Nigeria committed to pursuing gas as “low-carbon transition fuel”: NNPC
Nigeria is scaling up natural gas production as a low-carbon transition fuel, NNPC’s GCEO says, targeting $60 billion investment by 2030.
(Abuja, Nigeria) — The Group Chief Executive Officer (GCEO) of Nigeria National Petroleum Corporation (NNPC) Limited, Bayo Ojulari, reiterated Nigeria’s commitment to improving processes, technology, and operations to advance the production and utilisation of natural gas as a so-called “low-carbon transition fuel.”
He said this on Tuesday during his keynote address at the opening of the 24th Nigeria Oil and Gas (NOG) Energy Week.
In spite of many countries’ efforts to ditch natural gas and move towards cleaner energy, Ojulari said Nigeria is deepening natural gas production to support power generation, gas-based industries, transportation, economic development, and boost revenue under the national gas expansion programme and decade of gas 2021 to 2030.
“His Excellency, President Bola Ahmed Tinubu has given us a clear mandate, one that is both ambitious and achievable. In 2024 our industry attracted $17 billion in new investments. Our target is to increase investment across the energy value chain to a minimum of $30 billion by 2027 and $60 billion by 2030.
“These investments will underpin our national aspirations to raise production to 2 million barrels by 2027 sustainably, not peak, sustainable 2 million barrels, and 3 million barrels by 2030. Our greater goal is to achieve 10 bcf per day of gas by 2027 and attain 12 bcf per day by 2030. The roadmap to deliver this mandate is clear,” he said.
Ojulari noted that the company aims to achieve this ambitious vision through strategic partnerships with international oil companies (IOCs), indigenous producers, technology providers, contractors, consultants, and the capital market.
“We are prioritizing gas from upstream development to processing transportation and utilization. NNPC is fully aligned with the national gas expansion program. We believe natural gas is the magic bullet that will industrialize Nigeria, provide affordable power, reduce emissions, and improve lives.”
Call to action
Ojulari extended an open invitation to domestic and international partners to build and transform the landscape of Nigeria’s oil and gas. He noted that despite the challenges, there is unprecedented opportunity due to the reforms brought about by the Petroleum Industry Act, which has resulted in a regulatory and fiscal environment that is clear, stable, and investment-friendly, he said.
“Nigeria is your dependable partner, commercially focused, aligned with global standards. And Nigeria is a gateway not just to over 200 million people, but to an African continent that is awakening to its energy potential. Now is the time to invest. Now is the time to innovate. Now is the time to form partnerships that go beyond transactions and deliver long-term strategic transformation.”
He ended by reaffirming NNPC’s unwavering commitment to responsible energy leadership. “We aren’t just transforming a company, we are contributing to transforming a nation, from energy security to job creation, from infrastructure to innovation, from oil to renewables, NNPC is laying the foundation for a resilient, inclusive and sustainable energy future.”
(Writing by Samuel Ajala; editing by Sophie Davies)