Nigeria:Nigeria’s National Petroleum Co. to Invest $12.5B in Nigeria-Morocco Gas Pipeline Project
Nigeria’s National Petroleum Company Limited (NNPCL) is set to invest $12.5 billion to secure a 50 percent equity stake in the $25 billion Nigeria-Morocco Gas Pipeline project.
The investment plan follows the resolution of a lingering Production Sharing Contract (PSC) by parties involved in the project.
Morocco will have 1,672 kilometers of the 5,600-kilometer-long pipeline project running through its territory, and it’s expected to benefit over 400 million people in West Africa.
First proposed by King Mohammed VI and Nigerian President Muhammadu Buhari in 2016, the pipeline project gained substantial traction lately due to rising energy prices and decreasing European gas supplies amid the ongoing war in Ukraine.
Thirteen countries along the Atlantic coast will be spanned by the pipeline, with the project receiving support from many countries, including Nigeria, Guinea Bissau, Gambia, Guinea, Ghana, and Sierra Leone, which signed a Memorandum of Understanding (MoU) with Morocco’s National Office of Hydrocarbons and Mines (ONHYM) in December 2022.
