NNPC plans $60bn investment to triple Nigeria’s gas reserves to 600 TCF

The Nigerian National Petroleum Company Limited (NNPC) has unveiled plan to expand the country’s gas reserves from 210 trillion cubic feet (tcf) to 600 tcf, while attracting around $60 billion in investments into the sector.

The announcement was made by Olalekan Ogunleye, NNPC’s executive vice president for gas, power & new energy at the CERAWeek energy conference hosted by S&P Global in Houston.

Speaking on a panel titled “The new gas order: market depth and the reshaping of global trade”, Ogunleye highlighted Nigeria’s strategic position in the global gas market.

Ogunleye said, “with the ongoing Strait of Hormuz shipping constraints stemming from geopolitical tensions in the Middle East, Nigeria is uniquely positioned to become a major supplier of LNG and gas-based industries.

“Our abundant gas resources, combined with our proximity to key markets, give Nigeria a competitive advantage in the global energy landscape.”

Ogunleye outlined the key deliverables of the NNPC Gas Master Plan, noting, “We aim to move Nigeria’s validated gas reserves from 210.5 tcf to an estimated potential of 600 tcf.

“Our goal is to increase gas production volumes from 7.4 billion standard cubic feet per day (bscfd) to 12 bscfd by 2030, exceeding the federal government’s mandate for 62% growth.”

“We are committed to attracting $60 billion in additional investments into the gas sector through commercial incentives and strategic partnerships,” Ogunleye averred.

He stressed that the gas master plan is grounded in disciplined execution rather than ambition alone.