The Nigerian National Petroleum Company Limited (NNPCL) has set an ambitious target to increase the country's gas reserves from 215 trillion cubic feet (tcf) to over 600 tcf by the year 2030. This initiative aims to position Nigeria as a prominent global gas hub, with plans to ramp up national production to 12 billion cubic feet per day (Bcf/d).

In a statement released on Monday, Olalekan Ogunleye, the Executive Vice President for Gas, Power & New Energy at NNPCL, outlined the strategic framework guiding this development. The company is leveraging its existing proven gas reserves to enhance domestic industrialization and expand its export capabilities. Ogunleye emphasized that the Gas Master Plan (GMP) is a crucial tool designed to bridge the gap between Nigeria's current reserves and its potential.

Ogunleye stated, "Gas development and monetisation from Nigeria’s standpoint is a purely commercial play. NNPC Ltd. is implementing a Gas Master Plan engineered as a gap-to-potential tool to move Nigeria from a 215 tcf reserves position to above 600 tcf."

The company aims to achieve a near-term target of increasing national gas production to 10 Bcf/d by 2027, progressing to 12 Bcf/d by 2030. This ambitious plan is supported by the Petroleum Industry Act (PIA), the Decade of Gas Framework, and the GMP, which collectively reinforce the coordination necessary for successful implementation.

Nigeria is already recognized as a reliable supplier of gas on the global stage, with significant contributions from the Nigeria LNG Trains 1-6, which have produced 22 million tonnes per annum and exported over 6,000 LNG cargoes since their inception in 1999. The completion of Train 7 is anticipated in 2027, further enhancing the country's production capacity.

Ogunleye highlighted Nigeria's geographical advantage, noting its access to both the Atlantic Basin and Asian markets, positioning the nation as a strategic supplier to these global markets. He also pointed out that the dual pathway approach adopted by Nigeria allows for both domestic gas utilization and gas exports, creating a balance that supports economic growth.

The strategy is expected to generate employment opportunities, enhance energy security, and improve the overall economic well-being of the nation. Ogunleye also mentioned that Nigeria has mitigated risks associated with new LNG projects through a robust legal and regulatory framework, along with attractive fiscal incentives for investors.

He concluded by stating, "With continued efforts towards stable security, competitive gas pricing, and assured gas supply, there is no better time for investors and financiers to confidently participate in the development of Nigeria’s LNG projects."

This announcement comes as Nigeria prepares to participate in GASTECH, the world’s largest exhibition and conference focused on natural gas, LNG, hydrogen, and low-carbon solutions, which will gather energy experts, policymakers, and investors from around the globe to discuss future energy security and infrastructure investment.