Nigeria’s gas transformation on course as reserves hit 206.53tcf at 2021 start

NIGERIA’S PROVEN NATURAL gas reserve stood at 206.53 trillion cubic feet (tcf) as at January 1, 2021, the Department of Petroleum Resources (DPR) has stated.

Sarki Auwalu, DPR director, who made the disclosure in Abuja during the 2021 Nigeria International Petroleum Summit, explained that associated gas recorded 100.73tcf and non associated gas stood at 105.80tcf, making a total of 206.53tcf.

The new figure, according to Auwalu, represents a marginal increase of 3.37tcf, a 1.66 per cent increase compared to 203.16tcf recorded in the corresponding date of January 1, 2020.

He further disclosed that the growth of gas reserves was a critical push to achieving the federal government’s “Decade of Gas Initiative’’, aimed at transforming the country to a gas-powered economy by 2030.

The DPR director also noted that Nigeria was on the right path to attaining a reserve position of 2020tcf by 2030, having reached the target of 200tcf of natural gas reserves by the reserve declaration as at January1, 2019, before the 2020 target.

“As a department, we have continued to drive industry performance to grow reserves via dedicated gas exploration, deep drilling, optimal appraisal, field studies and improved oil recovery. It is, therefore, my pleasure to formally declare the National Gas Reserves Position as at Jan. 1, 2021 at this important forum,” he added. According to him, Nigeria’s human and natural resources, coupled with being Africa’s largest economy, place the country at a vantage position for investment and participation. He added that the recent award of 57 marginal oilfields to indigenous companies was one of the strategies to increase their participation in the country’s oil and gas industry.

Speaking on the relevance of indigenous operators in the sector and investment potential across the value chain, Auwalu pledged government support to indigenous and marginal field operators to grow, share and enhance participation in the sector for wealth and value creation, noting that the country is positioned to optimally develop its oil and gas resources for the benefit of its 200 million shareholders.

Dr David Oyedepo (left), chancellor, Covenant University, Nigeria, with Dr Valentine Obi, group chief executive officer, eTranzact Global, at the recent convocation ceremonies of the university, where Dr Obi delivered the keynote address titled, “Repositioning Higher Education in Africa: Building Reputation Gaps in African Universities”.