NNPC targets 600tcf reserves, raises gas production

The Nigerian National Petroleum Company Limited (NNPC) has set ambitious targets to enhance Nigeria's gas reserves and production capacity. By 2030, NNPC aims to increase the country's gas reserves from the current 215 trillion cubic feet (tcf) to over 600 tcf and boost national production to 12 billion cubic feet per day (Bcf/d).

NNPC's Executive Vice President for Gas, Power & New Energy, Olalekan Ogunleye, revealed this during a statement issued by the Chief Corporate Communications Officer, Andy Odeh. Ogunleye emphasized that Nigeria was leveraging its proven gas reserves to fuel domestic industrialization and broaden its export reach. The company is implementing a Gas Master Plan to transform its gas reserves beyond 600 tcf.

Ogunleye highlighted that gas development and monetization for Nigeria is a commercial strategy, and the company is utilizing a gap-to-potential tool to achieve this goal. The focus is on reinforcing coordination under the Petroleum Industry Act, Decade of Gas Framework, and the Gas Master Plan. By 2027, NNPC plans to increase national gas production to 10 Bcf/d and 12 Bcf/d by 2030.

Nigeria is already a reliable global gas supplier, with six LNG trains producing 22 million tonnes annually and exporting over 6,000 LNG cargoes since 1999. Train 7 is scheduled for completion in 2027. Nigeria's strategic location, with access to the Atlantic Basin and Asian markets, positions it as a key global gas supplier. Ogunleye stressed that domestic gas utilization and exports are not mutually exclusive, and Nigeria's dual strategy will enhance foreign exchange earnings, energy security, and economic wellbeing.

The NNPC's efforts to de-risk new LNG projects through a robust legal and regulatory framework supported by attractive fiscal incentives have attracted investor and financier confidence.