Following the Executive Order by President Bola Ahmed Tinubu GCFR, the Honourable Minister of State for Petroleum Resources (Oil) and the Honourable Minister of State for Petroleum Resources (Gas) will be delivering the Ministerial Addresses at the 23rd annual NOG Energy Week 2024 to shed light on the government’s strategies for strengthening Nigeria’s energy sector.
The Presidential Executive Order, particularly regarding fiscal incentives for non-associated gas, midstream, and deepwater developments, offers promising opportunities for the development of gas resources in Nigeria.
Historically, industry stakeholders at NOG Energy Week have stressed the need for clearer policy direction for non-associated gas exploration and production.
As a major contributor to Africa’s oil and gas potential, Nigeria has substantial natural gas reserves, ranking as the ninth largest in the world. Significantly, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced that Nigeria’s gas reserves currently stand at 208 trillion cubic feet with the potential to increase production to more than 5 billion cubic feet per day. The Executive Order addresses the much-needed policy direction that will enable stakeholders to make informed decisions for funding, advance gas activities, and infrastructure development.
Speaking at a retreat, which was organised to create the roadmap for achieving the targets set by President Tinubu, the Honourable Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo stated that, “Ensuring the widespread penetration of gas nationwide is essential to realising its full potential as a transition fuel. This entails not only increasing domestic gas production but also promoting the adoption of gas as a cleaner alternative for power generation, industrial processes, transportation, and household use. Initiatives such as the ‘Decade of Gas Initiative’ are instrumental in driving gas utilisation across various sectors through targeted interventions, infrastructure development, and policy incentives.”
