Nigeria's Ekpo Announces $3.5bn Gas Investments Commitment

The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, announced that Nigeria has recorded $3.5 billion in gas investment commitments, with a goal of reaching $30 billion by 2030. This announcement was made during a media engagement where he reviewed the administration’s gas agenda since President Bola Tinubu appointed him on August 21, 2023.

Four major gas projects have reached final investment decision (FID): the Seny project ($122 million), the Obeta project ($566 million), the HI project ($2 billion), and the EMA project ($800 million). Additionally, a separate project worth approximately $3.5 billion is nearing execution following the resolution of its Gas Sales and Purchase Agreement.

Ekpo highlighted that the Midstream and Downstream Gas Infrastructure Fund has attracted about N1.6 trillion in private investment. He also mentioned that gas production has increased from 6.8 billion cubic feet per day in 2023 to 7.5 bcf/d, with a target of 10 bcf/d by 2027 and 12 bcf/d by 2030.