•300bcm LNG export capacity to be added globally by 2030, says IEA

Emmanuel Addeh in Abuja

The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC),  Gbenga Komolafe, has urged the Bank of America to prioritise Nigeria’s upstream sector in its investment portfolio.

Komolafe spoke when he met with the Managing Director and Head of Investment Banking Sub-Saharan Africa, Bank of America, Mr. Chuba Ezenwa, at the corporate headquarters of the NUPRC in Abuja yesterday, a statement by the Head, Media and Strategic Communication of the commission, Eniola Akinkuotu, stated.

Komolafe noted that the move was in line with the Petroleum Industry Act (PIA) 2021, specifically Section 6(h), which mandates the commission to “promote an enabling environment for investments in the upstream petroleum operations and development of Nigerian content in the petroleum industry.”

In his conversation with Ezenwa, the NUPRC boss said although Nigeria’s oil production had witnessed an increase in the last one year, funding remained a challenge for companies seeking to scale up.

“Nigeria is richly endowed with hydrocarbons and we seek to optimise production. But funding is critical to our success. So, we are looking for areas of alignment with the Bank of America,”  Komolafe said.

In his remarks, Ezenwa said the rise in production was a reflection of Komolafe’s visionary leadership, highlighting that under his leadership of the commission, there is renewed interest in Nigeria’s upstream sector.

“I am encouraged by the reforms under the leadership of the CCE (Commission Chief Executive) as well as the results in the area of production which has sparked interest in Nigeria’s upstream. We will continue to provide support,” the Bank of America representative said.

Meanwhile, around 300 billion cubic metres per year of new Liquefied Natural Gas (LNG) export capacity is expected to be added worldwide by 2030, primarily supported by liquefaction capacity expansions in the United States and Qatar.

According to a new report by the International Energy Agency (IEA), this wave of new LNG production capacity is set to profoundly transform global gas market dynamics and play a key role in enhancing supply security and improving the affordability of natural gas.

However, a weaker macroeconomic environment, together with a slower build-out of natural gas infrastructure and contractual rigidities, might limit the scope of the price-adjusted demand response, it said in the report tagged: “Gas 2025: Analysis and Forecasts to 2030”.

“Global LNG supply increased by more than 5 per cent year-on-year in the first nine months of 2025, this growth was partially offset by lower piped gas supplies to Europe from Russia and Norway. Stronger storage injection needs in Europe further tightened markets.

“For the full year of 2025, global gas demand growth is forecast to slow from 2.8 per cent in 2024 to below 1 per cent in 2025. Demand in the Asia Pacific region is expected to expand by less than 1 per cent from 2024, the weakest growth since 2022,” the report added.

With Nigeria largely unable to harness its over 210 trillion cubic feet of gas, the report noted that the United States and Qatar will together account for 70 per cent of the roughly 300 bcm/yr of new LNG liquefaction capacity that is expected to come online globally by 2030.

“The unprecedented expansion in LNG capacity could translate into a net increase of 250 bcm in global LNG supply by 2030. This takes into account declining LNG output from certain legacy producers, as well as the ramp-up rates and utilisation factors of new liquefaction plants.

“ To put this number into perspective, this increase in LNG supply is equivalent to around 7 per cent of Asia’s thermal coal demand. In contrast, long-distance piped gas trade is expected to decline by almost 55 bcm between 2024 and 2030, primarily due to lower piped gas deliveries to Europe,” it added.

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