Akpan, said communities in the Niger Delta have endured the burden of gas flaring for more than six decades, with devastating consequences for public health, agriculture and fisheries.

He said the documentary was designed to provoke reflection and drive accountability among government agencies and industry operators.

“For over six decades, the flames of gas flaring have lit up the night skies of the Niger Delta, a daily reminder of the huge burden borne by oil-producing communities.

“Flaring Lives is not just a documentary; it is a tool for introspection and accountability because behind every flare stack are communities battling respiratory illnesses, contaminated farmlands, vanishing fish stocks and a climate that grows more hostile by the year.

“This is the human cost we are here to talk about today, and it is one Nigeria can no longer afford to wish away,” Bolton-Akpan stated.

He lamented that gas flaring, venting and fugitive methane emissions had long been regarded as unavoidable consequences of oil production, while affected communities continued to bear the environmental and health impacts.

“For decades, gas flaring, venting and fugitive emissions have been treated as an acceptable cost of doing business, while the communities living in their shadow are treated as collateral. That view must change.

“Every day that we allow emissions from these sources to continue unchecked is a day stolen from the health, the environment and the future of these communities.

“The conversation can no longer be about whether this harm is happening; it is about why it is still allowed to happen,” he said.

Bolton-Akpan also challenged journalists and media organisations to intensify investigative reporting on methane emissions and gas flaring, saying the media has a crucial role in exposing environmental abuses and holding both regulators and operators accountable.

“We are calling on media editors and journalists in this room to be more than witnesses; be amplifiers of truth.

“Carry these stories beyond this webinar. Investigate the emission numbers and give voice to the communities whose lungs and livelihoods are the true cost of every cubic metre of gas burned into our atmosphere.

“Policy Alert, alongside our partners, the Natural Resource Governance Institute, Extractives 360 and others, will not relent in pushing for transparency, enforcement and justice,” he added.

Nigeria remains one of the world’s major gas-flaring countries despite years of government commitments to end the practice. Methane, the primary component of natural gas, is recognised as one of the most potent greenhouse gases because of its significant warming effect over a short period.

The Federal Government has introduced a series of measures, including methane regulations and the Nigerian Gas Flare Commercialisation Programme, aimed at reducing routine flaring, improving gas utilisation and supporting the country’s energy transition goals.

However, civil society groups and environmental advocates have repeatedly argued that weak enforcement, inadequate monitoring and poor accountability mechanisms continue to undermine progress, particularly in oil-producing communities across the Niger Delta, where residents bear the environmental and health consequences of emissions from oil and gas operations.

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Energy

Amid LPG Supply, Prices Challenges, Nigeria Flares 77bcf

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Despite persistent Liquefied Petroleum Gas (LPG) prices and persistent concerns over domestic energy shortages, Nigeria flared approximately 76.92 billion standard cubic feet of natural gas between January and May 2026.

This was detailed in data published by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). A cursory look at the Commission’s monthly gas production status reports available at its website indicates that operators burnt a combined 76,919.78 million standard cubic feet of gas during the five-month period.

The flared volumes represent gas that could have been channeled towards power generation, industrial use, compressed natural gas initiatives and domestic cooking gas supply in a country grappling with high energy costs.

A breakdown of the figures showed that Nigeria flared 17,166.08 million standard cubic feet of gas in January, accounting for 7.10 percent of total gas production during the month.

In February, the volume of gas flared dropped to 14,085.55 million standard cubic feet, representing 6.44 per cent of output.

The Commission’s data showed that 15,575.10 million standard cubic feet were flared in March, equivalent to 6.40 percent of total gas produced. The volume declined slightly to 14,517.95 million standard cubic feet in April, although the percentage of gas flared rose to 6.94 percent.

In May, Nigeria flared an average of 0.57 billion cubic feet of gas per day, translating to roughly 15.58 billion standard cubic feet for the month, while the flare rate stood at 6.9 percent.

What is striking about this development is that it is coming when Nigerian households and businesses continue to contend with high energy costs and concerns over the availability of alternative fuels.

Findings showed that cooking gas prices jumped from an average of N1,000 per kilogramme in January and February this year to as high as N2,400 a few days ago.

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This is also because local producers of LPG have been unable to meet domestic demands for gas, according to operators. For example, the sources stated that there is a decline in LPG supply from the Dangote Petroleum Refinery and Petrochemicals (DPRP), due to internal utilisation, not because the refinery exports, as is being speculated.

The NUPRC data, however, indicate that Nigeria is yet to eliminate the long-standing practice. Despite the continued flaring, the commission noted in its May gas report that the country’s average daily gas production rose to 7.93 billion cubic feet per day, reflecting growth in upstream output.

According to the report, the May flare rate of 6.9 percent underscores Nigeria’s commitment to ending routine gas flaring by 2030.

The Federal Government has repeatedly pledged to end routine gas flaring as part of its climate commitments under the Paris Agreement and through the Nigerian Gas Flare Commercialisation Programme.

The programme seeks to convert previously flared gas into commercially viable products, including liquefied petroleum gas, compressed natural gas and feedstock for power generation and industrial applications.

In December 2025, the NUPRC announced the issuance of permits to successful bidders under the Nigerian Gas Flare Commercialisation Programme, with the projects expected to attract about $2bn in investments and generate thousands of jobs. The Commission said the initiative could capture between 250 million and 300 million standard cubic feet of gas daily that would otherwise have been flared.

Energy experts have long maintained that ending routine gas flaring would not only improve environmental outcomes but also enhance domestic energy security.

Gas flaring has been associated with greenhouse gas emissions and environmental degradation, particularly in host communities within the Niger Delta region.

The latest figures suggest that while Nigeria has made progress in reducing the proportion of gas flared compared to historical levels, the practice remains a major challenge in a country seeking to expand access to cleaner and more affordable energy sources.

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