NNPCL finally discloses reason for low funding for domestic gas project

• Nigeria is currently facing the challenges of low funding to develop its local gas projects
• the Executive Vice President Upstream of the NNPC said the challenges is despite over 200 trillion cubic feet of proven gas resources
• She 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 now having trouble developing its local gas plants due to a lack of investment.

The Nigerian National Petroleum Company Limited's (NNPCL) executive vice president upstream, Oritsemeyiwa Eyesan, made this revelation.

Despite possessing more than 200 trillion cubic feet of known gas resources and aiming for compressed natural gas as its transition fuel, Eyesan, who is 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

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Indian company to Build $4 billion steel plant in Nigeria in exchange for natural gas

Legit.g reported that the Minister of State for Petroleum Resources (Gas), Ekeperikpo Ekpo, has 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.

The plant will 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.

Source: Legit.ng