The Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPC Ltd.), Mele Kyari, has said that Nigeria has a huge opportunity to drive economic growth and industrial revolution by leveraging on its over 200 trillion Cubic Feet (Tcf) of Gas Reserves.
This is contained in a statement by the Chief Corporate Communications Officer of NNPC, Olufemi Soneye on Wednesday.
Soneye relayed Kyari’s statement that natural gas is key to Nigeria’s economic and industrial progress.
The GCEO, represented by Oluwakemi Olumuyiwa of NNPC Ltd., also explained the significance of keeping detailed records of Nigeria’s gas sector.
- “The GCEO underscored the significance of prioritising natural gas production and supply, particularly in the context of geopolitical dynamics and energy security in the global economy.
- “With Nigeria boasting substantial gas reserves exceeding 200 trillion cubic feet (Tcf) and the potential to reach 600 Tcf, the GCEO said it is pertinent that Nigeria leverages the gas resource for sustainable development, energy security, and job creation.
- “He noted that the book aligns with the Federal Government’s “Decade of Gas” initiative, aimed at optimising Nigeria’s abundant gas reserves for both domestic consumption and international export.
- “Kyari added that, as a key stakeholder, NNPC Ltd. Has played a leading role in advancing the “Decade of Gas” agenda through strategic investments in critical gas infrastructure such as pipelines and processing facilities,” the statement read in part.
What you should know
Earlier last year, Nairametrics reported NNPCL announced its plan to triple the natural gas reserves from over 200 trillion cubic feet to 600 trillion cubic feet.
- Mele Kyari, the firm GCEO, said the plan aims to see Nigeria reach its net zero targets by 2060.
- Moreover in January, NNPC also brokered a deal with a South Korean consortium led by Daewoo E & C to develop gas projects in Nigeria.
- It also important to note that President Bola Tinubu recently signed executive orders aimed at enhancing the investment environment and establishing Nigeria as the top choice for investments in the oil and gas industry across Africa.
- All these developments are being implemented to ensure Nigeria’s Energy Transition Plan by investing in low carbon emission opportunities including natural gas to meet its net zero targets by 2060.