Seplat Petroleum Development Company Plc (“Seplat” or the “Company”), a leading Nigerian independent energy company listed on both the Nigerian Stock Exchange and the London Stock Exchange, announces that its Incorporated Joint Venture (“IJV”), the ANOH Gas Processing Company (“AGPC”), has successfully raised US$260m in debt to fund completion of its ANOH Gas Processing Plant (“ANOH”).
The 300MMscfd capacity ANOH plant, located on OML 53 in Imo State, is being built by AGPC, which is an IJV owned equally between Seplat and the Nigerian Gas Company (“NGC”), a wholly owned subsidiary of Nigerian National Petroleum Corporation (“NNPC”). Seplat and NGC have previously provided a combined US$420m in equity funding and the project is now fully funded.
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Crude oil prices have risen incredibly in 2021 amidst global vaccination, lockdown easing and sustained OPEC+ production cuts.
Analysts all over the world were beginning to speak about a supercycle for oil. Brent crude was gearing towards $70. Big banks in the US like Goldman Sachs and Morgan Stanley all made predictions of a $70 – $75 oil at some point in 2021. Christyan Malek, JP Morgan’s Head of Oil and Gas stated,
“We could see oil overshoot towards, or even above, $100 a barrel.”
On Friday, 19th March 2021, Brent crude settled at $64 and WTI at $61 after a slump of about 7% last week Thursday – basically erasing all the gains made when OPEC+ sustained cuts in early March.
Lagos, Jan. 28, 2021 SEPLAT Petroleum Development Company Plc, has announced the appointment of Mr Okechukwu Mba, as the new Managing Director of ANOH Gas Processing Company (AGPC) Limited, effective from Jan. 1, a statement from the company has said.
According to the statement, made available to Naija247news on Thursday, in Lagos, AGPC is the Incorporated Joint Venture (IJV) between SEPLAT and the Nigerian Gas Company (NGC), a wholly-owned Nigerian National Petroleum Corporation (NNPC) subsidiary.
ANOH Gas Processing Company (AGPC) Limited is a midstream gas company, committed to processing Gas from OML 53 for distribution to the local market.
The statement read in part: “Okechukwu has over 20 years of experience, with a diversified background covering Commercial, Planning, Finance and Operations, before his appointment, he held the position of General Manager, Gas business.
Seplat Petroleum Development Company Plc has appointed Mr. Okechukwu Mba as the new Managing Director of ANOH Gas Processing Company (AGPC) Limited, the Incorporated Joint Venture (IJV) between Seplat and the Nigerian Gas Company (NGC), a wholly-owned subsidiary of Nigerian National Petroleum Corporation (NNPC).
The ANOH Gas Processing Company (AGPC) Limited is a midstream gas company committed to processing Gas from OML 53 for distribution to the local market.
According to a statement yesterday, the appointment took effect from January 1, 2021.
Mba has over 20 years of experience with a diversified background covering Commercial, Planning, Finance and Operations. Before his appointment, he held the position of General Manager Gas business.