Nigeria reaffirms its commitment to unlocking its natural gas reserves through strategic partnerships with global energy investors, in line with the NNPC Gas Master Plan as enshrined in its Decade of Gas Initiative
Unfolding this attractive investment roadmap at the CERAWeek organized by S&P Global in Houston, the Executive Vice President, Gas, Power & New Energy, Olalekan Ogunleye, reiterated that Nigeria is well positioned to play a more significant role in global LNG & gas-based industry supplies given its strategic geographical positioning in the middle of the global gas market
Ogunleye, at a panel session themed “The New Gas Order: Market depth and the reshaping of global trade” on Wednesday, stated that the current Strait of Hormuz shipping constraint arising from the USA-Israel vs. Iran conflict has further highlighted Nigeria’s unique positioning to be a major LNG and gas-based industries player/supplier due to its abundant gas resources & nearness to market.
The key deliverables of the NNPC Gas Master Plan according Ogunleye include providing the commercial incentives for gas exploration and development to move Nigeria’s validated reserves from 210.5tcf to the estimated potential of approximately 600tcf as well as exceeding the FGN mandate to grow gas production volumes by 4.6bcfd (62%) between the end of 2025 and 2030 to 12bscfd from the current 7.4bscfd as well as attracting $60b additional gas sector investment.
Ogunleye anchored achievement of the NNPC Gas Master Plan of inherent displinery measures the corporation has embedded in its day to operations, stating that the plan is neither aspirational nor theoretical. Still, the key characteristic of the NNPC Gas Master Plan is the application of execution discipline to the annual work plan to ensure that gas development growth targets are not just met but surpassed, consistent with the Presidential gas production growth mandate.
