Indigenous investment and a new gas economy
major roles in bridging critical socio-economic gaps and further stabilise the country’s domestic economic growth plan. The $700 million ANOH project represents the new force of indigenous investment as a major driver for national growth.
Nigerian Gas Association President Mrs Audrey Joe-Ezigbo said the gas industry has significant prospects to transform the landscape of economic development in Nigeria, noting that it is a well-proven fact that there is a correlation between the amount of natural gas that is used and consumed in-country and the level of economic development of any nation.
Seplat Petroleum Development Company Plc Chairman Dr Ambrose Orjiako said the indigenous company’s investments in long-term commercialisation of gas were in support of national economic growth and democratization of Nigeria’s natural resources as means of mass wealth creation for the citizenry. With $59 million distributed as cash dividends out of the net profit of N85.02 billion in 2019 business year, Orjiako said the company’s growing gas business would deliver higher growth and returns to shareholders over the years, thus indirectly passing the natural resources to the generality of Nigerians.
Seplat Petroleum Development Company Plc Chief Executive Officer Austin Avuru explained that Seplat had in the past seven years built its domestic gas business to a position that it now provides sufficient gas to underpin some 30 per cent of Nigeria’s current active on-grid power generation. He noted that with the ANOH project operating at its first phase, Seplat will be able to supply processed gas capable of supporting 3,000 MW of power generation.
“In addition to processing our gas, we will also have a larger and more geographically expansive presence with which to capture third party tariffing opportunities and build out capacity further. We have secured the accommodation space at both Oben and ANOH to give us the headroom to expand each location up to 1 Bscfd processing capacity in the future. The gas business has tremendous growth potential,” Avuru said.
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