NNPC, Seplat Inject Extra $40m in ANOH Gas Project Ahead of Startup
The Nigerian Gas Infrastructure Company (NGIC), a subsidiary of state-owned Nigerian National Petroleum Company, and Seplat Energy have provided an additional $40 million in equity funding to their joint venture ANOH Gas Processing Company (AGPC).
Through the AGPC, the two companies are building a gas plant in the southeastern state of Imo State, with a capacity of 300 million standard cubic feet per day and an initial cost of $650 million.
The fresh capital is meant to support the delivery of the final project completion elements ahead of first gas in the fourth quarter of the year, according to Seplat.
“To ensure the gas plant completion remains on track, Seplat and its partner NGIC each injected an additional $20 million in equity during the period,” it said on Wednesday in its earnings report.
The project has suffered several delays, with the first gas initially expected in 2022 but was postponed to 2023 and later 2024 as the mechanical completion was achieved on December 29, 2023.
Seplat said operations during the second quarter focused on the completion of modification works in support of alternative commissioning gas and export routes, considering ongoing OB3 pipeline project delays.
