In line with rising volume of oil and gas driven investments and exploration in parts of oil producing areas of Imo State, fresh grounds abounds for the aggregate rise in the state’s earnings from the monthly Federal Allocation and the statutory 13 Per cent Derivation from explorations.
This is coming mainly from the expanded gas development scheme of Seplat Petroleum Development Company Plc’s planned $700m Assa North /Ohaji South (ANOH) gas and condensate field project.
Business Hilights recalls that the ANOH exploration areas are within oil producing areas of Imo State.
The company at its recent occasion in Lagos revealed that on delivery of the gas and condensate field project, it is expected to contribute significantly in addressing Nigeria’s deficit in thermal power delivery.
In a presentation titled ‘Stability, Performance, Growth’ the team of three presenters provided the audience with comprehensive information on the company’s existing gas business, market outlook and anticipated ANOH growth trajectory.
The ANOH gas processing project is managed by Anoh Gas Processing Company (AGPC), an incorporated joint venture (IJV) between Seplat and the Nigerian Gas Company. AGPC shall develop a 300 Mscfd midstream plant on OML 53 to process future wet gas production from the upstream unit.
Giving further insights at the forum, the Chief Executive Officer, Mr. Austin Avuru; Chief Financial Officer, Mr. Roger Brown; and the Managing Director, AGPC, Mrs Yetunde Taiwo, all pointed to the fact that the emerging $700m investment by Seplat will drive seamless access of gas to not only power generating firms, but other industrial establishments.
Specifically, Avuru, in his address, said Nigeria holds 37 per cent of total proved gas reserves on the continent, adding that the majority is concentrated in the Niger Delta.
According to him, Domestic Supply Obligation (DSO) 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 the Seplat’s gas business.
