In order to transport its abundant natural gas to European markets, the Federal Government has intensified high-level talks on a proposed transcontinental gas pipeline.
The action is intended to improve energy security and unleash long-term economic value, according to a statement released on Friday by Louis Ibah, spokesperson for the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo.
The proposed pipeline, dubbed a “transformative gas corridor,” is intended to move up to 30 billion cubic meters of gas per year from Nigeria’s southern deposits through Libya and Chad before going underwater to Sicily, Italy, and the larger European market.
Nigeria is well-positioned to draw investors into its gas sector, according to Minister Ekpo, who joined important industry stakeholders in London, UK, for discussions on the proposed pipeline. The minister called the engagement historic and relevant. “Investors might benefit from this natural gas in Nigeria.
The Petroleum Industry Act and Mr. President’s executive orders for the petroleum industry have created an atmosphere that is favorable to investment in the industry. “We need to use our resources with purpose.
The minister further noted that, with appropriate financial backing in place, he sees no obstacle to the project coming to fruition.
