Cape Town – Nigerian Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, is set to address attendees at the upcoming African Energy Week (AEW) conference in Cape Town from November 4-8. Under the theme “Energy Growth through an Enabling Environment,” the event will serve as a platform for discussing investment opportunities in Africa’s energy sector.
Minister Ekperikpe Ekpo will focus on outlining the abundant investment prospects within Nigeria’s gas value chain, aiming to attract foreign investors to capitalize on the country’s vast natural gas reserves, estimated at 200 trillion cubic feet. Nigeria aims to ramp up production to 5.5 billion cubic feet per day by 2030, presenting lucrative opportunities for project developers, technology providers, and financiers.
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AEW 2024 will facilitate discussions on ongoing projects, planned developments, and strategies for enhancing regional energy security through Nigeria’s natural gas resources. As the premier gathering for industry stakeholders, AEW has emerged as the official platform for signing energy deals across Africa.
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Several significant developments have already commenced in Nigeria in alignment with its 2030 production targets. TotalEnergies initiated production at the Akpo West field in February 2024, boosting condensate output by 14,000 barrels per day and anticipating an additional four million cubic meters of gas production by 2028. Additionally, a shareholder’s agreement was inked for Nigeria’s first floating liquefied natural gas (FLNG) project, with the final investment decision (FID) expected this year.
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Energy major Shell is also making strides, with plans to commence production at the H1 and HA shallow-water development by 2027 and 2029, respectively. Furthermore, Shell intends to extend the operational lifespan of the Bonga Floating Production Storage and Offloading (FPSO) vessel by 15 years to accommodate increased production.