The CEO of Nigerian National Petroleum Company Limited (NNPC Limited), has said that the $25 billion Nigeria Morocco Gas Pipeline (NMGP) Project Final Investment Decision (FID) will be made in December 2024.
The $25 billion NMGP project intends to build a pipeline that will travel through thirteen nations in Africa before arriving in Europe.
According to Kyari, Nigeria’s economic growth and resource management depend heavily on NNPC Ltd., and the country’s oil and gas sector has undergone reform thanks to Petroleum Industry Act (PIA) 2021.
He also empaphasized that Nigeria’s crude oil output is well under control and that continuous attempts are being made to restore it by both public and private security services.
Kyari also emphasized the difficulties associated with energy transition, especially in sub-Sahara Africa, where energy security and availability are intimately related.
He underlined that before switching to renewable energy sources, nations must first achieve energy supply security.
In addition, Kyari emphasized the significance of increasing the capacity to supply gas to both the local and international markets, emphasizing that Nigeria must make use of its plentiful gas resources in order to supply the alternative fuel it requires.
He added that while gas creates opportunity, it is also the least expensive approach to achieve energy transition.
NIgeria Morocco gas pipeline project to be decided on by Decemebr.
