The Nigerian National Petroleum Company Ltd. (NNPC), Nigeria’s state energy firm, has joined the African Energy Week (AEW) conference in Cape Town, South Africa as a Diamond Sponsor. Taking place from November 4-8, AEW: Invest in African Energy will serve as a platform for NNPC Ltd. to attract investment into Nigeria’s oil and gas industry, with an ambitious goal of securing $10 billion in funding over the next 12-18 months.
Under Nigeria’s 2021 Petroleum Industry Act (PIA), NNPC Ltd. is focused on expanding oil and gas exploration and domestic production. The company is actively pursuing partnerships with international and independent companies, and the AEW event will be key to advancing these goals.
Nigeria’s oil sector, despite producing 1.3 million barrels per day, faces challenges meeting domestic demand. To address this, NNPC Ltd. is advancing near-term field development and supporting supply for the new Dangote refinery. Recent discoveries, like the one in September at Oil Mining Lease (OML) 49 with Chevron, demonstrate Nigeria’s potential to boost production. Additionally, NNPC Ltd. is expanding exploration in the Niger Delta and northern provinces, with ongoing drilling projects.
NNPC Ltd. is also prioritizing natural gas as a driver for economic growth. In October, it announced plans for a 100 million standard cubic feet per day gas facility in Kogi State, aimed at supporting LNG and CNG facilities. Additionally, NNPC Ltd. signed a supply deal with A4E Energy to support clean energy transition across Nigeria.
Through Nigeria’s Decade of Gas initiative, NNPC Ltd. is increasing LNG production capacity, collaborating with international partners on projects like Nigeria’s first FLNG facility with UTM Offshore. Another FLNG project with Golar LNG targets up to 500 mscf/d in the Niger Delta.
At AEW 2024, NNPC Ltd. will connect with global investors, showcasing Nigeria’s oil and gas potential, including through an “Invest in Nigeria Energies” spotlight event to highlight new opportunities.