Oil & Energy
FG Advances $20bn Nigeria-Europe Gas Pipeline Plan
The Federal Government said it has progressed in its plan on the proposed transcontinental gas pipeline aimed at delivering its vast natural gas to European markets.
The proposed pipeline, still at an early development stage, is being advanced by a consortium of global industry players and would be subject to extensive technical, commercial, and regulatory processes.
Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, who spoke alongside key industry stakeholders, during discussions on the proposed pipeline, at a meeting in London, United Kingdom, described the engagement as both timely and historic, adding that Nigeria is poised to attract investors into its gas sector.
In his words “Nigeria is set for investors to take advantage of this natural gas. The Petroleum Industry Act and the executive orders by Mr President for the petroleum sector have set a conducive environment to attract investments to the sector.
“We must be intentional in the utilisation of our resources. So long as we have these reserves, we must take advantage of them and better the lives of those in the region,” Ekpo said.
The minister further noted that, with appropriate financial backing in place, he sees no obstacle to the project coming to fruition.
In a statement signed by the Spokesperson to the minister, Louis Ibah, Ekpo noted that the move is aimed at strengthening energy security and unlocking long-term economic value.
The proposed pipeline, described as a transformative gas corridor, is designed to transport up to 30 billion cubic metres of gas annually from Nigeria’s southern reserves through Chad and Libya, before extending subsea to Sicily, Italy, and into the broader European market.
According to the statement, stakeholders expressed optimism that the proposed pipeline project would redefine Nigeria’s role in the global energy market while deepening ties with Europe.