Indigenous oil and gas company, Southfield Petroleum Limited has commenced the development of its $250Million flagship Utorogu project, BusinessDay reports.
On 16th November 2016, Southfield Petroleum signed a turnkey $198million Equipment, Procurement and Construction (EPC) contract to develop a 250 MMScfd gas processing facility with China Machinery Engineering Corporation (CMEC).
Utorogu gas field is expected to be operational by Q2 2018 with a projected annual production of 200,000MT of LPG. The plan is to have the facility operated by CMEC for the period when the Nigerian staff undergo training to achieve seamless technology transfer and capacity development.
Funding for the project will come from long term export finance provided by the Industrial and Commercial Bank of China (ICBC). Additional provisions of the contract include the construction of a captive Jetty, 14,000MT LPG storage, office Buildings, an Amine Unit, training programme for Nigerians and other requisites.
Source: BusinessDay
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