Nigeria to promote gas exploration at IAE 2024
Lagos -- Nigeria's Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, will speak at the Invest in African Energy, IAE, forum on May 14-15. Connecting with global investors in Paris, Minister Ekpo will outline investment opportunities in Nigeria’s gas sector, drawing attention to exploration prospects and infrastructure requirements.
Nigeria aims to increase gas production to 5.5 billion cubic feet (bcf) per day by 2030 and launched a Decade of Gas initiative in 2021 to achieve this goal.
The country holds the largest proven natural gas reserves in Africa, measured at over 200 trillion cubic feet (tcf) of which 139 tcf is recoverable. With much of these resources largely undeveloped 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 investment between African energy markets and global investors.
Taking place May 14-15, 2024 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit www.InvestAfrica-Energy.com. To sponsor or participate as a delegate, please c o n t a c t sales@energycapitalpower.com.
To stimulate investment in deepwater gas fields, Nigeria is planning to launch a 2024 licensing round. The country has also issued a call for upstream investments, with several commitments already being 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 deepwater blocks. The American company also intends to expand its Agbami field project and has partnered with supermajor TotalEnergies on OPL 215.
On the production side, TotalEnergies kickstarted operations at the Akpo West field in February 2024, increasing output at the field 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 made for its first FLNG facility in Q1, 2024, with a shareholders agreement signed in December 2023 for the development of the 1.8 billion tons per annum project. To meet 2030 production targets, new investment is needed in upstream gas.