The African Export-Import Bank (Afreximbank), has signed a seven-year term loan agreement with Nigeria’s Alphaden Energy & Oilfield Limited for the construction of a 20 million standard cubic feet per day gas processing facility in Bayelsa State, Nigeria.

The agreement was signed during Affrican Energy Week (AEW) 2023, taking place in Cape Town. African Energy Chamber said in a press statement.

The 45 billion Naira ($60 million) energy facility will be built at the Obama flow station, situated in Oil Mining License 63, and will have the capacity to produce 405 million tonnes per day of Liquefied Natural Gas and 294 barrels per day of crude condensates.

The facility will be repaid from the sale of condensate gas, which has been secured by six offtakers and will be transported using 20-ton ISO tanks to customers throughout Nigeria’s six geopolitical regions, the statement noted.

(Editing by Anoop Menon)

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