Business News: Seplat to deal with power deficit with $700m ANOH Gasoline Area venture – Day-to-day Sun

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Business News: Seplat to deal with power deficit with $700m ANOH Gasoline Area venture – Day-to-day Sun

Uche Usim, Abuja In its efforts to tackle Nigeria’s poor electricity nightmare, Seplat Petroleum Development Company Plc’s is planning a $700m Assa No

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Business News:
Uche Usim, Abuja
In its efforts to deal with Nigeria’s uncomfortable electricity nightmare, Seplat Petroleum Pattern Company Plc’s is planning a $700m Assa North /Ohaji South (ANOH) gas and condensate discipline venture, at completion, is anticipated to make contributions tremendously in addressing Nigeria’s deficit in thermal power offer.
This venture straddles OML 53 (Seplat 40 per cent working ardour and operator) and OML 21 (Shell JV).
In a presentation titled ‘Stability, Efficiency, Growth’ the team of three presenters equipped the viewers with total info on the firm’s gift gas change, market outlook and anticipated ANOH development trajectory.
The ANOH gas processing venture is managed by Anoh Gasoline Processing Company (AGPC), an incorporated joint venture (IJV) between Seplat and the Nigerian Gasoline Company. AGPC shall construct a 300 Mscfd midstream plant on OML 53 to project future moist gas manufacturing from the upstream unit.
The firm became represented at the forum by its Chief Govt Officer, Mr. Austin Avuru; Chief Monetary Officer, Mr. Roger Brown; and the Managing Director, AGPC, Mrs Yetunde Taiwo.
Avuru, in his deal with, mentioned Nigeria holds 37 per cent of total proved gas reserves on the continent, including that nearly all is targeted in the Niger Delta.
Primarily based totally on him, Home Provide Duty (DSO) worth has increased to commercial stages and non- DSO prices are sure on a willing purchaser/willing vendor foundation; opening up unique vistas of development for the seplat’s gas change.
The Seplat CEO mentioned: “Nigeria is some of the biggest economies in Africa with a inhabitants  this present day in extra of 201 million; 50 per cent are metropolis dwellers whereas 62 per cent is much less than 25 years in age and 93 per cent is  much less than 55 years in age.
“Projected to develop to a inhabitants of 450 million individuals by 2050 (very most real looking inhabitants development in Africa) and change into the third most populated country globally (in the support

of simplest China and India). This can spur a excessive quiz from power industries and other commercial enterprises.
“Present means deficit in thermal power abilities provides instantaneous headroom to dwelling extra gas volumes (foremost attach in nonetheless non-operating abilities means seven per cent royalty on gas revenues moderately than 20 per cent on oil manufacturing”.
He mentioned the authorities’s ambition of the usage of gas as an enabler for power independence, industrial sort, commerce, environmental and social sustainability is a honest GDP development driver for Nigeria, and would cut support support manufacturing worth with lowered power prices to companies, elevate current of living, construct human capital, and cut support environmental degradation and health dangers.
 The AGPC, essentially based on Roger, is a definite reason firm fashioned to elevate $420m of equity of which equity investors – Seplat and Nigeria Gasoline Company- granted equal section 50: 50 in AGPC.
The Seplat CFO illustrated that it is a ways principal to correlate a firm’s funding mannequin and change mannequin citing the firm’s proactive pay support of its equity debt in the early years as an ethical example unprecedented, he mentioned.
Roger mentioned equity and debt are to be scaled in maintaining with final venture worth whereas hanging forward a target debt: equity ratio of 60: 40.
On the funding contrivance, Roger mentioned native banks were on board the venture including nonetheless now not restricted to: UBA, Zenith, Stanbic, Constancy, FCMB, FBN, Get right of entry to Monetary institution, Union Monetary institution and Nova.
He added: “International lenders embody nonetheless now not restricted to: SCB, RMB, Typical Monetary institution, BHGE, and Nedbank.”
Primarily based totally on Taiwo, AGPC schedules synchronises with Seplat upstream sort thought.
The AGPC boss mentioned: “ANOH is unitised 50: 50 at some level of the 2 blocks. Shell is the operator of the upstream unit. AGPC shall carry a 300 MMscfd midstream plant on OML 53 to project future moist gas manufacturing from the upstream unit.”

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