AlphaDen Energy has signed a $200 million liquefied natural gas (LNG) project with the African Export and Import Bank (AfreximBank). The project is set to be established at the Obama flow station, located within the Oil Mining License, OML 63.
According to Vanguard Nigeria, the agreement was signed during the ongoing African Energy Week event in Cape Town, South Africa. The agreement is aimed at financing a $200 million Liquefied Natural Gas (LNG) project in Bayelsa State.
The project is led by AlphaDen Energy and Oilfield Limited and focuses on the construction of a gas processing facility capable of handling 20 million standard cubic feet per day. Based on the terms of agreement, Afreximbank will provide 70% of the required funds, while the remaining 30% will be contributed by AlphaDen. It will boast the capacity to produce 405 million tons per day of liquefied natural gas (LNG) and 294 barrels per day of crude condensate.
AlphaDen Energy’s Executive Chairman, Pascal Anyanwu, said that this pioneering project aligns with the Nigerian government’s efforts to commercialize its vast gas reserves for use across various sectors, including industries, households, and transportation.
He also highlighted the support received from the Nigerian Content Development and Monitoring Board (NCDMB) for the project, reflecting the government’s commitment to fostering local industry growth. The Executive Chairman of the African Energy Chamber, NJ Ayuk, also commended the initiative, underscoring its potential to harness significant gas resources for regional development.
The NCDMB’s Executive Secretary, Engr. Simbi Wabote, confirmed their efforts to boost the growth of 100 companies, aligning with a strategic plan to elevate them to greater heights. This collaboration between Nigeria and Afreximbank is a substantial step toward advancing the nation’s energy independence and contributes to the broader goals of Africa’s energy sector.