•National oil firm may bid for power assetsThe Nigerian National Petroleum Company Limited , along with its partners could take a Final Investment Decision on the $25 billion Nigeria-Morocco gas pipeline in 2023, the national oil company has said.
In an interview with Bloomberg in Abuja, Group Chief Executive Officer of the NNPC, Mallam Mele Kyari, assured that the project was on course and remains one of the most critical for the company. “We will take a final investment decision next year,” Kyari said.The project will cost $20-25 billion to build and will be constructed in phases, according to Kyari, who anticipates the first segment would take three years to finish and the others five years.
The NNPC has also revived a longstanding proposal for a separate transcontinental gas pipeline that would travel about 4,400 kilometres through the Sahara Desert to Algeria for onward transport to Europe. Recently transformed into a fully commercial venture, the NNPC is eyeing expansion in multiple areas. Kyari said he is “creating the largest upstream company in the country and potentially in Africa.”
Nigeria imports all its products, swapping most for crude with international traders including Vitol Group and TotalEnergies SE as well as domestic groups such as Sahara Group Ltd. and Oando Plc.