Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, has confirmed that the Final Investment Decision for the $25 billion Nigeria-Morocco Gas Pipeline Project will be finalized in December 2024.
Kyari, speaking at a Leadership Dialogue Session during the ongoing CERAWeek Conference in Houston, United States, disclosed that the project, at an advanced stage, will create a pipeline passing through thirteen African countries to Europe.
Kyari highlighted that NNPC Ltd's primary goal is to strengthen its capacity in delivering gas to both the domestic market and beyond, underscoring the necessity for Nigeria to tap into its plentiful gas resources to offer the alternative fuel it needs.
Kyari also stated that Nigeria is confronting the problem of crude oil theft head-on, and the joint efforts of government and private security agencies have resulted in some reasonable improvements in restoring the nation's crude oil production.
He stated that it is an abnormal situation, but it is well within control. Nigeria will be able to recover some of her production and build back confidence so that investors could bring in their money.
He also added that efforts in global advocacy target the issue of stolen oil reaching the market. Progress in security measures is evident, with Nigeria's oil production increasing from under one million barrels per day in 2022 to 1.7 million barrels per day.
Kyari also emphasized the need for a distinct approach to achieving energy transition for the African continent as global demands for cleaner energy sources rise.
According to him, energy transition is a highly challenging subject for countries, especially in sub-Saharan Africa, where the geographical situations vary, with many countries addressing energy availability rather than transition.
The conference, organized by S&P Global, has expanded in recent years to incorporate new energy technologies and climate issues. With participants from over 90 countries, the 2024 conference is set to feature 1,400 speakers.
