The Nigerian National Petroleum Company Limited (NNPC) has unveiled a new strategy aimed at significantly expanding Nigeria’s gas reserves and attracting about $60 billion in investments into the sector.
The national oil company said the plan seeks to increase the country’s gas reserves from the current 210 trillion cubic feet (tcf) to about 600 tcf while boosting production capacity over the next few years.
NNPC disclosed this in a post on its official X handle on Friday, quoting its Executive Vice President for Gas, Power and New Energy, Olalekan Ogunleye, who spoke at the CERAWeek conference hosted by S&P Global in Houston, United States.
During a panel discussion titled “The New Gas Order: Market Depth and the Reshaping of Global Trade,” Ogunleye said Nigeria is strategically positioned to take advantage of emerging opportunities in the global gas market.
He noted that geopolitical tensions affecting shipping routes through the Strait of Hormuz in the Middle East could create new supply opportunities for countries with abundant gas resources, including Nigeria.
According to him, Nigeria’s large gas deposits and its geographic proximity to key global markets place the country in a favourable position to expand exports of liquefied natural gas (LNG) and support gas-based industrial development.
Ogunleye explained that a major component of the NNPC Gas Master Plan is to raise the country’s validated gas reserves from about 210.5 tcf to an estimated 600 tcf through intensified exploration and development activities.
He added that the company is also targeting an increase in gas production from the current 7.4 billion standard cubic feet per day to about 12 billion standard cubic feet per day by 2030.
The NNPC executive said achieving these targets would require strong collaboration with investors, noting that the company intends to attract approximately $60 billion in fresh capital into the sector through commercial incentives and strategic partnerships.
He stressed that the success of the master plan would depend largely on consistent execution and adherence to annual operational plans.
According to him, the strategy is built on practical implementation rather than lofty projections, adding that NNPC remains committed to meeting and surpassing its gas development goals.
The initiative, he said, is expected to strengthen Nigeria’s position in the global liquefied natural gas market while supporting domestic industrialisation through increased gas utilisation.