NNPC Seeks $2.7bn To Sustain Petroleum Products Distribution

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As Nigeria takes holistic approach toward opening up the downstream subsector of the oil and gas industry, the Nigerian National Petroleum Corporation

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“About $3.097 billion investment opportunities exist in Condensate refineries while $1.6 – $2.7 billion is required by NNPC to improve the supply and distribution petroleum of products, revamp LPG infrastructure and build CNG plants.” disclosed.

“Presently, supply into the domestic market is about 0.8 bcf/d to power, 0.77 bcf/d to industries, about 0.54 bcf/d is flared and 3.2 bcf/d is for export gas (LNG and WAGP). “Achieving this growth in demand will be occasioned by increasing the dispatchable capacity of existing power in line with the Presidential Power Initiative (1.4 bcf/d), assuring delivery of major fertilizer projects (Dangote, Brass).

On gas commercialisation effort, Kyari said the Federal Government has declared 2021 – 2030 as decade of gas development in Nigeria. He said however that cost curtailment measures have been emplaced by NNPC in the face of challenges posed by Covid-19 to achieve efficiency, enable government to raise funds and ensure reasonable return for investors. Contracts were renegotiated in line with NNPC’s Transparency, Accountability and Performance Excellence (TAPE) Agenda to ensure process optimization and business survival in the face of challenges.

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