The Federal Government has stepped up high-level discussions on a proposed transcontinental gas pipeline aimed at delivering its vast natural gas reserves to European markets, a move aimed at strengthening energy security and unlocking long-term economic value.
This was contained in a statement yesterday by Mr. Louis Ibah, spokesman for the Minister of State Petroleum Resources (Gas), Dr. Ekperikpe Ekpo.
Ibah explained that tThe proposed pipeline, described as a transformative gas corridor, is designed to transport up to 30 billion cubic metres of gas annually from Nigeria’s southern reserves through Chad and Libya, before extending subsea to Sicily, Italy, and into the broader European market.
Ekpo, who joined key industry stakeholders in London, United Kingdom for discussions on the proposed pipeline, described the engagement as both timely and historic, adding that Nigeria is poised to attract investors into its gas sector.
He said: ““Nigeria is set for investors to take advantage of this natural gas. With the Petroleum Industry Act and the Executive orders by Mr. President for the petroleum sector has set a conducive environment to attract investments to the sector. We must be intentional in the utilisation of our resources, so long as we have these reserves, we must take advantage of them and better the lives of those in the region.”
The minister further noted that, with appropriate financial backing in place, he sees no obstacle to the project coming to fruition.
Also speaking, Executive Vice President, Gas, Power & New Energies at Nigerian National Petroleum Company Limited, (NNPC Ltd), Mr. Olalekan Ogunleye, assured on Nigeria’s policy alignment and investment readiness, noting that the national oil company is focused on unlocking value across the gas value chain.
He said: “The NNPC Ltd as the national oil company of Nigeria, has a clear Gas Master Plan and Mr President’s gas-led initiatives are designed to drive investments across the value chain. NNPC’s strategy is firmly aligned with the President’s agenda, and we are focused on creating investable opportunities, removing bottlenecks, and partnering with credible investors. Simply put, NNPCL is ready for business.”
Founder and Chief Executive Officer of Netoil Inc., Roger Tamraz, who is spearheading the project, framed the pipeline as both commercially viable and strategically critical to Europe’s energy future, pointing to strong market demand and available financing structures.
According to the statement, other consortium partners echoed similar sentiments, with Chief Executive Officer of Unicorn, Alain Bolo, harping on the project’s potential to reduce gas flaring and position Nigeria as a dominant supplier to Europe, and the Project Director at Netoil, Henry Erimodafe, describing it as a “strategic win-win” capable of unlocking jobs, investments and long-term value.
“The proposed pipeline, still at an early development stage, is being advanced by a consortium of global industry players and will be subject to extensive technical, commercial and regulatory processes, with stakeholders expressing optimism that it could redefine Nigeria’s role in the global energy market while deepening ties with Europe,” Ibah added.
