The Nigerian National Petroleum Company (NNPC) Limited has boosted its equity in the Gas Aggregator Company of Nigeria (GACN) from 30 percent to 40 percent, according to Mele Kyari, NNPC Group Chief Executive Officer (GCEO).
Kyari made this announcement during the issuance of a domestic gas aggregation license to GACN by the Nigerian Midstream and Downstream Regulatory Authority (NMDPRA) in Abuja on Tuesday.
Speaking at the event, Kyari emphasized NNPC’s commitment to supplying gas to the domestic market, aiming to catalyze a transformative revolution in Nigeria.
He noted that the country, being rich in gas with associated oil, has not fully tapped into its gas potential.
“But now we are ready for business and this business means that we have to create the infrastructure that will deliver gas into the domestic market,” Kyari said.
“We have to create the market, and that can only happen if there is appropriate pricing for gas. We don’t want to enjoy anything except we have the right pricing for gas so that people can pay their bills for the gas that they take, and we can produce the gas that comes into the market,” Kyari explained. “Then enjoyment can come.”
Highlighting Nigeria’s adoption of gas as a transition fuel, Kyari urged industry operators to collaborate in building necessary gas infrastructure and fostering an economy capable of supporting the sector.
In a related development, Farouk Ahmed, the CEO of NMDPRA, disclosed that the domestic gas aggregation license was granted to GACN in accordance with Section 153 of the Petroleum Industry Act, 2021.
“The authority may upon approval of an application and payment of prescribed fees, grant and issue a domestic gas aggregation licence,” he said.
“In line with the above, the application of GACN for domestic gas aggregation licence was approved after due consideration and upon the fulfilment of the requirements of the law.”
He emphasized that the licensing of GACN would stimulate investment and transparency in the gas industry, positioning the firm as a driving force for progress in the sector.
