The ongoing conflict between Israel, the United States, and Iran has created new commercial prospects for Nigeria, particularly in the liquefied natural gas (LNG) sector, the Nigerian National Petroleum Company (NNPC) has said.
Executive Vice President of NNPC, Olalekan Ogunleye, highlighted that rising global energy disruptions have increased demand for Nigeria’s LNG cargoes.
Speaking at the CERAWeek energy conference in Houston, he emphasized the country’s strategic advantage.
“We are right in the middle of the market. We are 10 sailing days from Europe, close to the Atlantic Basin, and close to Asia,” Ogunleye said.
“We see commercial opportunities on top of the fact that we have the most gas reserves in Africa.”
Ogunleye noted that Nigeria LNG (NLNG), where NNPC is the largest shareholder, currently exports up to 22 million metric tons per year and is developing a seventh production train scheduled for completion in 2027.
He added that NNPC has started discussions to add two additional LNG trains and is pursuing a 12 million metric tons per annum (mtpa) LNG project linked to gas-based industrial hubs, aimed at tapping more than 200 trillion cubic feet of national gas reserves.
He stressed that the current geopolitical tensions would not derail the growth of natural gas demand.
Citing Reuters, he noted that the U.S.-Israeli war on Iran has amplified the need for buyers to diversify supply, creating opportunities for African and South American countries with untapped gas reserves.
Supporting the sector’s growth, Nigeria’s Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, also spoke at the conference, highlighting efforts to attract foreign investment.
“And you know, Nigeria’s crude is one of the best in the world. I believe that the message is syncing well and all of them have made commitments to say, look, when they are prioritising investment destinations, Nigeria will be the preferred destination,” Lokpobiri said.
He emphasised that Nigeria offers a stable investment environment, with clarity in fiscal and regulatory policies.
“Before now, Nigeria wasn’t seen to be an attractive destination for investment. So instead of coming to Nigeria, they went to other parts of the world.
”But we have assured them that for the past 15 years or more, Nigeria hasn’t experienced any upstream disruption, and the facts are there for anybody to see,” he said.
Lokpobiri called on investors to partner with the Nigerian government, citing reforms and regulatory stability as key reasons to prioritize investment in the country.
The statements from NNPC and the Petroleum Ministry underline Nigeria’s ambition to leverage current global energy disruptions and position the nation as a leading supplier of LNG and crude oil to international markets.
