The Nigerian National Petroleum Company Limited (NNPCL) has announced its intention to attract $60 billion in new investments over the next five to seven years to enhance its gas infrastructure.
During the Gastech Exhibition and Conference in Milan, Italy, Bayo Ojulari, the Group Chief Executive Officer of NNPCL, shared this ambitious plan with a global audience representing 150 countries. He emphasized that the Federal Government is pursuing this investment to stimulate industrialization and solidify Nigeria’s standing in the international energy sector.
Ojulari outlined that the proposed investment is geared towards increasing Nigeria’s natural gas production to 12 billion cubic feet per day and expanding refinery capabilities to cater to the surging global energy demand. “We aim to secure at least $60 billion in investment within the next five to seven years, which represents just the beginning for our oil and gas sector. We are actively seeking investors to enhance production,” he stated.
He noted that the Petroleum Industry Act, enacted in 2021, has restructured NNPC into a limited liability company, allowing it to access direct funding and establish international partnerships. Currently, the company is producing around 1.6 million barrels of crude oil per day (bpd), with plans to elevate output to 2 million bpd by 2027 and 3 million bpd by 2030.
Ojulari highlighted several ongoing projects, such as the Ajaokuta–Kaduna–Kano pipeline, the extension of the West African Gas Pipeline to Morocco and Europe, and the expansion of the Nigeria LNG project. He pointed out that Nigeria already supplies 60% of LNG to Portugal and Spain, is progressing on Train 6, and plans to construct Train 7, anticipated for completion in 2026, with further developments for Trains 8 and 9.
“Nigeria boasts one of the most efficiently managed LNG businesses worldwide. We aim to capitalize on the current high energy demand, which is projected to increase further,” he remarked.
Regarding clean energy initiatives, Ojulari indicated that the government is promoting LPG adoption and has launched a program to distribute two million cylinders across the nation. Additionally, a Compressed Natural Gas transition scheme for vehicles and machinery is in progress.
Discussing Nigeria’s role in global energy security, he noted that geopolitical changes, particularly the Russia-Ukraine conflict, have expedited regional pipeline projects aimed at enhancing energy security. Ojulari pointed out that Nigeria is home to over 200 undeveloped oil and gas fields, presenting significant opportunities for international investors.
He also addressed how shifts in foreign policy impact Nigeria’s energy sector, stating that the country continues to attract investments from a diverse range of global players, including ExxonMobil, Chevron, Shell, Agip, and Total. “Nigeria represents a global market. While foreign policies can affect us, our priority is to establish a stable market and foster the right partnerships,” he affirmed.
Furthermore, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, reiterated Nigeria’s dedication to harnessing its vast reserves to drive industrialization, regional integration, and global energy security. He stressed that natural gas remains a pivotal element of Nigeria’s energy strategy, supporting industries, clean cooking, agriculture, job creation, and public health.
“Nigeria, as a gas nation, is committed to leveraging our natural gas to benefit our economy, our continent, and the wider world,” he assured.
Ekpo highlighted that the Nigeria Liquefied Natural Gas project is set to boost production capacity from 22 million metric tonnes per annum to 30 MTPA with the addition of Train 7. He also mentioned the promotion of regional pipeline diplomacy through the Nigeria-Morocco Gas Pipeline, a 5,000-kilometer transcontinental initiative connecting West Africa to Europe.
Efforts are underway to collaborate with Algeria and Equatorial Guinea on the Trans-Saharan Gas Pipeline to enhance regional energy connectivity. With an estimated 210 trillion cubic feet of gas reserves, the minister affirmed Nigeria’s openness to investors, supported by regulatory reforms and executive orders under President Bola Tinubu to foster an investor-friendly climate.
“Our natural gas serves as a bridge to renewables and as a foundational element for developing nations like Nigeria to ensure we are not left behind in the global energy transition,” he stated.
Nigeria’s active participation at the global summit underscores its ambition to emerge as a significant player in the evolving energy landscape.
(NAN)
