By: Amadi Vincent Uzoma
The Group Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPC) Limited, Mr. Mele Kyari, has suggested that the Final Investment Decision (FID) for the $25 billion Nigeria-Morocco Gas Pipeline (NMGP) Project will be finalized by 2025.
Kyari made this indication on Tuesday during a Leadership Dialogue Session at the ongoing CERAWeek Conference in Houston, United States.
In a statement, the Chief Corporate Communications Officer of NNPC Ltd., Olufemi Soneye mentioned that the GCEO also called for a unique approach to achieve energy transition in Africa.
Kyari pointed out that energy transition is a complex issue for many countries in sub-Saharan Africa due to differing geographical conditions. He emphasized the importance of ensuring energy supply security before focusing on energy transition, particularly in regions currently facing energy availability challenges.
The GCEO highlighted the necessity of addressing the supply gap before considering alternative energy sources. He mentioned that despite the push for renewable energy sources, the required funding for such projects must be in place.
Kyari stressed the importance of utilizing Nigeria’s abundant gas resources to support energy needs, highlighting gas as a cost-effective means to achieve energy transition.
NNPC Ltd’s current focus is on enhancing its gas delivery capabilities within the domestic market and beyond. Kyari mentioned ongoing efforts related to the Nigeria-Morocco Gas Pipeline Project (NMGP) to establish a pipeline network passing through multiple African countries to Europe.
He reiterated that the FID for the $25 billion Nigeria-Morocco Gas Pipeline (NMGP) Project is expected to be determined by December 2024.
Kyari underlined NNPC Ltd’s crucial role in Nigeria’s resource management and economic development as the largest oil and gas company and corporate entity in Africa.
He discussed how the Petroleum Industry Act (PIA) 2021 has led to reforms in Nigeria’s oil and gas sector, positioning NNPC Ltd as a commercially accountable entity working towards being listed on the stock exchange.
Regarding crude oil theft, Kyari mentioned that collaborative efforts have been successful in improving oil production restoration following instances of theft, thus boosting investor confidence.
CERAWeek, a prominent global energy conference held annually in Houston, United States, brings together energy industry experts and leaders to discuss energy’s future as it evolves to address new technologies and climate concerns. The upcoming 2024 conference will focus on strategies for the energy transition, responding to emission reduction demands, and promoting cleaner energy solutions.
