NNPC blames pipeline vandalism, crude theft for Revenue fall
The Nigerian National Petroleum Corporation, NNPC, has said that the massive ongoing gas pipeline projects across the country will provide a veritable platform for individual homes and estates to be linked with gas pipelines to enhance its domestic use. The Group Managing Director of the Corporation, Engr. Andrew Yakubu disclosed this during a panel discussion on power at the Nigeria Investment Summit in New York.
The NNPC Group Managing Director,who was represented by the Group Executive Director Gas and Power, Dr. David Ige, said domestic use of gas provides cleaner and safer energy for households revealing that already SPDC estate in warri is fully wired up with gas for domestic use.
He observed that the ongoing trunk Calabar-Ajaokuta-Kano gas pipeline project will soon avail the Corporation the opportunity to provide gas through pipelines to homes and estates for the Federal Capital Territory Abuja which is a ready market for the project. Speaking on the status update on gas to power, Engr. Yakubu posited that steady and sustainable progress is being made on gas to power as gas supply has grown from 620 million standard cubic feet per day to 920 mmscfd between 2010 and 2013 adding that supply is seeing rapid growth, but demand growth is even faster.
“Supply grew at an average annual rate of 20% in the last three years to 1500mmscfd.The non-power sector has almost doubled from 185mmscfd to 310mmscfd.Similarly, over 360km of gas pipelines have been completed and commissioned,” Engr. Yakubu informed. The NNPC GMD projected that by the second quarter of 2015,gas demand for the power sector will grow to 2200mmcfd, noting that with the massive outlay of pipelines, the NNPC will continue to grow gas supply exponentially to meet the demand. The NNPC helmsman stated that there are other gas supply projects that are ongoing at various levels of maturation after 2015 disclosing that the biggest being Assa North with a target capacity of 750mmcfd by end of 2018 anticipating that total incremental additions by end of 2018 will be 2150mmcfd.
He implored prospective investors to invest in the multibillion dollar Ogidigben Industrial Park which offers investment opportunities in petrochemical, fertilizer, methanol and other non-oil sector of the Nigerian economy which he described as the choice destination for quick return on investment.
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