Oil & Energy
NNPC Seeks $60bn Investment To Unlock 600tcf
The Nigerian National Petroleum Company Limited (NNPC) has unveiled plans to grow Nigeria’s gas reserves from 210 trillion cubic feet (tcf) to 600 tcf, while attracting approximately $60 billion in investments into the sector.
Executive Vice President for Gas, Power & New Energy, NNPCL, Olalekan Ogunleye, disclosed this in a post on the company’s X handle, at the weekend.
According to the post, Ogunleye, who spoke during a panel session titled “The New Gas Order: Market Depth and the Reshaping of Global Trade”, at the CERAWeek energy conference by S&P Global in Houston, emphasised Nigeria’s strategic position in the global gas market.
“With the ongoing Strait of Hormuz shipping constraints stemming from geopolitical tensions in the Middle East, Nigeria is uniquely positioned to become a major supplier of LNG and gas-based industries.
“Our abundant gas resources, combined with our proximity to key markets, give Nigeria a competitive advantage in the global energy landscape”, he said.
Ogunleye outlined the key deliverables of the NNPC Gas Master Plan, noting, “We aim to move Nigeria’s validated gas reserves from 210.5 tcf to an estimated potential of 600 tcf.
“Our goal is to increase gas production volumes from 7.4 billion standard cubic feet per day (bscfd) to 12 bscfd by 2030, exceeding the Federal Government’s mandate for 62% growth.
“We are committed to attracting $60 billion in additional investments into the gas sector through commercial incentives and strategic partnerships”.
He stressed that the Gas Master Plan is grounded in disciplined execution rather than ambition alone.
“This plan is neither aspirational nor theoretical.
“Its success depends on applying execution discipline to our annual work plans to ensure we meet—and surpass—our gas development growth targets,” he said.