NNPCL says Nigeria is facing low funding for domestic gas projects

Nigeria is currently facing challenges in securing adequate funding to develop its local gas projects.

This revelation was made by Oritsemeyiwa Eyesan, the Executive Vice President Upstream of the Nigerian National Petroleum Company Limited (NNPCL).

Eyesan, who is participating in the fortieth anniversary of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), stated that these challenges persist despite Nigeria having over 200 trillion cubic feet of proven gas resources and targeting compressed natural gas as its transition fuel.

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The 2024 ADIPEC conference is focusing on the impact of artificial intelligence on the oil and gas sector, as well as decarbonisation.

She disclosed that despite concerted efforts such as the decade of gas initiative, Nigeria still has to balance the goals of decarbonisation and tackling energy poverty.

However, Eyesan reiterated Nigeria’s commitment to the Oil and Gas Climate Initiative (OGCI), which brings together twelve of the largest oil and gas companies worldwide to lead the industry’s response to climate change and drastically reduce gas flaring by 2030.

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