Seplat Petroleum Development Company Plc Wednesday said it had taken a final investment decision to develop gas fields in the country’s Imo state and would raise $700 million for the venture in partnership with the Nigeria National Petroleum Corporation .
The company, which has dual listings in Lagos and London , is focusing heavily on gas investments, drilling and acquisitions to boost its gross output with the aim of tapping into demand for electricity. It now supplies around 30 percent of the gas required for power generation in Nigeria. In 2013, Nigeria, which is plagued by blackouts, started selling parts of its moribund state electricity firm in a privatisation aimed at improving power supplies and attracting billions of dollars in investments, neither of which happened.
Orjiaku said Nigeria had one of the highest cost per kilowatt of power, but it produces less than 10 percent of its requirement. The bulk of electricity produced comes from diesel generators which is expensive and unreliable.
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