Nigeria is grappling with limited funding to advance its extensive local gas projects, according to Oritsemeyiwa Eyesan, Executive Vice President for Upstream at the Nigerian National Petroleum Company Limited (NNPCL). Eyesan, speaking at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) marking its 40th anniversary, highlighted that despite Nigeria’s 209.26 trillion cubic feet of proven natural gas reserves, financial hurdles are hampering the country’s ambition to leverage compressed natural gas as a transition fuel.
Eyesan pointed out that although Nigeria has taken steps to boost its gas sector through initiatives like the “Decade of Gas” program, significant obstacles remain. “The country still faces the dual challenge of reducing emissions and tackling energy poverty,” she said. This comes as the 2024 ADIPEC event places a spotlight on the growing influence of artificial intelligence in the oil and gas industry and the drive toward decarbonization.
The NNPCL executive reaffirmed Nigeria’s commitment to the Oil and Gas Climate Initiative (OGCI), an alliance of twelve global oil giants dedicated to combating climate change and drastically cutting gas flaring by 2030. The country, already Africa’s leader in gas reserves and ranked eighth globally, remains determined to play a significant role in the shift toward sustainable energy solutions.
