Petroleum Africa
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Tuesday, April 16, 2019
Seplat Petroleum Development Co. and Nigeria’s state-run Nigerian Gas Co., a unit of NNPC, are looking to bring production onstream from a $700 million joint gas project in a year. The project, known as Assa North-Ohaji South, is one of seven projects to boost gas production and infrastructure development in Nigeria.
ANOH Gas Processing Co., which is owned by Seplat and Nigerian Gas Co., will develop, build and operate the plant located in Imo state.
Seplat and Nigerian Gas will provide 60% of the funds as equity, while ANOH will source the balance as debt, Seplat CEO Austin Avuru said in a Bloomberg interview. “Both parties already have each contributed $100 million in equity,” Avuru said. “There will be another equity injection and at the back end of it will be debt.’’
The plant, which will process wet gas from the unitized upstream fields at OML 53 and OML 21, has an initial capacity of 300 Mmcf/d. It’s scheduled to begin production by the last quarter of 2020 and the first supply is targeted in 2021, Avuru said.
ANOH will target local customers and has the capacity to double production “depending on domestic demand and the availability of feeds including third-party gas,” Avuru said.
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