Nigeria is currently facing the challenges of low funding to develop its local gas projects.
This was revealed by the Executive Vice President Upstream of the Nigerian National Petroleum Company Limited (NNPCL) Oritsemeyiwa Eyesan.
Eyesan who is participating in the fortieth anniversary of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), said the challenges persist despite having over 200 trillion cubic feet of proven gas resources and targeting compressed natural gas as its transition fuel.
The 2024 ADIPEC conference is focusing on the impact of artificial intelligence on the oil and gas sector, as well decarbonisation.
She revealed that despite concerted efforts like the decade of gas initiative, Nigeria still has to contend with the balancing of decarbonisation and tackling energy poverty.
Eyesan, however, reiterated the commitment of Nigeria to the Oil and Gas Climate Initiative (OGCI) bringing together twelve of the largest oil and gas companies worldwide, to lead the industry’s response to climate change and cut gas flaring drastically by 20230.
As of January 1, 2024, Nigeria’s proven natural gas reserves were 209.26 trillion cubic feet (TCF), making it the world’s eighth-largest gas reserve holder and the largest in Africa.
