Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), has revealed that the Final Investment Decision (FID) on the Nigeria Morocco Gas Pipeline (NMGP) Project is slated to be made by December 2024.
This announcement came during a Leadership Dialogue Session at the ongoing CERAWeek Conference in Houston, United States.
The NMGP, estimated at $25 billion, represents a transformative initiative aimed at creating a pipeline spanning thirteen African countries, ultimately reaching Europe.
Kyari explained the strategic importance of this project, highlighting NNPC Ltd’s pivotal role as Africa’s largest oil and gas company in driving Nigeria’s resource management and economic development.
Kyari underscored the significance of the Petroleum Industry Act (PIA) 2021 in reforming Nigeria’s oil and gas industry, positioning NNPC Ltd as a fully commercial entity accountable to shareholders and poised for potential listing on the stock exchange.
In addressing challenges such as crude oil theft, Kyari emphasized collaborative efforts between government and private security agencies, which have yielded improvements in restoring Nigeria’s crude oil production.
He cited the successful restoration of production from below 1 million barrels per day to 1.7 million barrels per day in 2022 as evidence of progress.
Also, Kyari addressed the complexities of energy transition, stressing the importance of first ensuring energy security before pursuing renewable energy solutions.
He highlighted gas as a crucial component of Nigeria’s energy strategy, citing ongoing investments in gas infrastructure to meet domestic and international demand.
As the deadline for the NMGP FID approaches, stakeholders eagerly anticipate the outcome of this landmark project, which promises to reshape regional energy dynamics and bolster Nigeria’s position as a key player in the global energy landscape.