Nigeria’s domestic gas projects are facing a significant funding shortfall, according to Oritsemeyiwa Eyesan, Executive Vice President Upstream of the Nigerian National Petroleum Company Limited (NNPCL) . Despite having over 200 trillion cubic feet of proven gas resources, Nigeria is struggling to develop its local gas projects. The country is targeting compressed natural gas as its transition fuel, but challenges persist.
The 2024 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) is focusing on the impact of artificial intelligence on the oil and gas sector, as well as decarbonization. Eyesan, who is participating in the conference, highlighted the need to balance decarbonization with tackling energy poverty. Nigeria has made efforts to address this through the Decade of Gas initiative, but more work is needed.
On a positive note, Nigeria has committed to the Oil and Gas Climate Initiative (OGCI), which brings together 12 of the largest oil and gas companies worldwide to lead the industry’s response to climate change. The goal is to drastically cut gas flaring by 2030 .
Key Statistics:
- Proven Natural Gas Reserves: 209.26 trillion cubic feet (TCF) as of January 1, 2024
- Global Ranking: 8th largest gas reserve holder worldwide
- African Ranking: Largest gas reserve holder in Africa
Nigeria’s gas sector has significant potential, but addressing the funding shortfall is crucial to unlocking it.
