Seplat Eyes $700m For Nigerian Gas Development

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Aerial view of Nigeria Liquefied Natural Gas (NLNG) plant at Bonny Island in Rivers State on March 22, 2013.

Oil company Seplat said on Wednesday it had taken a final investment decision to develop gas fields in the country’s Imo state and would raise $700 million for the venture in partnership with state-owned NNPC.

Seplat Chairman and co-founder A.B.C Orjiako told Reuters during a visit to London a decision had been taken to develop the Assa north and Ohaji south gas fields. He said the company was deepening its operations in the sector.

The company, which has dual listings in Lagos and London , is focusing heavily on gas investments, drilling and acquisitions to boost its gross output with the aim of tapping into demand for electricity.

It now supplies around 30 percent of the gas required for power generation in Nigeria.

Orjiako said Seplat’s gas production stood at 525 million standard cubic feet (scuf) per day from 90 million scuf nine years ago.

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