The Nigerian National Petroleum Company (NNPC) Ltd. has reiterated its commitment to utilizing Nigeria’s abundant gas resources to trigger Nigeria’s industrialization and economic development.
NNPC Ltd.’s Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan, made this known during a panel session at the ongoing 2024 CERAWeek Conference in Houston, the United States, on Tuesday.
Eyesan, whose session addressed the theme, “What are the Choices for Upstream Strategies?”, said Nigeria is a predominantly gas-rich country that boasts over 200 TCF of gas that can be leveraged for the country’s industrialization and economic development.
In a statement by Mr. Olufemi Soneye, the Chief Corporate Communications Officer of NNPC Ltd., Eyesan noted that the company plans to deepen gas utilization domestically for industrialization, ensuring that the entire country feels and optimizes the use of the resource.
She said the company is vigorously opening avenues for infrastructural gas development through various gas projects spread across the country.
“Our focus is how we move from predominantly oil players to gas players, not just for gas for the sake of gas but for power generation and for industrialization,” she stated.
Eyesan observed that NNPC Ltd. is also focused on emission reduction and gas flare-out.
She added: “We want to capture all gas flared, utilize it for domestic use, and ultimately increase our energy transition footprints.
“NNPC is keying into the government’s agenda of using gas as a transition fuel, and for us, we want to ensure not only the domestic gas market but also expand that to the region and internationally.”
While calling on African countries to collaborate with one another in order to ensure even distribution of energy resources, Eyesan said collaboration is key as not all countries within the sub-region are endowed with equal with equal proportion of energy resources.
She noted that to ensure “that we continue to subsist within the sub-region, we must be willing to work collaboratively and ensure that there is even distribution of energy resources we have across the sub-region.”
On energy transition, Eyesan stated that the subject has evolved over the years, adding that for Sub-Saharan Africa, the narrative has been on how to address the energy poverty issue, while for Nigeria, the NNPC Ltd. will continue to look at areas where it has a competitive advantage to define the strategy.
Other energy experts on the panel are the Chief Upstream Strategist, Energy, S&P Global Commodity Insights, Bob Fryklund; the President of Pathways Alliance, Kendall Dilling; and the Executive Vice President, Exploration and Production International, Equinor, Philippe Mathieu.
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