Nigeria is grappling with inadequate funding for domestic gas development, even as the nation boasts over 200 trillion cubic feet of proven gas reserves.
The Executive Vice President Upstream of the Nigerian National Petroleum Company Limited (NNPCL), Oritsemeyiwa Eyesan, disclosed this at the fortieth anniversary of the Abu Dhabi International Petroleum Exhibition and Conferenceing(ADIPEC).
Eyesan emphasized that, despite the government’s drive to position compressed natural gas as a transition fuel and initiatives like the Decade of Gas, financial challenges have hindered significant progress. She also pointed out the struggle to balance decarbonization efforts with addressing widespread energy poverty in Nigeria, which complicates the country’s energy ambitions.
At the 2024 ADIPEC conference, themed around artificial intelligence and decarbonization in the oil and gas sector, Eyesan reiterated Nigeria’s dedication to global environmental goals. Specifically, she noted the country’s commitment to the Oil and Gas Climate Initiative (OGCI), a consortium of twelve major oil and gas firms working to combat climate change, including a pledge to significantly reduce gas flaring by 2030.
As of January 1, 2024, Nigeria’s gas reserves stood at 209.26 trillion cubic feet, making it the largest holder in Africa and the eighth-largest globally. Despite this, Eyesan stressed that more investment is crucial to unlock the full potential of these resources for economic and energy transition purposes.
