The Nigerian National Petroleum Company Limited, NNPCL, says the country is targeting $60 billion in new investments over the next five to seven years to expand gas infrastructure.
Mr Bayo Ojulari, Group Chief Executive Officer of NNPCL, disclosed this while addressing a global audience from 150 countries at the opening of the Gastech Exhibition and Conference in Milan, Italy.
He further stated that the Federal Government was seeking the investment to boost industrialisation and reinforce the country’s position in the global energy market.
According to him, the planned investment was aimed at scaling up Nigeria’s natural gas production to 12 billion cubic feet per day and expanding the refinery capacity to meet growing global energy demand.
“We are seeking at least 60 billion dollars in investment over the next five to seven years, which for our oil and gas industry is just the tip of the iceberg.
“We are seeking investors to grow production,” he said.
Ojulari said the Petroleum Industry Act, signed into law in 2021, transformed NNPC into a limited liability company, enabling it to access direct funding and forge global partnerships.
He said that the company was currently producing about 1.6 million barrels of crude oil per day (bpd) with a mandate to grow output to 2 million bpd by 2027 and 3 million bpd by 2030.
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He highlighted the ongoing projects, including the Ajaokuta–Kaduna–Kano pipeline, the extension of the West African Gas Pipeline to Morocco and Europe, as well as the expansion of the Nigeria LNG project.
According to him, Nigeria already supplies 60 per cent of LNG to Portugal and Spain, and is currently on Train 6, constructing Train 7 to be completed in 2026, with plans for Trains 8 and 9.
“Nigeria has one of the best-run LNG businesses globally. We want to take advantage of the current high energy demand, which is also expected to go even higher,” he said.
On clean energy, Ojulari said government was driving LPG adoption and has launched a programme to deliver 2 million cylinders nationwide, while also rolling out a Compressed Natural Gas transition scheme for vehicles and machinery.
On Nigeria’s role in global energy security, he added that geopolitical shifts, such as the Russia-Ukraine war, had accelerated regional pipeline projects to strengthen energy security.
The NNPCL boss said Nigeria has over 200 undeveloped oil and gas fields, describing them as greenfield opportunities for international investors.
On how foreign policy shifts affect Nigeria’s energy sector, Ojulari said the country had been hosting investments from diverse global players including ExxonMobil, Chevron, Shell, Agip and Total.
“Nigeria is a global market. While foreign policies do impact us, our focus is on creating a stable market and building the right partnerships,” he said.
Also speaking, the Minister of State for Petroleum Resources (Gas), Mr Ekperikpe Ekpo, reaffirmed Nigeria’s commitment to leveraging its vast reserves to drive industrialisation, regional integration and global energy security.
He said that natural gas remained central to Nigeria’s energy strategy, powering industries, clean cooking, agriculture, job creation and public health.
“Nigeria as a gas nation is committed to using our natural gas to serve our economy, our continent, and other parts of the world,” he assured.
Ekpo noted that the Nigeria Liquefied Natural Gas project was set to raise production capacity from 22 million metric tonnes per annum to 30 MTPA with Train 7.
He said that the country was also pushing regional pipeline diplomacy through the Nigeria-Morocco Gas Pipeline, a 5,000-kilometre transcontinental project designed to connect West Africa to Europe.
He said that the government was also engaging with Algeria and Equatorial Guinea on the Trans-Saharan Gas Pipeline to expand regional energy interconnectivity.
With an estimated 210 trillion cubic feet of gas reserves, the minister said Nigeria was open to investors and had introduced regulatory reforms and executive orders under President Bola Tinubu to create an investor-friendly environment.
“Our natural gas is the bridge to renewables, and the anchor point for developing countries like Nigeria to ensure we are not left behind in the global energy transition,” he concluded.
The News Agency of Nigeria reports that Nigeria’s participation at the global summit underscores its ambition to become a key player in the evolving energy landscape.
NAN
