Nigeria has revealed a new approach to harness its tremendous gas resources with the aim to capture 10 per cent of the world’s market share in traded Liquefied Natural Gas (LNG) as part of measures to derive maximum value from its abundant natural gas resources.
Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, disclosed this while addressing the 27th World Gas Conference (WGC) in Washington DC, United States.
Speaking at a session on ‘The Role of Gas in Power Generation’ under the theme ‘Fuelling the Future,’ Baru said Nigeria has enormous gas potentials and their huge contributions to the nation’s economy is great.
“We are focused on jumpstarting and sustaining gas supply to support a rapid growth in power generation, re-positioning Nigeria as the regional hub for gas-based industries such as fertilizer, petrochemicals, methanol, Liquefied Petroleum Gas (LPG), as well as leveraging our enormous reserves position to strengthen our footprints in high value gas export through LNG and regional gas pipelines,” Baru told delegates at the triennial gas gathering.
He said with emerging gas markets and the need to generate more power across Africa’s Sub-Saharan region, there abound an unprecedented investment opportunity in the gas sector for the country.
According to the GMD, Nigeria is focused on expanding its existing 22 million metric tonnes per annum (MTPA) Nigerian LNG plant with additional 8MTPA from its proposed Train 7, a development that will significantly increase global power generation capacity.