Mkpoikana Udoma
Port Harcourt — Nigeria is positioning itself to become a major global supplier of liquefied natural gas, LNG, and gas-based energy, leveraging its strategic location and vast reserves, the Executive Vice President, Gas, Power and New Energy at NNPC Limited, Mr. Olalekan Ogunleye, has said.
Speaking at the CERAWeek in Houston, Ogunleye noted that shifting global dynamics are creating new opportunities for Nigeria in the gas market.
“The current Strait of Hormuz shipping constraint has further highlighted Nigeria’s unique positioning to be a major LNG and gas-based industries player,” he said, citing ongoing tensions involving the United States, Israel and Iran.
He explained that Nigeria’s geographic location “in the middle of the global gas market,” combined with its abundant natural gas resources, gives it a competitive advantage in supplying both European and Asian markets.
Ogunleye also outlined key targets under the NNPC Gas Master Plan, aimed at unlocking the country’s full gas potential.
According to him, the plan will “provide commercial incentives for gas exploration and development” to grow Nigeria’s proven reserves from 210.5 trillion cubic feet, tcf, to an estimated 600 tcf.
He added that the initiative is designed to boost gas production by 62 percent, increasing output from 7.4 billion standard cubic feet per day, bscfd, to 12 bscfd by 2030.
The plan is also expected to attract up to $60 billion in new investments into the gas sector.
Ogunleye stressed that the strategy is practical and execution-driven.
“The plan is neither aspirational nor theoretical, the key characteristic is the application of execution discipline to ensure that gas development growth targets are not just met but surpassed,” he said.
Nigeria’s push comes at a time of increasing global demand for cleaner energy sources, with gas expected to play a critical role in the transition.
This article was originally posted at sweetcrudereports.com
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