Nigeria Attracts $20bn Gas Investments Amid Oil Production Surge

The Citizens Forum for Energy Accountability and Development (CFEAD) praised the Nigerian National Petroleum Company Limited (NNPC Ltd.) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for attracting over $20 billion in gas investments. This achievement coincides with Nigeria's oil production hitting 1.71 million barrels per day, the highest level in five years.

CFEAD's Executive Director, Patriot Unazi Gideon, noted that recent announcements by NNPC Group Chief Executive Officer, Bayo Ojulari, and NUPRC Commission Chief Executive, Oritsemeyiwa Eyesan, reflect significant reforms and operational discipline. The agreements secured by NNPC include 1.29 billion standard cubic feet per day of long-term LNG feed gas and 750 million standard cubic feet per day of domestic industrial gas supply.

Additionally, NNPC reduced operating costs by $3.4 billion and achieved a six percent rise in crude oil production. CFEAD highlighted the potential economic benefits of these reforms, emphasizing the need for improved public revenue and job creation.