Nigeria (Commonwealth) _NIGERIA and the African Export Import Bank, Afreximbank, struck a deal yesterday to support the country’s $200 million Liquefied Natural Gas, LNG, and project in Bayelsa State.
Afreximbank and the project promoters – AlphaDen Energy and Oilfield Limited – signed the deal at the present African Energy Week, AEW, in Cape Town, South Africa, for the construction of a 20 million standard cubic feet per day gas processing facility. Afreximbank will supply 70% of the fund, leaving 30% for the project promoters, according to the conditions of the agreement.
The project will be built at the Obama flow station under Oil Mining License, OML 63, and will have a capacity of 405 million tons of LNG and 294 barrels of oil condensate per day. The project will be built at the Obama flow station under Oil Mining License, OML 63, and will have a capacity of 405 million tons of LNG and 294 barrels of oil condensate per day.
Speaking at the event, Pascal Anyanwu, Executive Chairman of AlphaDen Energy, stated that the groundbreaking project is based on the Federal Government’s efforts to commercialize or monetize vast gas reserves for usage in businesses, households, and transportation.
He remarked, “The Nigerian Content Development and Monitoring Board, NCDMB, has encouraged us to carry out this important project.” The Board of Directors has promoted the growth of 100 firms. We believe that every small step we take will assist contribute to the continent’s energy independence.
This is an important day in this trip, and maybe there will be more to follow in the footsteps of those who came before us. Similarly, NCDMB Executive Secretary Engr. Simbi Wabote stated, “As part of our strategic plan to take them to greater heights, we have been supporting 100 companies to grow.”
NJ Ayuk, Executive Chairman of the African Energy Chamber, stated: “This is an exciting time for Nigeria and Africa.” It would go a long way toward harnessing vast amounts of gas for development.
We believe that every small step we take will assist contribute to the continent’s energy independence. This is an important day in this trip, and maybe there will be more to follow in the footsteps of those who came before us.
Similarly, NCDMB Executive Secretary Engr. Simbi Wabote stated, “As part of our strategic plan to take them to greater heights, we have been supporting 100 companies to grow.” NJ Ayuk, Executive Chairman of the African Energy Chamber, stated: “This is an exciting time for Nigeria and Africa.” It would go a long way toward harnessing vast amounts of gas for development.
We all think that gas will play a key role in developing Africa’s energy security. This will be a 45 billion Naira ($60 million) energy complex created by an African firm. We salute you on behalf of the African Energy Chamber and Afreximbank.
Rene Awambeng, Director of Client Relations at Afreximbank, also spoke, saying, “We are committed to funding projects.” This is only the start. We still have a long way to go, but we are committed to gas development. The facility will be repaid by the sale of condensate gas, which has been secured by six offtakers and will be transported to consumers across Nigeria’s six geopolitical zones utilizing 20-ton ISO tanks. Nigeria is a major LNG exporter in the globe. Nigeria LNG has established a huge LNG export complex with a capacity of 22.5 million tonnes per annum (mtpa) since the first train was commissioned in 1999. It had a 6% market share in the global LNG export market last year and was the world’s sixth largest exporter of the commodity.
