Nigeria, Morocco, and other partners are expected to make a final investment decision next year on the proposed, world’s longest offshore gas pipeline from Nigeria to Morocco and onto southern Europe.
The pipeline, expected to cost between $20 billion and $25 billion, is planned to run for 3,840 miles (5,600 kilometers) from Nigeria along the West African coast to Morocco before connecting with pipelines in Italy and Spain and potentially delivering more non-Russian gas to Europe
The Nigeria National Petroleum Company [NNPC], chief executive officer, Mr. Mele Kyari, told Bloomberg in an interview that Nigeria wants to monetize and export more of its vast natural gas resources, which are now currently only exported by Nigeria LNG, a joint venture of NNPC and international oil and gas majors.
Also Read: NNPC Saved N696m In Renegotiated 4 OMLs Asset Values – NEITI
More gas exports for Nigeria would also mean diversifying the country’s gas export routes and eliminating gas flaring, according to Nigerian officials.
Last month, NNPC and the Moroccan Office National of Hydrocarbons and Mines signed the Memorandum of Understanding for the construction of the Nigeria-Morocco gas pipeline.
“We will take a final investment decision next year,” Mele Kyari said yesterday. According to NNPC boss, the huge pipeline will be built in stages, with the first one expected to take three years to complete, while the other phases of the construction would take five years.
Also Read: New NNPC Grows Profit After Tax By 134.84%
Nigeria, Morocco, and other stakeholders are currently discussing terms of financing with potential financial partners and lenders. Nigeria plans to significantly boost its gas production, and quadrupling output in the next four years is “very realizable,” Kyari stated.
The longest offshore pipeline – if completed on time – could supply more pipeline gas from Africa to Europe by the end of this decade, when the EU will have freed itself from Russian gas, according to its current plans.
Be the first to know when we publish an update
