Nigeria is currently facing the challenges of low funding to develop its local gas projects, according to the NNPCThe executive vice president upstream of the NNPC said the challenges come despite Nigeria having over 200 trillion cubic feet of proven gas resourcesThe official said Nigeria still has to contend with the balancing of decarbonisation and tackling energy poverty
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Nigeria is currently facing challenges in developing its local gas plants due to a lack of investment.
NNPC reaffirmed Nigeria’s commitment to the Oil and Gas Climate Initiative (OGCI). Photo credit: NNPC
Source: UGC
This was revealed by Oritsemeyiwa Eyesan, the Nigerian National Petroleum Company Limited’s (NNPCL) executive vice president upstream.
Despite possessing more than 200 trillion cubic feet of known gas resources and aiming for compressed natural gas as its transition fuel, Eyesan, attending the 40th anniversary of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), stated that the difficulties still exist.
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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.
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