Seplat Petroleum Development Company Plc has said the planned $700m Assa North/Ohaji South gas and condensate field project is expected to contribute significantly in addressing Nigeria’s power shortage when completed.
The project is managed by ANOH Gas Processing Company, an incorporated joint venture between Seplat and the Nigerian Gas Company, according to a statement.
It said AGPC would develop a midstream plant, with a capacity of 300 million standard cubic feet of gas per day, on Oil Mining Lease 53 to process future wet gas production.
The Chief Executive Officer, Seplat, Mr Austin Avuru, in his address at a recent forum, said Nigeria held 37 per cent of total proved gas reserves on the continent, adding that the majority was concentrated in the Niger Delta.
According to him, Domestic Supply Obligation price has increased to commercial levels and non-DSO prices are determined on a willing buyer/willing seller basis, opening up new vista of growth for Seplat’s gas business.
He said, “Nigeria is one of the largest economies in Africa with a population  in excess of 201 million; 50 per cent are urban dwellers while 62 per cent is less than 25 years in age and 93 per cent is  less than 55 years in age.”
He noted that the country had been projected to grow to a population of 450 million people by 2050 (highest population growth in Africa) and become the third most populated country globally (behind only China and India).
“This will spur a high demand from power industries and other commercial enterprises,” Avuru said.