Nigeria to promote gas exploration and infrastructure prospects at Invest in African Energy (IAE) 2024 show in Paris

by MMC
0 comment

The Minister of State for Petroleum Resources (Gas) of the Federal Republic of Nigeria, Ekperikpe Ekpo, will speak at the Invest in African Energy (IAE) forum (https://apo-opa.co/4bJmL4o) on May 14 and 15. Connecting with global investors in Paris, Minister Ekpo will present investment opportunities in Nigeria’s gas sector, drawing attention to exploration prospects and infrastructure needs.

Nigeria aims to increase gas production to 5.5 billion cubic feet (bcf) per day by 2030 and has launched a Decade of Gas initiative in 2021 to achieve this target. The country has Africa’s largest proven natural gas reserves, measured at over 200 trillion cubic feet (tcf), of which 139 tcf is recoverable. With much of this resource largely underexploited and the government placing gas as a priority resource for industrialization, Nigeria offers a wealth of opportunities for project developers across the gas value chain.

IAE 2024 is an exclusive forum designed to facilitate investments between African energy markets and global investors. Taking place on May 14-15, 2024 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policy makers. For more information, please visit www.Invest-Africa-Energy.com. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

To boost investment in deep-water gas fields, Nigeria plans to launch a licensing round in 2024. The country has also appealed for upstream investments, with several commitments already made. Energy major Shell has announced plans to invest up to $1 billion over the next ten years to develop Nigerian gas, while multinational Chevron plans to invest in seismic data acquisition in several blocks in deep waters. The American company also plans to expand its Agbami field project and has joined forces with the supermajor TotalEnergies on OPL 215.

On the production side, TotalEnergies started operations at the Akpo West field in February 2024, increasing the field’s production by 14,000 barrels of condensate per day. The project is expected to produce an additional four million cubic meters of gas by 2028. The country also expects FID to be completed for its first FLNG facility in the first quarter of 2024, with a shareholders agreement signed in December 2023 for the development of 1.8 billion cubic meters of gas. tons per year project. To achieve 2030 production targets, new investments are needed in upstream gas.

Downstream, Shell completed an FID for the construction of a gas supply facility earlier this month. The project will provide raw materials for the Dangote Fertilizer and Petrochemical Plant for a period of ten years, supplying up to 100 million standard cubic feet of gas per day. Efforts to advance pipeline infrastructure to support industry growth, power generation and regional distribution are also yielding positive results. The Ajaokuta-Kaduna-Kano pipeline – a two billion cubic feet per day (bcm/d) project – is expected to be completed by mid-2024, while a meeting was held in January 2024 to fast-track development from Nigeria, with a capacity of 3.3 billion m3/d. -Pipeline project in Morocco.

Additionally, construction of a seventh train under the country’s inaugural LNG project – Nigeria LNG (NLNG) – is also underway, with the project being 52% complete by November 2023. NLNG exports LNG to markets international trains for more than 20 years, and the addition of a new train will increase production by 7.6 million tonnes per year. This speaks to the potential for large-scale project development in the country, but further investment is needed to bring the plant to full capacity, highlighting lucrative opportunities for foreign companies. Further information will be provided at the IAE 2024 forum.

Distributed by APO Group for Energy Capital&Power.

About Energy and electricity capital (ECP):
Energy Capital&Power (ECP) is the African continent’s leading investment platform for the energy sector. Join us at our world-class events focused on investing in Africa and around the world. ECP’s events, reports, content and other services are designed to serve the African energy community.

You may also like

Leave a Comment

afriqaa (1)

The news website dedicated to showcasing Africa news is a valuable platform that offers a diverse and comprehensive look into the continent's latest developments. Covering everything from politics and economics to culture and wildlife conservation

Newsletter Subscribe

Follow Us

Facebook Twitter Instagram Linkedin Youtube Email

u00a92022 All Right Reserved. Designed and Developed by PenciDesign