Transnational Corporation Plc has stated that it would optimise its existing assets and leverage the company’s gas-to-power strategy to deliver good returns on investment and increase shareholders’ value.
At the company’s ‘Fact Behind the Figures’, held in Lagos, the Managing Director, Owen Omogiafo said the company’s overall strategic objective is to fully optimise its existing assets and ensure a consistent gas generation both in the present and future.
She said the company’s key priority is to achieve set targets for the year across the various operating segments, part of which is to increase Transcorp Power Limited’s average available capacity to 690 MW and target 553 MW generating capacity in 2022.
According to her, following the administrative handover in March 2021, the firm successfully increased and maintained the available plant capacity from 48MW at the time of takeover to 188MW with minimum CAPEX requirements between March 2021 to September 2022.
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“However, the ongoing gas challenges impacted our generation capacity. TAPL has undertaken the following activities to improve performance going forward: Commissioning of GT20 with an additional capacity of 138MW in September. GT20 has been non-operational for 15 years; execution of a gas supply agreement with AccuGas and HHOG and discussion with other gas suppliers to ensure we have a steady gas supply.
She added that with the improvement in installed capacity and gas supply, Transcorp is looking forward to finishing strong in 2022 and a solid start in 2023.
Omogiafo explained that the group would continue to surpass industry and targets across key performance indicators, stressing that the 2022 strategic target for Transcorp Hilton Abuja is pegged at 73 per cent, while that of Transcorp Hotels Calabar is at 53 per cent.
According to her, amidst the current economic situation; inflation, foreign exchange volatilities and insecurities, the management at Transcorp has ensured maximum efficiency and consistently delivers superior service to guests, while it maximises revenue and creatively seeks ways to optimise key business segments.
“We will continue to build stakeholder interest through product innovation, good corporate governance practices, and awards to ensure strong patronage and buying when we do go to the market,” she said.”
Managing Director of Transcorp Power Limited, Christ Ezeafulukwe said the company is putting in place a robust gas-to-power strategy that would enable it to become self-sufficient in gas as well as ensure sustainable gas generation.
“Our oil and gas assets are very rich in gas; it is located at a point where we can afford to transport gas after the development dedicatedly to our power plant in Ughelli where that gas will be used to fire the plant. We are also engaging with experts and we are at the stage where we are validating some of the numbers.
“In the mid-term, we are definitely going to have gas from our assets, it is about 41-42 km away.
We are going to have a pipeline which is going to be a transportation asset to us that will also open up to some other injectors that may want to take advantage of that in future, but the ultimate target is to have gas piped to our plant”.
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