The Nigerian National Petroleum Company Limited (NNPC) has outlined an ambitious plan to expand Nigeria’s gas reserves to about 600 trillion cubic feet (tcf) and mobilise roughly $60 billion in fresh investments into the sector.
The initiative forms part of the company’s Gas Master Plan designed to scale up exploration, increase production and strengthen Nigeria’s position in the global gas market.
NNPC disclosed this in a statement posted on its official X handle on Friday, citing remarks by its Executive Vice President for Gas, Power and New Energy, Olalekan Ogunleye, at the CERAWeek energy conference organised by S&P Global in Houston, United States.
Ogunleye spoke during a panel session titled “The New Gas Order: Market Depth and the Reshaping of Global Trade,” where he highlighted Nigeria’s strategic advantage in the evolving global gas market.
He noted that shipping constraints around the Strait of Hormuz caused by geopolitical tensions in the Middle East could create opportunities for alternative suppliers, including Nigeria, to increase exports of liquefied natural gas (LNG) and gas-based products.
According to him, Nigeria’s abundant gas resources and geographical proximity to major markets place the country in a strong position to benefit from the shifting dynamics in global energy trade.
Ogunleye explained that the company aims to expand Nigeria’s validated gas reserves from about 210.5 trillion cubic feet to an estimated potential of 600 trillion cubic feet.
He added that the plan also seeks to raise gas production from the current 7.4 billion standard cubic feet per day (bscfd) to about 12 bscfd by 2030, surpassing the Federal Government’s target of 62 per cent growth in the sector.
The NNPC executive said the company is working to attract approximately $60 billion in investments through improved commercial incentives and strategic partnerships with both local and international investors.
He emphasised that the Gas Master Plan is focused on practical implementation, noting that its success would depend on strict adherence to annual operational plans and disciplined project execution.
Ogunleye added that the strategy is expected to boost Nigeria’s role in the global LNG market while supporting the development of gas-based industries at home.
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