Indigenous oil and gas company, Southfield Petroleum Limited has commenced the development of its $250Million flagship Utorogu project.
Southfield Petroleum recently signed a turnkey $198million Equipment, Procurement and Construction (EPC) contract to develop a 250 MMScfd gas processing facility with China Machinery Engineering Corporation (CMEC).The Utorogu gas field is expected to be operational by Q2 2018 with a projected annual production of 200,000MT of LPG.
Funding for the project will come from long term export finance provided by the Industrial and Commercial Bank of China (ICBC).
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