The GMD of the Nigerian National Petroleum Company Limited said that a final investment decision on the $25 billion Moroccan Gas Pipeline Project will take place in December 2024.
This was disclosed by Kyari while speaking during a Leadership Dialogue Session at the ongoing CERAWeek, Conference in Houston, United States, on Tuesday, according to The Punch.
He said this project, already in advanced stage, would create a pipeline to Europe from thirteen African countries.
According to Kyari, the NNPC Ltd is focused on increasing its capacity for delivering gas into the domestic and international markets.
He emphasized that as a gas-endowed country, Nigeria must utilise its ample gas resources to provide the alternative fuel it needs.
He said “We understand the arguments towards attaining energy transition, but the cheapest way to achieve that is through gas. We see clear opportunities that gas creates. Today we are building some trunklines and other gas infrastructure that will supply gas to a number of gas networks.”
In addition, Kyari said that Nigeria has faced the menace of crude oil theft and through a joint effort by government and private security agencies there have been some significant improvements in terms of restoring production.
He explained, “It is an abnormal situation, but it is well within control. We were able to recover some of our production and build back confidence so that investors could bring in their money. We are also doing global advocacy to governments and institutions because stolen oil has to be taken to the market.”
He said that Nigeria’s production dropped to below 1 million barrels per day in 2022, but it has now recovered to 1.7 million barrels per day, cited as an example of improved security.
The conference is organised by S&P Global and has grown in recent years to accommodate new energy technologies and climate issues. The 2024 conference is expected to have participants from over 90 countries and will feature 1,400 speakers.
