Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Noggers
WTF you talking about
Blackrock buying at 148
It’s a bid of 180+
hXulcolrdoh is this what you want ANOH Gas Processing Plant
We have made good progress on the ANOH plant but have seen some delays in shipments and releasing equipment from the ports. To date, we have achieved 84% overall project completion at the gas plant site. Our government partner, the Nigerian Gas Company, (NGC) is delivering the pipelines that will take the gas from ANOH to Oben, namely the 23km spur line and the Obiafu-Obrikom-Oben (OB3) pipeline.
The OB3 pipeline project has seen a number of failed attempts to complete the 1.85km river crossing, which is needed to complete the pipeline. However, the latest contractor is making progress and the HDD drilling stands at 20% complete. We do not anticipate the OB3 pipeline to delay the completion of the overall ANOH project.
The Spur Line project has seen significant delays due to contracting issues and payments. We have been informed that the milling of the line pipes, which is being undertaken in China, will now commence in Q2 and therefore will not arrive Nigeria until later this year. The latest schedule provided by NGC shows completion in Q4 2022 / Q1 2023.
We had earlier communicated a first gas date by mid-year 2022, but based on our current risking, we now expect further delays of between 9-12 months to the original timeline, with the spur line expected to be the last piece of infrastructure delivered.
The upstream development, including the drilling of six production wells, will be delivered by the upstream unit operator SPDC. We expect that the two wells on which drilling commenced in 2021 will be completed this year.
Located at OML 53 (in a unitised field between Seplat JV's OML 53 and SPDC JV's OML 21), the ANOH Gas Processing Plant development will drive the next phase of growth for Seplat Energy's core Midstream Gas business. The 300 MMscfd midstream gas processing plant is the most advanced of the FGN's seven critical gas projects and is central to the National Gas Master Plan to develop and expand the indigenous domestic gas market for additional power and industrial projects.
The ANOH plant is being built by AGPC, which is an Incorporated Joint Venture (IJV) owned equally between Seplat Energy and the NGC, a wholly owned subsidiary of the Nigerian National Petroleum Corporation ("NNPC"). In February 2021, AGPC successfully raised $260 million in debt to fund the completion of the ANOH project. The project is now fully funded following completion of equity investments of $210 million by each partner ($420 million combined). The plant construction cost is expected to be no more than $650 million, inclusive of financing costs and taxes, which is significantly lower than the original projected cost at Final Investment Decision (FID) of $700 million.