Economy
Seplat’s 300 MMscfd ANOH Project Supplies Debut Gas After Completion
By Adedapo Adesanya
Seplat Energy Plc has announced that the 300 Million Standard Cubic Feet per Day (MMscfd) ANOH gas project has achieved the supply of its first gas.
A statement by the company on Tuesday noted that the feat followed completion of the 11km Indorama gas export pipeline and receipt of regulatory approval from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
“On Friday, January 16, 2026, ANOH Gas Processing Company (AGPC) commenced gas supply to Indorama, under a firm and interruptible offtake Gas Sales Agreements (GSAs).
“To enable the flow of gas, the four upstream wells, which had been on standby since November 2025, were brought online.
“Since first gas, wet gas production has been stabilizing, delivering 40-52 MMscfd of processed gas directly from the ANOH gas plant to the Indorama Petrochemical Plant,” the statement read in part.
It noted that condensate production has reached 2.0-2.5 kboepd and is expected to increase with gas production as the plant ramps up to design capacity.
In addition, it said preparations are underway to initiate sales of processed gas to the Nigeria LNG (NLNG) with an offtake agreement structured on an interruptible basis and will support the gas plant to further scale production towards full design capacity of 300MMscfd.
“Meanwhile, the construction of the OB3 pipeline export route by Nigerian Gas Infrastructure Company (NGIC), originally designated as the primary channel for ANOH gas supply to the domestic market, has resumed, and a revised completion date will be communicated in due course”, the statement added.
The ANOH gas plant was developed by AGPC, an incorporated joint venture between Seplat Energy and the NGIC.
The integrated plant consists of two 150 MMscfd gas processing units, Liquefied Petroleum Gas (LPG) recovery units, condensate stabilisation units, a 16MW power plant, and other supporting facilities, and has been built to operate with zero routine flares.
Across the unitised field of OML 53 and OML 21, the ANOH gas plant unlocks an estimated 4.6 Tcf condensate-rich gas resource base.
“Seplat’s working interest 2P reserves in the unitised field, as booked at year-end 2024, stood at 0.8 Tcf.
“Seplat will derive value from two distinct income streams: wet gas sales from OML 53 to the ANOH gas plant, and dividends from its 50% equity ownership in AGPC.
“The LPG produced from ANOH, combined with the LPG production at Sapele and the Bonny River Terminal (BRT), will make Seplat a leading supplier of clean cooking fuel to the domestic market.
“In addition, the ANOH gas plant will process the flared gas from the Ohaji field, enabling Seplat to achieve its onshore End of Routine Flaring programme, a key commercial and sustainability initiative for the company.
“The ANOH gas plant has been developed without a single recordable Lost Time Incident (LTI) across 17.5-million-man hours, a testament to the focus of the whole team on safe and secure operations.
Speaking on the development, Mr Roger Brown, Chief Executive Officer of Seplat Energy, commenting on the feat, said, “ANOH is the first of the seven critical gas development projects identified by Federal Government of Nigeria to commence operations.
“It is an important strategic project for Seplat, our partner NGIC, and Nigeria as a whole. It has taken a significant amount of commitment and hard work to complete the project in a part of the onshore Niger Delta with limited gas pipeline infrastructure, and we are extremely proud of this achievement.
“This is our third major gas processing facility onshore and increases our Joint Venture gross gas processing capacity onshore to over 850 MMscfd.
“ANOH will provide material income streams for Seplat, reduce our carbon intensity and contribute significantly to the 2030 production target of 200 kboepd, set at our recent CMD. It will also increase energy access for Nigerians in terms of both power and clean cooking fuel for the local communities, while advancing delivery of our mission to support economic prosperity in Nigeria.”
By Adedapo Adesanya
A 0.91 per cent growth was recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Friday, May 22, after the share prices of four securities ended in green.
According to data, FrieslandCampina Wamco Plc went up by N15.61 to N179.67 per share from N164.06 per share, Newrest Asl Plc grew by N6.11 to N67.26 per unit from N61.15 per unit, Food Concepts Plc appreciated by 17 Kobo to N2.75 per share from N2.58 per share, and Nitrox Industrial Gases Plc added 6 Kobo to sell at N25.50 per unit compared with the previous day’s N25.44 per unit.
At the close of business, the market capitalisation chalked up N23.22 billion to settle at N2.561 trillion versus Thursday’s N2.538 trillion, and the NASD Unlisted Security Index (NSI) increased by 38.81 points to 4,281.28 points from 4,242.47 points.
During the session, the price of Central Securities and Clearing System (CSCS) Plc was down by N3.13 to N71.07 per share from N74.20 per share.
The activity chart showed that the volume of securities transacted by the market participants decreased yesterday by 81.6 per cent to 590,339 units from the 3.2 million units recorded on Thursday, as the number of deals shrank by 28.6 per cent to 30 deals from the 42 deals recorded a day earlier, while the value of securities increased by 0.5 per cent to N95.3 million from the preceding session’s N94.8 million.
