Potential Boom in Nigeria's Gas Export as Turkey, Libya, Others Demand More Supply
- Nigeria's natural gas is in the global spotlight, with many countries showing interest
- The FG, however, raised concerns about the insufficient infrastructure necessary for exporting the commodity.
- It said it is actively working to eliminate all obstacles to create an appealing environment for investors
PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed!
Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the stock market.
The Federal Government has revealed that Turkey and Libya have joined the growing roster of foreign nations expressing interest in procuring Nigeria’s natural gas.
Nigeria’s former Minister of State for Petroleum Resources, Timipre Sylva, had earlier claimed that the country’s gas deposit is the highest in Africa.
Source: UGC
Admitting the surge in demand for Nigerian gas, the government expressed concerns about the insufficient infrastructure necessary for transporting the commodity out of Nigeria.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Gabriel Aduda, the Permanent Secretary of the Federal Ministry of Petroleum Resources, announced this during the second edition of the Domestic Gas Summit, organized by the Abuja Chamber of Commerce and Industry.
FG urges the participation of the private sector in gas exploration
Aduda underscored the government’s limitations in furnishing the required infrastructure and encouraged private sector stakeholders attending the summit to embrace this challenge, assuring them of the necessary government support.
Aduda said:
“I want to assure you that the government is ready to do business. People are calling us every day demanding for gas. The energy minister for Turkey has called me more than 10 times, and I’m not exaggerating, that they need natural gas.
“Libyans have been here, and as I speak to you today they’ve forwarded an MoU (Memorandum of Understanding) to me that they just want gas in Libya and they want Nigerian gas.
FG pledges to eliminate all obstacles before interested private investors
He pointed out that Nigeria possesses over 208 trillion cubic feet of gas, highlighting that other gas-abundant countries, such as Algeria and Europe, have been actively striving to rival Nigeria in gas supply.
The permanent secretary also conveyed to the audience that the government is actively working to eliminate all obstacles to create an appealing environment where both investors and the country can prosper, resulting in the delivery of power to our citizens.
The annual event is centred on advancing local content, nurturing a favourable business environment through government collaborations, and conducting seminars and workshops to ensure that the advantages of Nigeria’s oil and gas industry reach all corners of the nation.
The CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Gbenga Komolafe, Nigeria’s gas, which accounts for 33% of the total gas reserves in Africa, could last for about 94 years.
Also speaking on the matter, Chuka Onyema, Supply Manager at Ultima Energy, an oil and gas company based in Lagos, told Legit.ng that Nigeria could become richer if its natural gas reserves is taken advantage of.
He said:
Exploring gas reserves in inland basins presents significant opportunities for enhancing electricity production within the nation.
The vast potential offered by the abundant natural gas reservoirs could serve as a crucial driver of economic growth that we should actively leverage.
It is imperative that we seize the employment and industrialization opportunities inherent in this resource as we work toward bridging the energy deficit and achieving a seamless energy transition.
Nigerians lament the increase in cooking gas price
Meanwhile, Legit.ng earlier reported that Nigerians have expressed their discontent with the recent surge in cooking gas prices, with reports indicating that it has exceeded N1,000 per kilogram (kg).
Individuals who have recently purchased cooking gas shared their dissatisfaction with the escalating prices and the ongoing economic challenges in Nigeria.
Notably, this follows earlier warnings from Liquefied Petroleum Gas marketers regarding the likelihood of increased costs for cooking gas in the upcoming months.
Source: Legit.ng
