NNPC Aims for 600 Trillion Cubic Feet Gas Reserves

The Nigerian National Petroleum Company Limited (NNPCL) aims to grow Nigeria's gas reserves from the current 210 trillion cubic feet to 600 trillion cubic feet, with a target of attracting $60 billion in investments into the gas sector. This announcement was made by Olalekan Ogunley, the Executive Vice President of Gas Power and New Energy, during the CERAWeek energy conference hosted by S&P Global in Houston.

Ogunley reiterated Nigeria's significant role as a major supplier in the global LNG gas market, particularly given its strategic geographical position amidst current geopolitical tensions, such as the U.S.-Israel vs. Iran conflict.

He stated that the plans outlined are not merely aspirational but are characterized by a disciplined execution strategy through an annual work plan aimed at ensuring that gas development and growth targets are not only met but surpassed. Earlier in the year, NNPCL unveiled a target of producing 10 billion cubic feet of gas daily to drive industrialization and strengthen Nigeria's energy security.