Nigeria is aimed at $ 60 billion of gas investments to increase the global energy role

The Nigerian National Petroleum Company Limited (NNPCL) has announced its intention to attract $ 60 billion in new investments in the next 5-7 years to expand the country’s gas infrastructures and increase its position in the global energy market.

The CEO of the NNPCL group, Bayo Ojulari, revealed the plans while they turn to representatives of over 150 countries at the exhibition and the Gastech conference in Milan, in Italy.

He said the investment aims to resize the production of Nigeria’s natural gas for 12 billion cubic feet per day and expand the refinery capacity to satisfy the increase in global energy demand.

“We are looking for at least $ 60 billion in investments in the next five or seven years.

“For our oil and gas industry, this is only the tip of the iceberg. We want investors to join us in growing growth,” said Ojulari.

The CEO of NNPCL also highlighted the 2021 petroleum industry act (pious), which transformed the company into a limited responsibility entity, allowing it to guarantee direct funding and forging strategic global partnerships.

Currently, Nigeria Produces land landing 1.6 Million Barrels of Crude Oil for Day (BPD), with targets to Incasse Output to 2 Million Bpd by 2027 and 3 Million Bpd by 2030 African Gas Pipeline to Morocco and Europe, and expansion of the Nigeria LNG (NLNG) Project.

Ojulari observed that Nigeria already provides 60% of GNL in Portugal and Spain.

The company is completing train 6 and the construction of train 7, with trains 8 and 9 plans by 2026.

“Nigeria has one of the best managed GNL operations at a global level and we aim to capitalize on the current and growing demand for energy,” he said.

On clean energy initiatives, the government is promoting the adoption of the LPG with a program to distribute 2 million cylinders at national level, together with a compressed natural gas transition scheme (CNG) for vehicles and machinery.

Ojulari underlined the role of Nigeria in the safety of global energy, noting that geopolitical changes, such as the Russia-Ukraine conflict, have accelerated regional pipeline projects.

He added that the country has over 200 unmotted oil and gas fields, presenting significant opportunities for international investors.

As for the impacts on foreign policy, Ojulari said: “While foreign policies influence the sector, our attention remains on the creation of a stable market and on the forging of the right partnerships”.

The minister of oil resources (gas), Ekperikpe Ekpo, also reiterated Nigeria’s commitment to exploit its vast reserves to guide industrialization, regional integration and global energy security.

He stressed that natural gas remains fundamental for the country’s energy strategy, the food industries, clean cuisine, agriculture, the creation of jobs and public health.

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