Seplat Petroleum Development Company Plc has debunked allegations that it violated the local content policy regarding the Assa North/Ohaji South (ANOH) project.
In a press release signed by the company’s secretary, Mirian Kene Kachikwu, the company noted that the ANOH project is still in development and has not yet achieved Final Investment Decision. The release also noted that the company is in consultation with the Nigerian Content Development Management Board (NCDMB) and the contracting strategy for the AHON project has been approved by NCDMB.
Recall that Nairametrics had earlier reported the Nigerian Content Development and Monitoring Board (NCDMB) ordered Seplat Petroleum Development Company Plc to suspend work on its ANOH Gas Plant project in Oil Mining Lease (OML) 53.
The board had accused Seplat of using a United Arab Emirate (UAE) based company for the engineering and fabrication including the integration and construction work without the approval of the agency. This, the agency noted is in violation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010.
Seplat incorporated the new subsidiary, ANOH Gas Processing Company Limited in 2017, the major activity of the subsidiary is the processing of gas from its OML 53. The subsidiary is described as one of the largest greenfield gas condensate development projects in Nigeria.
In its Q1 2018 report for the period ended 31st March 2018, the company recorded improved earnings from the gas revenue. Net working interest gas production of 158 MMscfd, which translates into gas revenues of US$40 million, a new quarterly high.
At the company’s 2017 Annual General Meeting (AGM) held in Lagos in recently, Seplat revealed plans to focus more on expanding its domestic natural gas business to improve its profitability in 2018.
Seplat Petroleum Development Company Plc was incorporated on 17 June 2009 as a private limited liability company and re-registered as a public company on 3 October 2014.
The company is listed on both the Nigerian Stock Exchange (NSE) and London Stock Exchange (LSE). Its shares are currently trading at ₦711.10 on the floor of the NSE, with a 71.43% one-year return.
The NCDMB was established by the Nigerian Oil and Gas Industry Content Development Act (NOGICD) of 2010.
