As we stride into the new year, it is important to look back on the opportunities, challenges, and transformations witnessed so far within the oil & gas industry. This retrospective analysis serves as a compass to guide us in shaping insightful industry projections for the new year. Amidst global shifts in energy paradigms and local aspirations for sustainable development, the Nigerian oil and gas sector holds significant potential, with opportunities arising from policy reforms and technological advancements. Each transformative shift not only influences the nation’s economic trajectory but also impacts its global standing.

This Report focuses on Nigeria’s energy transition efforts as it relates to the oil and gas industry with particular emphasis on the nation’s gas development and utilisation journey. We examine historical gas policies, and the promised delivery of significant gas projects by the announcement of the Decade of Gas; projects which are meant to transform the economic landscape and energy security efforts of not only Nigeria but other African countries. We also examine international events such as the influence of the Baku-Tbilisi-Ceyhan (BTC) Pipeline on energy security in Europe, and the potential effects of the Nigeria-Morocco pipeline on both energy security and economic integration and collaboration within the African region.

Activities in the oil and gas industry have been reported to be one of the main culprits of the adverse effects of climate change experienced globally. In its report, the International Energy Agency (IEA) stated that the energy sector is presently the source of around three-quarters of greenhouse gas (GHG) emissions and holds the key to averting the worst effects of climate change. For this reason, leaders around the globe converged in Paris in 2015 to sign an International Energy Treaty, the Paris Agreement grounded in the 1992 United Nations Framework Convention on Climate Change (UNFCCC). Here, the United Nations adopted 17 Sustainable Development Goals (SDGs) to address important issues affecting the world, ranging from ending poverty, and hunger, and safeguarding the environment to ensuring prosperity for everyone…