Nigeria is grappling with significant funding challenges in developing its domestic gas projects, according to Oritsemeyiwa Eyesan, Executive Vice President of Upstream for the Nigerian National Petroleum Company Limited (NNPCL). Speaking at the fortieth anniversary of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), Eyesan emphasized that despite Nigeria’s over 200 trillion cubic feet of proven gas reserves and its focus on compressed natural gas as a transitional fuel, the country faces funding shortages that are slowing its progress.
The 2024 ADIPEC conference, held under the theme of artificial intelligence and decarbonization in the oil and gas sector, highlighted the evolving role of technology in energy. Eyesan noted that despite initiatives like Nigeria’s “Decade of Gas,” the country must balance its decarbonization goals with the urgent need to address energy poverty.
Eyesan also reaffirmed Nigeria’s commitment to the Oil and Gas Climate Initiative (OGCI), a coalition of twelve of the world’s largest oil and gas companies dedicated to tackling climate change. Through the OGCI, Nigeria aims to significantly reduce gas flaring by 2030.
As of January 1, 2024, Nigeria’s confirmed natural gas reserves stood at 209.26 trillion cubic feet (TCF), ranking it as the world’s eighth-largest holder of gas reserves and the largest in Africa.
