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According to a statement, the project
is managed by ANOH Gas Processing
Company (AGPC), an incorporated joint venture between Seplat and the Nigerian Gas Company.
It said AGPC would develop a midstream
plant, with a capacity of 300 million standard cubic feet of gas per day, on
Oil Mining Lease 53 to process future wet gas production.
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In his address at a recent forum, the
Chief Executive Officer of Seplat Petroleum, Austin Avuru, said Nigeria held 37 per cent of total proved gas
reserves on the continent, adding that the majority was concentrated in the
Niger Delta.
According to the Seplat Petroleum boss,
Domestic Supply Obligation price has increased to commercial levels and non-DSO
prices are determined on a willing buyer/willing seller basis, opening up new
vista of growth for Seplat’s gas business.
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In his own words, “Nigeria is one of the largest economies in Africa with a
population in excess of 201 million; 50
per cent are urban dwellers while 62 per cent is less than 25 years in age and
93 per cent is less than 55 years in
age.”
He noted that the country had been
projected to grow to a population of 450 million people by 2050 (highest
population growth in Africa) and become the third most populated country
globally (behind only China and India). “This will spur
a high demand from power industries and other commercial enterprises,” Avuru
said.
Noting the current capacity deficit in
thermal power generation in the country, he described government’s ambition of
using gas as an enabler for energy independence, industrial development,
commerce, and environmental and social sustainability as a real GDP growth
driver for the country.
He added that this would reduce
production cost with reduced power costs to businesses, raise standard of
living, develop human capital, and reduce environmental degradation and health
risks.
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The Chief Financial Officer of Seplat
Petroleum, Roger Brown, described
AGPC as a special purpose company formed to raise $420m of equity to derisk the
project. According to him, equity and debt are to be scaled in line with final
project cost while maintaining a target debt to equity ratio of 60:40.
On the funding arrangement, Roger said
local banks, including United Bank for
Africa Plc, Zenith Nigeria Plc First Bank of Nigeria Limited, were
supporting the project. “International lenders include
but not limited to SCB, RMB, Standard Bank, BHGE, and Nedbank,” he
added.
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