British independent energy company, Savannah Energy Plc, has reported a little decline in its total revenues for the 2024 financial year, reaching $258.7m, compared to $260.9m in 2023.

The company also saw an improvement in its total income, which rose 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, showed 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.

Speaking about the results, Savannah Energy’s Chief Executive Officer expressed satisfaction with the company’s performance in 2024 and optimism for the future.

He stated: “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 company has also 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.