BANGKOK — Nigeria is pushing to position itself as a major global gas supplier by leveraging its massive natural gas reserves to boost both domestic industry and international exports, a senior executive at state energy company NNPC Limited said on Monday.
Speaking at the GASTECH conference in Bangkok, Olalekan Ogunleye, NNPC’s Executive Vice President for Gas, Power & New Energy, said the West African nation plans to expand its proven gas reserves from 215 trillion cubic feet (tcf) to more than 600 tcf under its national Gas Master Plan.”Gas development and monetisation from Nigeria’s standpoint is a purely commercial play,” Ogunleye told a panel on global LNG strategies, noting that volatile geopolitics and shifting market demands have highlighted the need for strategic energy suppliers.
Nigeria, already one of Africa’s largest energy producers, aims to ramp up national gas production to 10 billion standard cubic feet per day (Bcf/d) by 2027, and to 12 Bcf/d by 2030.The strategy hinges on a “dual pathway” model: using exports to generate vital foreign exchange while using domestic gas supply to power local industrialisation, improve energy security, and create jobs.
Positioned geographically to supply both Atlantic Basin and Asian markets, Nigeria has exported more than 6,000 LNG cargoes since 1999. Its flagship Nigeria LNG (NLNG) facility currently produces 22 million tonnes per annum (MTPA) across Trains 1 to 6, with a seventh expansion train scheduled for completion in 2027. Mr. Ogunleye added that regulatory reforms under Nigeria’s Petroleum Industry Act, alongside fiscal incentives and security improvements, have significantly de-risked the sector for international investors.”
With continued efforts towards stable security, competitive gas pricing and assured gas supply, there is no better time for investors and financiers to confidently participate in the development of Nigeria’s LNG projects,” Ogunleye said.
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