Nigeria will have another huge opportunity to speak to a wider audience especially investors itching to fund hydrocarbon projects on the country’s pathway towards sustainable energy transition.
The Minister of State for Petroleum Resources (Gas) Ekperikpe Ekpo, is billed to deliver a keynote address at the African Energy Week (AEW): Invest in African Energy 2024 conference, taking place in Cape Town from November 4-8.
Following key major project developments, in the country Ekpo’s participation at Invest in African Energy would showcase Nigeria’s enabling environment, favorable investment policies and strong returns in the oil and gas sector.
During the event, Ekpo will affirm the Ministry’s vision for the natural gas sector, focused on expanding domestic gas usage, enhancing gas-fired generation capabilities and establishing diversified downstream industries.
Recently appointed as the Co-Chairman of the Governing Council of the Nigerian Content Development and Monitoring Board, Ekpo is also poised to outline the role of gas exploration and development in creating jobs, upskilling the local workforce and enabling knowledge and technology transfer.
“The Chamber applauds Minister Ekpo’s unmitigated support to bringing energy to millions of Africans, while paving the way for strong socioeconomic development in Nigeria and West Africa.
We are encouraged by the successes we have seen so far – including multi-million-dollar FIDs on major gas projects – and look forward to Nigeria’s role in championing gas development at this year’s AEW conference,” states African Energy Chamber Executive Chairman, NJ Ayuk.
The Minister’s participation follows the launch of three new gas projects in Nigeria aimed at increasing gas supply by 25 per cent.
Launched by President Bola Tinubu last month, the expanded AHL Gas Processing Plant, ANOH Gas Processing Plant and 23.3-km ANOG to Obiafu-Obrikom-Oben Custody Transfer Metering Station Gas Pipeline will collectively produce roughly 500 million standard cubic feet of gas per day, to be supplied to the domestic market.
The realization of these projects is poised to ensure gas-fueled growth in the country, while showcasing Nigeria as a favorable investment destination for global investors and establishing critical gas infrastructure.
AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy.
To unlock Nigeria’s immense gas potential, the country aims to gain a stronger foothold in the global marketplace and become a top-10 destination for energy investment.
Last month, French multinational TotalEnergies and the Nigerian National Petroleum Company Limited, (NNPC), announced a $550-million FID for the development of the Ubeta gas field. Set to produce 350 million cubic feet of gas and 10,000 barrels of associated liquids per day once operational in 2027, the project will tap into six wells and transport gas through an 11-km pipeline to processing facilities in Obite.
The African Export-Import Bank and First Bank of Nigeria signed a $200-million loan facility agreement to support client’s needs across the oil and gas, energy, manufacturing and telecommunications sectors.
Additionally, the NNPC recently signed a project development agreement with marine infrastructure company Golar LNG to deploy a floating LNG vessel in the Niger Delta region offshore Nigeria.
The agreement outlines plans to monetize approximately 400-500 million standard cubic feet of gas per day and produce LNG, liquefied petroleum gas and condensate.
The FID for the project is expected by Q4 2024, with first gas production anticipated for 2027.
SOURCE: Oriental News Nigeria
