FG Says Nigeria's Gas Reserves Could Last for 94 Years, Accounts for 33% of Africa's Total
- Nigeria ranks first in Africa for gas reserves with a base of 36.97 billion barrels of oil and 208.83 trillion cubic feet of gas
- Cleaner energies provide the opportunity to diversify portfolios and over the last two years, there has been a transition process from traditional biomass to other renewable sources
- CEO NUPRC, Gbenga Komolafe, made this known as he emphasised the significance of the oil and gas sector in ensuring energy security for Nigerians
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The Federal Government has said that Nigeria’s gas, which accounts for 33% of the total gas reserves in Africa could last for about 94 years.
This follows a 2022 announcement by the government that the estimated value of the country's gas reserves is approximately 206.53 trillion cubic feet, equating to a staggering $803.4 trillion, positioning Nigeria as having the highest gas reserves in Africa.
The chief executive officer, NUPRC, Gbenga Komolafe, made the disclosure at the Nigerian Association for Energy Economics 16th Annual International Conference in Abuja, according to report by The Punch.
Source: UGC
Addressing the topic, 'Energy evolution, transition, and reform: Prospects for African economies,' Komolafe emphasised the significance of the oil and gas industry in ensuring energy security for Nigeria's substantial population, which is estimated to be approximately 200 million people.
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Nigeria holds a substantial reserve base, with 36.97 billion barrels of oil and 208.83 trillion cubic feet of gas, accounting for approximately 33% of Africa's total gas reserves of 620TCF.
He added that the remarkable reserve places Nigeria as the leading country in Africa in terms of reserves, with a noteworthy life index of 94 years.
According to him, this clearly presents Nigeria in a dominant position in the entire Africa gas market.
Finance and infrastructure needed
According to Komolafe, Nigeria has the capacity to consistently provide natural gas to the sub-Saharan region of Africa, contingent upon the availability of adequate financing and infrastructure.
Despite witnessing the evolution of multiple energy sources over the past two centuries, ranging from traditional biomass to coal, oil and gas, hydropower, wind, solar, blue hydrogen, and other renewables, oil and gas has remained the prevailing and influential component of the energy mix.
Furthermore, Komolafe emphasised that the advancement of cleaner energy sources presents an opportunity to diversify the energy portfolio, while still relying on oil and gas for both energy security and economic progress.
Prof. Yinka Omorogbe, the President, Nigeria Association for Energy Economics added that the NAEE is dedicated to accelerating professional capacity for the oil and gas, and power sectors in Nigeria.
Nigeria prospects 30 billion oil barrels in new drilling in Borno
In a related news, Legit.ng reported that former president Muhammadu Buhari inaugurated the Wadi-B oil and gas exploration drive in the Jare Local government area of Borno State on May 23rd 2022.
This was intended to add 30 billion barrels of oil to Nigeria’s reserve in the next seven years.
He said the event marks the formal resumption of physical activities and the exploration of crude oil and gas in the Chad Basin area.
The president mentioned that exploration activities for oil commenced in the region back in 1976, and later in 1985, sub-commercial gas reserves were discovered.
Buhari highlighted that the achievements in the Komani oil field and Ebenyi-A Oil wells in Nasarawa State serve as promising indications of success within the Wadi-B oil field.
Source: Legit.ng