Great Nigeria Insurance (GNI) Plc closed the day as the most active stock by value on a year-to-date basis, with a turnover of 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 61.2 million units traded for N4.1 billion.
The most active stock by volume on a year-to-date basis was GNI Plc, with the sale of 3.4 billion units for N8.4 billion, followed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc with 1.1 billion units exchanged for N415.7 million.
By Dipo Olowookere
The Nigerian Exchange witnessed a decline in transactions on Friday despite closing higher by 0.22 per cent on the back of sustained bargain-hunting.
During the last trading session of the week, investors transacted 711.9 million equities valued at N29.1 billion in 62,386 deals compared with the 1.1 billion equities worth N31.0 billion traded in 62,448 deals in the previous day, indicating a decline in the trading volume, value, and number of deals by 35.28 per cent, 6.13 per cent, and 0.10 per cent, respectively.
Fidelity Bank closed the day as the most active stock with the sale of 198.1 million units for N4.6 billion, Access Holdings traded 69.7 million units worth N1.8 billion, Mutual Benefits exchanged 42.7 million units valued at N197.4 million, Japaul transacted 33.9 million units worth N134.4 million, and Zenith Bank sold 24.4 million units valued at N3.2 billion.
Yesterday, the industrial goods index rose by 0.53 per cent, the consumer goods sector jumped 0.28 per cent, the banking industry improved by 0.25 per cent, and the energy counter soared by 0.18 per cent, while the insurance space shed 0.18 per cent.
At the close of business, the All-Share Index (ASI) gained 536.98 points to finish at 249,712.37 points compared with the previous day’s 249,175.39 points, and the market capitalisation grew by N344 billion to N160.077 trillion from N159.733 trillion.
Aluminium Extrusion and DAAR Communications expanded by 10.00 per cent each to sell for N9.90 and N2.09, respectively, RT Briscoe surged by 9.93 per cent to N14.06, Learn Africa increased by 9.79 per cent to N12.90, and Red Star Express advanced by 9.56 per cent to N34.95.
On the flip side, Trans-Nationwide Express depreciated by 9.92 per cent to N5.72, Livestock Feeds dipped by 9.64 per cent to N8.90, The Initiates crashed by 8.65 per cent to N33.80, Ellah Lakes drowned by 8.64 per cent to N10.05, and Neimeth lost 6.36 per cent to trade at N10.30.
By Adedapo Adesanya
The Naira weakened against the United States Dollar by N3.15 or 0.23 per cent to N1,375.46/$1 from N1,372.31/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, May 22.
It was also a similar situation for the domestic currency against the Pound Sterling in the official market yesterday, as it lost N9.46 to sell for N1,849.72/£1 compared with the preceding session’s N1,840.26/£1, and against the Euro, it depreciated by N6.26 to close at N1,597.04/€1, in contrast to Thursday’s exchange rate of N1,590.78/€1.
At the GTBank FX desk, the Nigerian Naira tumbled against the Dollar during the session by N2 to trade at N1,381/$1 versus the previous day’s N1,379/$1, and at the parallel market, it remained unchanged at N1,390/$1.
Analysts at Cowry Asset Management Limited, in their weekly financial outlook, have projected the Naira will remain under soft pressure in near term due to continuous FX demand.
“Looking ahead, the Naira may remain under mild pressure in the near term due to persistent FX demand, though rising external reserves could help cushion volatility,” they noted.
Meanwhile, the Central Bank of Nigeria (CBN) this week reiterated that it would continue with its current policy direction to sustain the fight against inflation and stabilise the exchange rate.
This comes as the FX market has changed significantly under the ongoing reforms introduced by the apex bank, with increased market liquidity reducing the need for heavy intervention by the CBN. Its intervention currently accounts for only about 1.2 to 1.3 per cent of total market turnover in 2025, a development he said reflects the growing strength of the market.
Turnover has risen sharply from about $100 million in 2023 to roughly $550 million presently, with transactions occasionally climbing to as high as $1 billion in a single day.
A look at the cryptocurrency market showed that it was down on Friday as Mr Kevin Warsh was sworn in by President Donald Trump as the chairman of the US Federal Reserve, replacing Mr Jerome Powell, who will continue as a governor in the US central bank.
The appointment was made in the hope that he would lead the central bank to cut interest rates, but the Iran war has sent oil prices soaring and re-ignited what had been cooling inflation.
Ethereum (ETH) depreciated by 5.5 per cent to $2,010.90, Dogecoin (DOGE) lost 5.2 per cent to trade at $0.1001, Cardano (ADA) fell by 5.0 per cent to $0.2389, Solana (SOL) slipped by 4.9 per cent to $82.69, and Bitcoin (BTC) slid by 3.3 per cent to $74,950.02.
Further, Ripple (XRP) went down by 2.9 per cent to $1.32, Binance Coin (BNB) declined by 2.6 per cent to $641.61, and TRON (TRX) shrank by 1.2 per cent to $0.3606, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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