SNEPCo Boss projects 3billion Bcf/d Gas Shortage by 2030

The Managing Director of Shell Nigeria Exploration and Production Company Limited, (SNEPCo) Elohor Aiboni, has projected that Nigeria will witness a three billion cubic feet per day (Bcf/d) gas supply shortage by 2030.

Aiboni, who made this assertion, while speaking at the 2023 edition of the annual conference of the Nigerian Council of the Society of Petroleum Engineers in Lagos, noted that despite having the largest proved gas reserves in Africa, “Nigeria could see gas demand outstripping gas supply by 2030 by at least three billion cubic feet per day.”

Aiboni, who was represented by SNEPCo Finance Manager, Tunde Oduwole, pointed out that the gas supply shortage would be driven by an estimated increase in population, dwindling infrastructure, security climate and access to energy.

The Managing Director of SNEPCo urged 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.

She also charged African countries to take deliberate steps to attract foreign direct investments to harness their vast gas resources, due to the huge amount of capital required for gas reserve development.

She harped on the need for the continent to put in place liberal trade, fiscal policies, and a stable social, political and economic environment that will attract investments in its gas sector.

The SNEPCo boss stressed that while Africa’s oil and gas sector assured of opportunities for FDI, but noted that 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.”