The OPEC Fund for International Development has expressed its support to the ongoing massive gas project embarked upon by Nigeria and Morocco.
The OPEC Fund will finance $14.3 million for the second phase of the studies in the submarine Nigeria-Morocco gas pipeline project.
The OPEC Fund for International Development is the intergovernmental development finance institution established in 1976 by the Member States of the Organization of the Petroleum Exporting Countries, OPEC.
According to a statement by the Moroccan Ministry of Finance on Friday, the agreement was signed by the Moroccan Finance and Economy Minister, Nadia Fettah and the General Director of the OPEC Fund Abdulhamid Alkhalifa.
The Australian company WorleyParsons announced on Wednesday in a statement that it has been awarded the second phase of the studies, which is progressing in accordance with the initial project planning.
The event will engage the leaders to help shape the global, regional and local agenda in the energy sector including COP 27, renewable energy, hydrogen, oil & gas, power, coal, clean mobility, digital transformation among others.
In January, the Islamic Development Bank has signed an agreement with Morocco to provide $15.45 million to the Nigeria-Morocco gas pipeline studies.
This gas pipeline project would cover 7,000-km long through 13 west African countries, and extend to Europe, according to WorleyParsons.
Oriental News Nigeria writes that the Nigeria-Morocco Gas Pipeline, NMGP, is a new regional onshore and offshore gas pipeline that is intended to deliver natural gas resources of Nigeria to 13 countries in the West and North Africa as a continuation of the existing West African Gas Pipeline, WAGP, between Nigeria, Benin, Togo, and Ghana.
Starting from Nigeria, the 5,660 kilometers long NMGP will pass through Benin, Togo, Ghana, Cote d’Ivoire, Liberia, Sierra Leone, Guinea, Guinea-Bissau, Gambia, Senegal, and Mauritania, to end at Tangiers, a Moroccan port on the Strait of Gibraltar, with a possible extension to Europe through Spain.
The Nigeria-Morocco Gas Pipeline Project is estimated to cost US$ 25bn and it will be completed in stages over 25 years.