The decision is to increase natural gas supply by 285%
The Nigerian National Petroleum Corporation (NNPC) and its partners have developed a scheme to grow natural gas supply for domestic consumption by 285% from 1.3billion standard cubic feet per day to 5bscf/d by 2020, in a bid to realize the Federal Government’s mandate to deploy the nation’s fuel resources to stimulate economic growth.
This was stated by the Group Managing Director (GMD) of NNPC, Dr. Maikanti Kacalla Baru at the 7 Critical Gas Development Projects (7CGDP) stakeholders’ meeting. He added that in order to jump start the nation’s economic growth, the Federal Government has directed the Corporation to aggressively pursue fuel development.
Growing capacity to supply enough fuel to generate 15Gigawatts of electricity to the power sector by 2020, stimulating fuel-based industrialization by positioning Nigeria as the African regional hub for fuel-based industries such as Fertilizer, Petrochemicals, Methanol and developing fuel for export by selectively expanding export footprint in high value and strategic foreign markets included the strategic focus for achieving the Federal Government’s mandate.
Dr. Maikanti also added that priority was to be given for appropriate funding for the seven (7) critical fuel projects and would be a key success factor. In an attempt to facilitate execution of these vital projects, alternative funding through third party financing option would be adopted. In order to ensure that the critical fuel projects were executed immediately for the benefit of the country, the partners were urged to work together by the GMD. PWKD15052017