Nigeria’s Minister of State for Petroleum Resources in charge of Gas, Mr. Ekperikpe Ekpo, says that the Nigerian Government has stepped up high-level discussions on a proposed $20bn transcontinental gas pipeline aimed at delivering Nigeria’s vast natural gas resources to European markets.
According to the statement by the minister, the engagements in London, on the project is expected to strengthen energy security while unlocking long-term economic value for Nigeria.
The statement explained that the proposed pipeline, described as a transformative gas corridor, is designed to transport up to 30 billion cubic metres of gas annually from Nigeria’s southern reserves through Chad and Libya before extending subsea to Sicily, Italy, and into the broader European market.
The minister, who joined key industry stakeholders for the talks in London, described the engagement as both timely and historic, noting that Nigeria is positioning itself to attract investment into its gas sector.
According to him, Nigeria is set for investors to take advantage of this natural gas. With the Petroleum Industry Act and the executive orders by Mr President for the petroleum sector has set a conducive environment to attract investments to the sector.
“We must be intentional in the utilisation of our resources, so long as we have these reserves, we must take advantage of them and better the lives of those in the region,” Ekpo said.
The minister added that with the right financial backing, he sees no obstacle to the realisation of the project.
The Executive Vice President, Gas, Power and New Energies at NNPC Limited, Olalekan Ogunleye, in his remarks, assured stakeholders of Nigeria’s policy alignment and readiness to attract investment, stressing that the national oil company remains focused on unlocking value across the gas value chain.
“The NNPCL as the national oil company of Nigeria, has a clear Gas Master Plan, and Mr President’s gas-led initiatives are designed to drive investments across the value chain. NNPCL’s strategy is firmly aligned with the president’s agenda, and we are focused on creating investable opportunities, removing bottlenecks, and partnering with credible investors. Simply put, NNPCL is ready for business,” he said.
The Founder and Chief Executive Officer of Netoil Inc., Roger Tamraz, who is spearheading the project, described the pipeline as commercially viable and strategically important to Europe’s energy future, citing strong market demand and available financing structures.
The Chief Executive Officer of Unicorn, Alain Bolo, highlighted the project’s potential to reduce gas flaring and position Nigeria as a dominant gas supplier to Europe, while the project director at Netoil, Henry Erimodafe, described it as a “strategic win-win” capable of unlocking jobs, investments and long-term value.
The report by Punch newspaper stated that the pipeline, which is still at an early development stage, is being advanced by a consortium of global industry players. It will be subject to extensive technical, commercial and regulatory processes.
It added that the stakeholders have expressed optimism that the project can redefine Nigeria’s role in the global energy market while deepening energy ties with Europe.
GIK/APA