NNPCL Targets 600 TCF Gas Reserves and $60B Investment to Lead Global LNG Market

The Nigerian National Petroleum Company Limited (NNPCL) has unveiled an ambitious plan to expand Nigeria’s gas reserves from 210 trillion cubic feet (tcf) to an estimated 600 tcf, while attracting $60 billion in investment to drive growth in the sector.

The disclosure was made by Olalekan Ogunleye, NNPCL’s Executive Vice President of Gas, Power & New Energy, at the CERAWeek energy conference by S&P Global in Houston.

Ogunleye emphasized Nigeria’s strategic positioning in the global LNG and gas-based industries. “The current Strait of Hormuz shipping constraint arising from the US–Israel vs. Iran conflict has further highlighted Nigeria’s unique positioning to be a major LNG and gas-based industries supplier due to its abundant gas resources and proximity to markets,” he said.

Read Also:

• SUNU Assurances to raise N9.34bn via Rights Issue
• Airtel Africa Updates Total Voting Rights and Share Capital Structure

The NNPCL Gas Master Plan, Ogunleye explained, outlines key deliverables aimed at unlocking Nigeria’s gas potential.

“He further clarified that the key deliverables of the NNPC Gas Master Plan include providing commercial incentives for gas exploration and development to move Nigeria’s validated reserves from 210.5 tcf to the estimated potential of approximately 600 tcf, as well as exceeding the FGN mandate to grow gas production volumes by 4.6 bcfd (62%) between the end of 2025 and 2030, to 12 bscfd from the current 7.4 bscfd, as well as attracting $60 billion in additional gas sector investment,” the statement said.

Ogunleye stressed the plan’s focus on execution, noting, “The key characteristic of the NNPC Gas Master Plan is the application of execution discipline to the annual work plan to ensure that gas development growth targets are not just met but surpassed, consistent with the presidential gas production growth mandate.”

The roadmap reflects Nigeria’s intent to leverage its abundant gas reserves and geographic advantage to become a leading LNG and gas-based industries supplier. By combining resource development, infrastructure expansion, and investment incentives, NNPCL aims to strengthen Nigeria’s energy sector, boost exports, and drive long-term economic growth.