The Nigerian National Petroleum Company Limited (NNPCL) disclosed on Tuesday that funding constraint remained one of the major challenges undermining current drives to optimally execute sundry gas projects in the country.
The Executive Vice President Upstream of the Nigerian National Petroleum Company Limited (NNPCL), Oritsemeyiwa Eyesan, made this disclosure during the 40th Anniversary of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC).
Eyesan said the funding challenge persisted despite Nigeria’s over 200 trillion cubic feet of proven gas reserves and the Federal Government’s target to invest in compressed natural gas (CNG) as its transition fuel in order to mitigate the risks of carbon emissions to the environment.
The industry top player also pointed out that despite some key projects like the Decade of Gas initiative, Nigeria continued to contend with the balancing of decarbonisation and tackling energy poverty.
Eyesan, however, reiterated Nigeria’s commitment to the Oil and Gas Climate Initiative (OGCI), initiated to bring together 12 of the largest oil and gas companies globally, to lead the industry’s response to climate change and cut gas flaring drastically by 2030.
Available official data showed that as of January 1 this year, Nigeria’s proven natural gas reserves totalled 209.26 trillion cubic feet (TCF), making it the world’s eighth largest gas reserves holder and Africa’s largest producer
The 2024 ADIPEC conference is focusing on the impact of artificial intelligence on the oil and gas sector, as well decarbonisation.
