Mele Kyari, the CEO of Nigerian National Petroleum Company Limited has stated that the company plans to triple Nigeria’s natural gas reserves from over 200 trillion cubic feet to 600 trillion cubic feet.
Kyari stated this at the launch of Nigeria’s Energy Transition Plan on Wednesday in Abuja where he said the plan aims to see Nigeria reach its net zero targets by 2060 by investing in low carbon emission opportunities including natural gas, and also take 100 million Nigerians out of poverty in a decade.
The Corporation’s optimism is as a result of more investments that are expected due to the recent signing of production sharing contracts with partners and the empowerment of NNPC by the Petroleum Industry Act to take full responsibility for commercial operations.
What the NNPC chief is saying
Kyari said the plan is coming a month after the unveiling of NNPC Limited, with a clear vision and renewed commitment towards upscaling Nigeria’s Energy relevance in the global energy market while ensuring energy security for Nigeria
- He said, “NNPC Limited is a fully commercial enterprise and is well-positioned to serve the African continent in a just and gradual energy transition.
- “Nigeria like other African countries is endowed with an increasingly young population which needs a stronger economy to generate the environment for employment and relive citizens from poverty to prosperity,
- “NNPC recognises the importance of the activity of the oil and gas sector, as a significant contributor to carbon emissions and its consequent impact on climate. We have taken steps to decarbonize our operations by primarily extinguishing gas flaring from our operations, pursuing carbon capture initiatives, and technological adaptations that support low carbon operations while focusing on gas and energy transition.
- Kyari added that NNPC is taking advantage of Nigeria’s huge natural gas reserves of over 200 trillion cubic feet of gas, with the potential to grow to 600 trillion cubic feet, as more investments are expected due to the recent signing of production sharing contracts with partners and the empowerment of NNPC by the Petroleum Industry Act to take full responsibility for commercial operations.
- “This will provide the resources for a low carbon energy alternative that will support growth in the power and industrial sectors, address energy operations, reduce carbon footprint and create more employment opportunities.
- “NNPC supports the FG Natural gas expansion plan which seeks to deepen Natural gas, an alternative transportation fuel. We are working to ensure timely development of infrastructure projects including the Abuja -Kaduna – Kano gas pipeline corridor and associated power plants, and also Nigeria-Morocco trans-Saharan gas pipeline,” Kyari said.
Kyari said that going forward, the NNPC Ltd will leverage partnerships with government and institutions to pursue commercially viable new energy ventures in Nigeria.
What you should know
The public launch of the Nigeria Energy Transition Plan showcased Nigeria’s pathway to achieving net-zero emissions by 2060 and their leadership role in enabling a just and equitable climate future for Africa, with the ultimate objective of mobilizing the finance required to jumpstart implementation of the Plan.
It highlights Nigeria’s commitment and ambition in achieving carbon neutrality while also ending energy poverty, which will lift 100 million people out of poverty, drive economic growth, and bring modern energy services to the entire population;
- Create awareness to drive demand in other African countries by emphasizing the need for data-driven country-level energy transition plans in order to achieve a just, inclusive and equitable energy transition for all ahead of the ‘African COP’ hosted by Egypt;
- Mobilize new partners by showcasing existing support for data-driven energy transition planning from international partners, including Sustainable Energy for All, The World Bank, The Rockefeller Foundation, and the Global Energy Alliance for People and Planet;
- Mobilize investors and the private sector by showcasing concrete projects to deliver the transition goals while creating significant market opportunities
- Announce new opportunities for solar energy companies to obtain results-based finance from the Universal Energy Facility as part of a new financing window focused on supporting Stand-Alone Solar for Productive Use.
