Managing Director of the company, Elohor Aiboni
Gas supply shortage looms in Nigeria by 2030 – SNEPCo
Shell Nigeria Exploration and Production Company (SNEPCo) Limited has projected that Nigeria will have a three billion cubic feet per day gas supply shortage by 2030.
Managing Director of the company, Elohor Aiboni, while speaking at the 2023 edition of the annual conference of the Nigerian Council of the Society of Petroleum Engineers in Lagos, said despite having the largest proved gas reserves in Africa, the country could witness a situation where demand outstrips supply by as much as 3 billion cubic feet per day (cfpd).
“Nigeria could see gas demand outstripping gas supply by 2030 by at least three billion cubic feet per day,” she said.
According to Aiboni, who was represented by SNEPCo Finance Manager, Tunde Oduwole, the gas supply shortage would be driven by an estimated increase in population, dwindling infrastructure, security climate and access to energy.
She advised Nigeria and other African countries to continue to improve on fiscal terms, the political climate, energy policies and contractual terms to make them attractive to investors and energy companies.
The SNEPCo boss also urged African countries to take deliberate steps to attract foreign direct investments to harness their vast gas resources, because of the huge amount of capital required for gas reserve development.
She urged the continent to put in place liberal trade, fiscal policies, and a stable social, political and economic environment, to attract investments in its gas sector.
Aiboni said while Africa’s oil and gas sector promised opportunities for FDI, such capital would “preferentially go to countries with more stable macro-economic policy environment, low or moderate inflation, stable interest rates, stable or predictable exchange rates, easy access to foreign exchange and minimal capital controls,” she said.
