Friday, March 3, 2017 7:39 am
Nigeria is set to capture at least 10 per cent of the global market share of Liquefied Natural Gas, LNG, as part of the concerted efforts to harness the nation’s gas resources which currently stand at 192 Trillion Cubic Feet, tcf, of proven reserve.
NNPC Group Managing Director, Dr.Maikanti Baru, who stated this while delivering a Keynote address at the 2017 Society of Petroleum Engineers, SPE, Oloibiri Lecture Series and Energy Forum, said the projection was in line with the gas component of the NNPC 12 Business Focus Areas termed the 12BUFAs initiative which seeks to increase domestic gas supply to 5bscfd by 2020.
Providing details of the plan, the GMD said the initiative was anchored on:
Growing gas supply to support the power sector, with a view to achieving at least a 3-fold increase in generating capacity within five years and stimulating gas-based industrialization with a view to positioning Nigeria as African regional hub for gas based industries such as Fertilizer, Petrochemicals, and Methanol etc.
He said these steps would position Nigeria for self-sufficiency in these sectors and at least 5% of global output.
The GMD explained that the gas component of the 12 BUFAs initiative would help to “selectively expand our export footprint in high value and strategic foreign markets, with a view to maintaining a 10% market share in global LNG trade and dominance in regional gas pipeline supplies.”