By Ayomide Otitoju
Nigeria’s push to develop its domestic gas projects is being hindered by inadequate funding, according to Oritsemeyiwa Eyesan, Executive Vice President, Upstream, at Nigerian National Petroleum Company Limited (NNPCL). Speaking at the 40th Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), Eyesan highlighted the challenges, even with Nigeria’s vast natural gas reserves exceeding 200 trillion cubic feet (TCF).
Despite these substantial reserves and a focus on compressed natural gas as a transition fuel, Nigeria is grappling with the dual challenge of advancing decarbonization while addressing energy poverty. Eyesan cited ongoing initiatives, such as the “Decade of Gas,” but emphasized the need for balanced progress between environmental goals and expanding energy access.
This year’s ADIPEC conference centers on the transformative role of artificial intelligence in oil and gas, as well as the industry’s decarbonization efforts. Eyesan reaffirmed Nigeria’s commitment to the Oil and Gas Climate Initiative (OGCI), an alliance of twelve global energy leaders working to combat climate change and aiming to end routine gas flaring by 2030.
As of January 1, 2024, Nigeria holds 209.26 TCF in proven natural gas reserves, positioning it as the eighth-largest in the world and Africa’s leading gas reserve holder.
