• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Sectors Energy

OPEC says natural gas is set to become second-largest fuel in global energy mix

Nigeria to benefit from ongoing gas expansion programme

Omono Okonkwo by Omono Okonkwo
November 2, 2022
in Energy, Sectors
US launches last ditch effort to stop OPEC’s oil production cut to prevent damage to global economy
Share on FacebookShare on TwitterShare on Linkedin

The Organization of Petroleum Exporting Countries (OPEC) has projected that natural gas is set to become the second-largest fuel in the global energy mix by 2030. 

OPEC made this projection in its World Oil Outlook report which was released on Monday, October 31 and seen by Nairametrics.

According to the report, gas demand is projected to increase by 19.6 mboe/d to 56.3 mboe/d in 2045, supported by demand in all sectors. Natural gas is also expected to replace coal and traditional biomass use in coming years and remain a long-term fuel of choice.  

RelatedStories

OPEC, crude oil production

OPEC+ output falls short in May as members cut oil to offset quota breaches

June 16, 2025
OPEC, crude oil production

Jitters for Naira as OPEC+ increases production quota by 411,000 barrels per day  

May 31, 2025

Reason for the projected increase in gas use: The long-term potential for natural gas is based on sufficient gas resources and its relatively low CO2 emissions. This is why many countries intend to increase their share of gas in their energy mix. The percentage of natural gas in the global energy mix would increase from 23% in 2021 to almost 24.5% in 2045.   

Nigeria and other OPEC members will lead growth: The outlook report further noted that OPEC member countries like Nigeria will lead gas demand growth. This will lead to the share of non-OECD countries in total gas demand rising to 66% in 2045, up from 55% in 2021. 

Natural gas will also play an important role in the expansion of access to modern energy in Africa, thus reducing the traditional use of biomass for cooking and heating.  

Increased gas use will help curb climate change: OPEC believes that natural gas, as the cleanest hydrocarbon, is a perfect regional solution for Africa in the fight against climate change, as well as poverty, and one of the best solutions for sustainability. 

  • Natural gas is assumed to be Africa’s greatest opportunity as a long-term energy supply solution to help alleviate energy poverty and enhance the quality of life, specifically in sub-Saharan Africa.  
  • As a fuel for sustainable development, natural gas can provide accessibility, affordability, and reliability to African nations. 

The future for LNG exports in Africa is promising: According to the OPEC outlook, it is expected that Africa will be the source of more than 9% of the natural gas supply worldwide in 2050, compared to 6% in 2020. 

  • It is forecasted that Africa’s gas production will increase by an average growth rate of 2.8% per annum, from about 230 bcm in 2020 to around 520 bcm in 2050. This enormous expansion will enhance the role of Africa in global natural gas supplies and increase the region’s meaningful share in global gas production.  
  • Currently, Africa accounts about 71.1 million tons per annum (mtpa) of liquefied natural gas (LNG) liquefaction capacity located in Nigeria, Algeria, Angola, Cameroon, Egypt, and Equatorial Guinea.  

Ongoing gas projects in Africa: There are gas projects under construction amounting to 18.8 mtpa in Mauritania, Mozambique, and Senegal, 9 mtpa with a final investment decision (FID) in Congo and Nigeria, and 26.4 mtpa that are in different stages of Front-End Engineering Design (FEED) around the continent. Furthermore, proposed projects amount to 64 mtpa and there are 41.2 mtpa of potential and stalled projects. 

  • The International Energy Agency (IEA) had earlier projected that African natural gas consumption grows at an average of 3.3% per year to reach almost 195 bcm in 2025. This is primarily driven by industrial and power generation needs in Algeria, Egypt, and, Nigeria. The development of domestic production in West African countries drives the sub-region, which sees an average 6% growth rate per annum (excluding Nigeria), but the overall size of the market remains limited at about 14 bcm per year in 2025.

The Nigerian context: In 2020, Nigeria’s Ministry of Petroleum Resources inaugurated the National Gas Expansion Programme, which is aimed at making Nigeria a gas-based industrial country, by establishing gas as an automotive fuel, a resource for industries, captive power, and clean cooking.  

Based on OPEC’s projections, Nigeria could benefit immensely from natural gas if the NGEP is judiciously implemented. According to Kayode Oluwadare, a natural gas analyst who spoke to Nairametrics, Nigeria’s natural gas resources can be harnessed with the right investments and policy implementations. 

At the moment, Nigeria does not have 100% capacity to develop its gas assets. So, OPEC’s projections could be a nudge for investors to invest in the country so that domestic production can be upgraded.   

 


Follow us for Breaking News and Market Intelligence.
Tags: of the Organization of Petroleum Exporting CountriesOPEC
Omono Okonkwo

Omono Okonkwo

Omono Okonkwo is an accomplished Mass Communicator, with a remarkable track record spanning over a decade across various dimensions of the field. Her proficiency encompasses Print, Digital, and Broadcast Journalism, Copywriting, Research and Writing, Podcasting, Public Speaking, as well as a comprehensive grasp of Energy Markets. Her engagement in energy market coverage commenced officially in 2016, as she assumed the role of a country correspondent (Nigeria) with Natural Gas World, a subsidiary of Minoils Media based in Vancouver, Canada. Since then, Omono Okonkwo has consistently demonstrated excellence and left an indelible mark on the ever-evolving energy sector.

Related Posts

OPEC, crude oil production
Energy

OPEC+ output falls short in May as members cut oil to offset quota breaches

June 16, 2025
OPEC, crude oil production
Energy

Jitters for Naira as OPEC+ increases production quota by 411,000 barrels per day  

May 31, 2025
Crude oil prices
Breaking News

Crude oil price falls below $60, stoking fears of weaker naira and wider deficits 

May 5, 2025
OPEC
Energy

OPEC+ plans 2.2 million bpd oil output increase by November 

May 4, 2025
Latest crude oil price drop threatens Nigeria’s revenue and naira stability 
Energy

Nigerian Crude sells below $65 per barrel, OPEC revamps oil production

May 4, 2025
Oil and Gas sector
Energy

Nigeria’s oil production declined by 5% in February, falls short of OPEC quota – NUPRC data 

March 11, 2025
Next Post
NPC opens  ad-hoc staff e-recruitment portal for 2023 Census

NPC opens ad-hoc staff e-recruitment portal for 2023 Census

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • SEC warns against Zugacoin and Samzuga GPT, says they are not licensed in Nigeria 
  • DMO allots N4.01 billion in FGN Savings Bonds for June 2025  
  • UNFPA: 90% of Nigerian women aged 50 and above had fewer children than desired – Report

Follow us on social media:

Recent News

SEC warns Nigerians against investing in Risevest and Stecs  

SEC warns against Zugacoin and Samzuga GPT, says they are not licensed in Nigeria 

June 18, 2025
FGN Bonds, bond, DMO set to auction N150 billion in FGN Bonds to investors , FGN Bond for February 2020 oversubscribed by investors, DMO suspends April 2020 FGN savings bond offer

DMO allots N4.01 billion in FGN Savings Bonds for June 2025  

June 18, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics