The Nigerian National Petroleum Corporation (NNPC) says its gas master plan will become full-blown in the next three years to deliver optimum energy needs of the country and to dominate the export market.
NNPC also said the nation would experience tremendous improvement in the gas infrastructure.
The Group Managing Director of NNPC, Malam Mele Kyari, stated this on Tuesday in Abuja at the 20th edition of the Nigerian Oil and Gas conference while speaking on the sub-theme, “Vision and priorities for Nigeria’s energy transformation.”
Persecondnews reports that the theme of the conference is, “Fortifying the Nigerian Oil and Gas Industry for Economic Stability and Growth.”
According to Kyari, the corporation is harnessing and consolidating its massive investments in the gas sector to satisfy the energy needs of the country and also for exports.
On the possible extinction of fossil fuels by 2050, the NNPC said:” Arguments that fossil fuel will no longer be in use by 2050, such assumptions may not be realistic based on current economic realities.”
As an oil company, the NNPC, he said had started taking steps to create “the right balance between fossil fuel and renewables.”
Kyari said: “If oil could provide the fulcrum for us, one thing we are also sure of is that gas is everything, no one has said correctly when deep gas will come, there are talks around 20-30 years to come which is still far away .
”It means there is still space for us to operate in. and therefore our focus is to deepen gas monetization not really consumption.
“That means we will have to do both domestic and for export.”
He said gas is the way to go to deepen the country’s energy mix as a developing country like Nigeria as a resource dependent nation.
“Currently, the focus for the corporation and its partners is to make sure that gas development is achieved.
“The next step for us is to see how we can accelerate those developments, bring in more investment, create the right atmosphere just as NLNG has pointed out and the key issue is pricing, nobody has the right pricing whether or not you can recover your value.
“We know there are issues around revenue collection, but gradually they are being resolved by the government substantially, but I know that the domestic market will work for us,” Kyari said.