Oando Nigeria Plc plans to increase it’s investment portfolio with additional $350 Million for its Gas and Power Plant according to the gas and power unit recently.
The said Gas and Power plant has capacity to process about 300 Million Standard cubit feet a day (scfd) and will take 24 Months (about 730 days).
Managing Director of Oando Gas and Power, Bolaji Osunsanya is confident this investment will further position the company in the oil and gas sector.
Bolaji Osunsanya projects Nigeria will need about $55 Billion over the next 7 years to develop her gas infrastructure to meet the growing demand, which would include building new pipelines, processing plants and drilling of new wells.
He also project demand at five billion Standard cubit feet a day (scfd), out of which about 3.5 billion was required for power while the other for necessity utilization. However, half the 7.5 billion Standard cubit feet a day (scfd) gas generated was flared or re-injected into the ground due to inadequate pipelines for distribution.