NNPC targets 600tcf reserves, raises gas production

The Nigerian National Petroleum Company Limited has unveiled plans to increase Nigeria’s gas reserves from 215 trillion cubic feet to over 600tcf and raise national production to 12 Bcf/d by 2030 as part of efforts to position the country as a global gas hub.

The NNPC Ltd.’s Executive Vice President, Gas, Power & New Energy, Olalekan Ogunleye, disclosed this in a statement issued by the Chief Corporate Communications Officer, Andy Odeh, on Monday.

Ogunleye said Nigeria was leveraging its over 215 trillion cubic feet of proven gas reserves to power domestic industrialisation and expand its export reach. He said the company was implementing a Gas Master Plan designed to move the country’s gas reserves beyond 600tcf.

“Gas development and monetisation from Nigeria’s standpoint is a purely commercial play. NNPC Ltd. is implementing a Gas Master Plan engineered as a gap-to-potential tool to move Nigeria from a 215tcf reserves position to above 600tcf,” Ogunleye stated.

He explained that the company’s focus was hinged on reinforcing coordination anchored on the Petroleum Industry Act, Decade of Gas Framework and the Gas Master Plan.

According to the statement, “He explained that the Company’s focus is hinged on reinforcing coordination, anchored on the Petroleum Industry Act, Decade of Gas Framework and the GMP, with the near-term target to ramp up national production of gas to 10 billion standard cubic feet per day by 2027 and 12 Bcf/d by 2030.”

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Ogunleye said Nigeria was already a reliable global supplier of gas and was on a major expansion drive, citing the Nigeria LNG Trains 1-6, which produce 22 million tonnes per annum and have exported over 6,000 LNG cargoes since 1999.

He added that Train 7 was due for completion in 2027. The NNPC executive said Nigeria’s geographical advantage, with access to the Atlantic Basin and Asian markets, had positioned the country as a strategic supplier to global markets.

He said this advantage was complemented by Nigeria’s substantial gas resource base and the national focus on gas development.

Ogunleye stressed that domestic gas utilisation and gas exports were not mutually exclusive, saying Nigeria had adopted a dual pathway that would enable the country to earn foreign exchange from exports while expanding domestic gas utilisation.

He said the strategy would create jobs, deepen energy security and improve economic wellbeing. Ogunleye also said Nigeria had de-risked new LNG projects through a robust legal and regulatory framework supported by attractive fiscal incentives.

“With continued efforts towards stable security, competitive gas pricing and assured gas supply, there is no better time for investors and financiers to confidently participate in the development of Nigeria’s LNG projects,” Ogunleye concluded.