NNPCL Finally Shares Reason for Low Funding for Domestic Gas Project

• Nigeria is currently facing the challenges of low funding to develop its local gas projects, according to the NNPC
• The executive vice president upstream of the NNPC said the challenges come despite Nigeria having over 200 trillion cubic feet of proven gas resources
• The official said Nigeria still has to contend with the balancing of decarbonisation and tackling energy poverty

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Nigeria is currently facing challenges in developing its local gas plants due to a lack of investment.

This was revealed by Oritsemeyiwa Eyesan, the Nigerian National Petroleum Company Limited's (NNPCL) executive vice president upstream.

Despite possessing more than 200 trillion cubic feet of known gas resources and aiming for compressed natural gas as its transition fuel, Eyesan, attending the 40th anniversary of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), stated that the difficulties still exist.

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Decarbonization and the effects of AI on the oil and gas industry are the main topics of the 2024 ADIPEC conference.

She disclosed that Nigeria continues to struggle with striking a balance between decarbonization and addressing energy poverty, even in the face of coordinated initiatives such as the Decade of Gas Plan.

However, Eyesan reaffirmed Nigeria's commitment to the Oil and Gas Climate Initiative (OGCI), which unites twelve of the biggest oil and gas corporations globally, to spearhead the sector's response to climate change and significantly reduce gas flaring by 20230.

As of January 1, 2024, Nigeria’s proven natural gas reserves were 209.26 trillion cubic feet (TCF), making it the world’s eighth-largest gas reserve holder and the largest in Africa.

Indian company to build $4 billion steel plant

Legit.ng previously reported that the minister of state for petroleum resources (Gas), Ekeperikpo Ekpo, secured a commitment from Jindal Group, an Indian firm, to offtake about 450 million metric standard cubic feet of natural gas daily for a $4 billion investment in a 10 million tonnes per annum steel plant.

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The plant would be at Ibom Solutions Hub Industrial Park, a free zone in Akwa Ibom State.

According to a Punch report, the project is expected to create thousands of jobs and position Nigeria as a hub for industrialisation and high-grade steel production.

Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.

Source: Legit.ng