Revealed! FG list ways to improve gas Nigeria’s sector

6 months ago 48

The petroleum minister listed some factors that can help to improve the gas sector in Nigeria
These include unlocking financing avenues, nurturing capacity building, among others
To ensure improved supply and usage, the company has boosted its investment in the gas sector in recent years

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

The minister of state petroleum resources (Gas), Ekperikpe Ekpo, has listed some of the actions that can help bolster Nigeria's gas sector.

He listed the adoption of gas technology and innovation, shaping effective policy frameworks, unlocking financing avenues, nurturing capacity building, and cultivating entrepreneurship as measures that would improve the future of Nigeria’s Africa’s energy landscape.

Ekpo was represented by the ministry's Permanent Secretary, Ambassador Nicholas Agbo, at the opening of the 2024 Africa Gas Innovation Summit, AGIS, in Abuja.

He noted that the country's journey should be guided by a shared vision of progress, inclusivity, and sustainability.

Nigeria invests more in gas

Mele Kyari, the Group CEO of NNPC Limited, stated that the company has increased its investment in the gas sector in the last few years to guarantee better supply and utilisation.

Kyari, accompanied by Olalekan Ogunleye, the Executive Vice President of Gas, Power, and New Energies, indicated that the company has made significant investments in gas pipeline projects and floating LNG.

Acknowleging the efforts of the government in improving gas supply, he also disclosed plans to install more CNG plants across the country before year end.

He said,

“Indeed, we are currently participating in three mini LNG projects slated for groundbreaking this August. NNPC is also currently leading the federal government’s auto-gas initiative. “Aside from the recent commissioning of the 5.2mscf per-day Ilasamaja mother-station CNG plant, the GCEO of NNPC recently announced plans to take FID (final investment decision) within this year and roll out six additional CNG mother-station plants with similar capacity”, he added.

Investment prospect visible across africa

The National Office for Hydrocarbons and Mines, Morocco's Director General, Amina Benkhadra, also spoke at the event.

He revealed that there are currently over $245 billion in investment prospects for the development of gas infrastructures across the African continent.

Benkhadra stated that there are numerous chances for investors in the building of gas pipelines, terminals, and processing facilities, as highlighted in a Vanguard report.

According to her, investments of roughly $100 billion a year will also be necessary by 2030 to meet the continent's electrical consumption, with a potential $3 trillion in total needed by the year 2050.

“And to unlock Africa’s energy future, we will need to develop major infrastructure projects but also at the level of nations and local projects. "So, we have to raise the ambitions of Africa’s energy strategy to increase the power generation capacity to deepen the reforms of our energy governance, encourage public partnership, private partnership investment, mobilize those international investments that we have seen just before and contribute to development through technology and innovation approaches,”

Filling stations to sell CNG Fuel at N200

Legit.ng reported that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has ordered all filling stations across the country to commence the sale of Compressed Natural Gas (CNG).

Engr Farouk Ahmed, the chief executive of NMDPRA, disclosed this during a meeting in Abuja. He said it is now mandatory for filling stations to increase CNG accessibility for consumers.

CNG is a fuel gas under pressure that remains clear, odourless and non-corrosive, an alternative to petrol.

Source: Legit.ng

Visit Source