Nigerian National Petroleum Company Limited (NNPCL) will invest $12.5 billion to secure a 50% stake in the $25 billion Nigeria-Morocco Gas Pipeline project.
The historic project is expected to set a record for the world’s longest offshore pipeline, covering approximately 5,600 kilometers across 11 African countries. NNPCL and Morocco’s Office of Hydrocarbon and Mining (ONHYM) are jointly funding the project on an equal basis.
NNPCL Chief Executive Officer Mallam Mele Kyari said, on Thursday, that the Project is already at FEED Phase II, undergoing Environmental Impact Assessment and Right of Way Surveys.
NNPC is leveraging Nigeria’s massive natural gas reserves of over 200Trn cubic feet (TCF), which have the potential to grow to 600Trn cubic feet (TCF) with additional investment, he added.
He concluded by saying that this significant reserve will serve as a low-carbon energy alternative, support growth in the power and industrial sectors, address poverty, reduce carbon footprint and create more job opportunities.