The Nigerian National Petroleum Company Limited (NNPC Ltd.) has rolled out ambitious strategies designed to dramatically expand the country’s natural gas holdings while drawing roughly $60 billion in fresh capital into the energy sector.
Details of the initiative first was disclosed on the company’s official X account on Friday, based on comments shared by Olalekan Ogunleye, NNPC’s Executive Vice President responsible for Gas, Power and New Energy.
He delivered the remarks while taking part in the CERAWeek energy conference organised by S&P Global in Houston.
Ogunleye used the platform of a panel discussion called “The New Gas Order: Market Depth and the Reshaping of Global Trade” to underscore Nigeria’s promising outlook.
“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,” he said.
He pointed out key strengths: “Our abundant gas resources, combined with our proximity to key markets, give Nigeria a competitive advantage in the global energy landscape.”
According to Ogunleye, a central element of the NNPC Gas Master Plan involves boosting the verified gas reserves from the current 210.5 trillion cubic feet up to an estimated 600 trillion cubic feet potential.
The executive also outlined production objectives, stating the aim is to lift daily gas output from 7.4 billion standard cubic feet to 12 billion by the year 2030.
This target would go beyond the Federal Government’s required 62 percent expansion.
“We are committed to attracting $60 billion in additional investments into the gas sector through commercial incentives and strategic partnerships.”
He emphasised the practical nature of the blueprint, saying, “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.”
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