The Chief Executive Officer of Nigerian National Petroleum Company Limited, Mele Kyari, has disclosed that the company would make final investment decision on its $25 billion, 5600 KM Nigeria-Morocco Gas Pipeline Project by 2023.
Kyari, who made the disclosure in an interview with Bloomberg on Monday morning, noted that NNPC Ltd would be OPI-ready by 2023.
The NNPC boss noted that the gas pipeline, which is expected to pass through 13 countries on West Africa’s coast before reaching Europe through Morocco will have its final investment decision taken next year.
He said, “We will take a final investment decision next year.” He added that discussions around financing are ongoing, without disclosing the institutions interested in backing the project.
Kyari added that Nigeria’s plans to quadruple gas production and end flaring are very realizable, stressing “We have seen the opportunity to bring back every gas pipeline project that you can think of. It is a matter of who needs it and who’s ready to pay for it.”
He also noted that the NNPC limited will be “IPO ready” next year, stating that It will be up to the government, to decide whether and when to list shares.
It would be recalled that the Nigeria-Morocco Gas Pipeline Project officially took off following the signing of an MoU between ECOWAS and Morocco.
The pipeline would be a 5,600 km project, passing through 13 African countries and will send gas to Europe through Morocco.
Kyari had noted that the benefits include the creation of wealth and improvement in the standard of living, integration of the economies within the region, mitigation against desertification, and other benefits that will accrue as a result of reduction of carbon emission.
“The NMGP is a 5,600 KM gas pipeline, traversing 13 African countries, which when completed will provide gas from Nigeria to the West African countries through the Kingdom of Morocco and subsequently to Europe,” it added.
The NNPC also stated that once completed, it would supply 3 billion standard cubic feet of gas per day along West Africa’s coat from Nigeria, Benin, Togo, Ghana, Ivory Coast, Liberia, Sierra Leone, Guinea, Guinea Bissau, Gambia, Senegal, Mauritania, and Morocco.