Page 9 - AfrOil Week 06 2021

AfrOil INVESTMENT AfrOil

Seplat Petroleum closes funding

for Nigerian gas processing plant

NIGERIA NIGERIA’S Seplat Petroleum has closed financ- The company said the closure of funding
ing for the ANOH gas processing plant (GPP), was a key milestone, noting ANOH’s status as
which will monetise gas in the country’s Imo national priority project. Nigeria is pushing to
State for use in power generation. expand the role of gas in its economy, to capi-
In a statement on February 1, privately talise on its 5.7 trillion cubic metres of proven
owned Seplat said it had raised $260mn in debt reserves. It wants to increase gas use in electricity
from a consortium of IBTC Bank, United Bank and heating, vehicle transport and in household
for Africa, Zenith Bank, FirstRand Bank, Mau- cooking, and expand gas-based petrochemicals
ritius Commercial Bank, Union Bank of Nigeria production.
and FCMB Capital Markets. ANOH is on track for first gas in the fourth
Thanks also to $420mn of equity funding quarter of 2021, Seplat said last October. Shell is
provided earlier, the project is now fully funded, handling the necessary upstream development.
the company said. The project “will be a significant supplier of
The ANOH GPP will handle up to 300mn gas to Nigeria’s power sector, supporting local
cubic feet (8.5mn cubic metres) per day of gas employment and the cleaner generation of
from oilfields in the Seplat-operated OML 53 power for Nigerian homes and businesses,” the
block and the Royal Dutch Shell-led OML 21 ANOH operating company’s managing director,
block. This gas will be used to replace dirtier and Okechukwu Mba, said. “We conservatively esti-
more expensive diesel-fired power plants. mate that the gas from AGPC will be enough to
Seplat is developing the project through a generate electricity for more than 5mn people.”
joint venture with state-owned NNPC. Its over- Seplat will continue diversifying its business
all cost is now estimated at $650mn, down from and invest more in gas, its CEO Roger Brown
an original projection of $700mn. said. ™

PERFORMANCE
New Age raises resource estimate for

Algoa-Gamtoos offshore block

TUNISIA JERSEY-BASED New Age and its partners have
gained more insight into the prospectivity of
the Algoa-Gamtoos licence area following the
reprocessing of existing seismic data from the
block, which lies offshore South Africa.
According to AIM-listed Tower Resources,
a minority shareholder in the project, Nor-
way’s Petroleum Geo-Services (PGS) recently
wrapped up efforts to reprocess data from the
Algoa-Gamtoos block. The initiative encom-
passed “data already owned by the partners and
also further data acquired from the Petroleum
Authority of South Africa (PASA), including The block has shallow- and deepwater sections (Image: New Age)
tie lines from Brulpadda to the Algoa-Gamtoos
area, together with two post-stack merged 3D covering the shallow-water section of the block
seismic surveys in the Algoa Basin,” Tower said. in the Gamtoos basin and the deepwater section
In a statement, the company explained that in Outeniqua. Re-interpretation of the resulting
PGS reprocessed the data with the aim of gen- dataset has led New Age to increase its portfolio
erating a time- and phase-matched dataset volumes by 54%, it said.

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