KEY POINTS
- NNPCL plans to expand Nigeria’s gas reserves from 210 tcf to 600 tcf through exploration incentives.
- The company targets $60 billion investment and aims to boost gas production to 12bcfd by 2030.
- Global LNG supply disruptions and rising demand present new opportunities for Nigeria’s gas exports.
The Nigerian National Petroleum Company Limited, NNPC, has announced plans to significantly increase Nigeria’s proven gas reserves from about 210 trillion cubic feet to approximately 600 trillion cubic feet as part of a broader strategy to strengthen the country’s position in the global gas market.
The company also disclosed that it is working toward attracting about $60 billion in investments into Nigeria’s gas sector to accelerate exploration, production and infrastructure development.
This was revealed by the Executive Vice President, Gas, Power and New Energy at NNPC, Olalekan Ogunleye, during the CERAWeek Energy Conference organised by S&P Global in Houston, United States, according to a statement shared by the company.
$60bn investment drive to boost reserves
Ogunleye explained that the NNPC Gas Master Plan focuses on providing commercial incentives for gas exploration and development to grow Nigeria’s validated reserves from 210.5 trillion cubic feet to an estimated potential of about 600 trillion cubic feet.
He noted that the plan also aligns with the federal government’s mandate to raise gas production by 4.6 billion cubic feet per day, representing a 62 percent increase between the end of 2025 and 2030.
This would increase daily output to 12 billion cubic feet from the current 7.4 billion cubic feet.
According to him, the strategy is designed to move beyond projections, stressing that disciplined execution of annual work plans will ensure the country meets and surpasses its gas development targets.
Global tensions create opportunities for Nigeria
Ogunleye further stated that Nigeria is well positioned to play a more significant role in global liquefied natural gas and gas-based industry supply due to its strategic geographical location and abundant gas resources.
He explained that shipping constraints around the Strait of Hormuz, driven by tensions involving the United States, Israel and Iran, have highlighted Nigeria’s potential as a reliable LNG supplier to key markets.
He added that energy disruptions linked to geopolitical tensions in the Middle East have created new commercial opportunities for Nigeria, noting that demand for natural gas remains strong and is unlikely to slow despite global uncertainties.
Gas Master Plan targets industrial growth
Earlier in the year, NNPC unveiled its Gas Master Plan 2026, targeting 10 billion cubic feet per day of gas production to drive industrialisation and strengthen energy security.
The plan, launched at the NNPC Towers in Abuja, signals a renewed push by the federal government and industry stakeholders to unlock Nigeria’s gas potential through infrastructure development, market expansion and improved execution across the gas value chain.
