The Nigerian National Petroleum Company (NNPC) Ltd. reaffirms its dedication to harnessing Nigeria’s abundant gas reservoirs to catalyze the country’s industrialization and economic progress.
According to the Chief Corporate Communications Officer of NNPC Ltd., Mr. Olufemi Soneye, speaking on behalf of Mrs. Oritsemeyiwa Eyesan, the Executive Vice President of Upstream, during a Panel Session at the ongoing 2024 CERAWeek Conference in Houston, Texas, United States, NNPC Ltd. aims to strategically utilize Nigeria’s vast gas resources for domestic industrialization and economic growth.
Eyesan emphasized Nigeria’s status as predominantly gas-rich, with over 200 trillion cubic feet (TCF) of gas reserves available for leveraging towards industrial and economic advancement. NNPC Ltd. intends to deepen domestic gas utilization, ensuring widespread benefits across the nation while optimizing the resource’s usage.
She highlighted NNPC Ltd.’s proactive approach in advancing infrastructural gas development through diverse projects spanning the country. The company’s objective is not merely to transition from an oil-centric to a gas-focused entity but to utilize gas for power generation and industrialization effectively.
Furthermore, Eyesan underscored NNPC Ltd.’s commitment to emission reduction and eliminating gas flaring. The company aims to capture and repurpose flared gas for domestic consumption, thereby augmenting its energy transition efforts.
Eyesan also emphasized NNPC Ltd.’s alignment with the government’s agenda of utilizing gas as a transitional fuel, with a broader vision to expand the domestic gas market regionally and internationally. She emphasized the necessity of collaboration among African nations to ensure equitable distribution of energy resources within the sub-region.
Addressing the energy transition, Eyesan noted its evolution and highlighted NNPC Ltd.’s focus on leveraging its competitive advantages to define its strategic approach, particularly in addressing energy poverty in Sub-Saharan Africa and Nigeria.
The panel comprised other distinguished energy experts, including Bob Fryklund, Chief Upstream Strategist at S&P Global Commodity Insights; Kendall Dilling, President of Pathways Alliance; and Philippe Mathieu, Executive Vice President of Exploration and Production International at Equinor.
