The Executive Vice President, Gas, Power and New Energy, NNPC Limited, Mr Olalekan Ogunleye, says 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.
Mr Ogunleye, who stated this during a panel discussion at the CERAWeek in Houston, noted that shifting global dynamics are creating new opportunities for Nigeria in the gas market.
He said the current Strait of Hormuz shipping constraint has further highlighted Nigeria’s unique positioning to be a major LNG and gas-based industries player, citing ongoing tensions involving the United States, Israel and Iran.
Mr Ogunleye 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.
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.
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” The initiative is designed to boost gas production by 62 per cent, 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”, he said.
Mr 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.
