NNPC targets $60bn investment, 600tcf gas reserves in new master plan

The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced an ambitious plan to grow the nation’s gas reserves from 210 trillion cubic feet (tcf) to 600 tcf while attracting about $60 billion in new investments into the gas sector.

According to a statement on NNPC’s X handle on Friday, the disclosure was made by the company’s Executive Vice President, Gas, Power & New Energy, Olalekan Ogunleye, during a panel session at the CERAWeek energy conference hosted by S&P Global in Houston. The session was titled “The New Gas Order: Market Depth and the Reshaping of Global Trade.”

Ogunleye said Nigeria’s vast gas resources and strategic location place it in a strong position to expand its footprint in the global LNG market, especially amid supply disruptions caused by geopolitical tensions in the Middle East.

“With ongoing shipping constraints in the Strait of Hormuz, Nigeria is uniquely positioned to become a major LNG supplier,” he said. “Our abundant gas resources and proximity to key markets give us a competitive advantage.”

Highlighting the key components of the NNPC Gas Master Plan, he stated that the company aims to increase validated gas reserves to 600 tcf and raise daily gas production from 7.4 billion standard cubic feet (bscfd) to 12 bscfd by 2030—exceeding the Federal Government’s target of 62 percent growth.

Ogunleye added that NNPC is committed to securing an additional $60 billion in investment through commercial incentives and strategic partnerships, stressing that the master plan is built on practical execution rather than lofty ambitions.

“This plan is neither aspirational nor theoretical. Its success relies on disciplined implementation of our annual work plans to meet—and surpass—our gas development targets,” he said.

With its expanded gas roadmap, Nigeria aims to strengthen its role in global LNG supply and gas-based industrial development, leveraging its natural endowment and advantageous geographic position.