Nigeria’s gas reserves have increased by 7.3 per cent from 187 trillion cubic feet to 200.79 tcf, according to the Director of Department of Petroleum Resources, Mr Mordecai Ladan.
He stated this at a technical workshop organised by the Society of Petroleum Engineers, Lagos branch, in Lagos on Wednesday, the News Agency of Nigeria reported.
Ladan, who was represented by the Deputy Manager, Gas Division of DPR, Mr Olawale Ogunsola, said, “National gas reserves have risen to 200.79 trillion cubic feet as at 1st January, 2019.”
He said the nation’s daily gas production stood at 1.2 billion standard cubic feet.
According to him, 41 per cent of the daily production is exported and 48 per cent goes to the domestic market while 11 per cent is being flared.
He said, “We have got greater potential if we are to increase the volume of gas reserves growth. It is very strategic to keep growing the reserves in other to boost export. We found our gas reserves by accidental exploration. So, a dedicated gas exploration is very important and that’s part of the regulatory initiatives of the DPR.
“It is also important to boost domestic gas supply to boost power supply. The DPR will keep working with industry stakeholders to meet gas supply obligations and always crave for your cooperation.”
Ladan said there was a need for collaboration among industry stakeholders to ensure effective market operations in the sector.
He urged all operators to support the Federal Government’s plan to end gas flaring by supporting the Nigerian Gas Flare Commercialisation Programme.
He said, “The NGFCP is designed as the strategy to implement the policy objectives of government for the elimination of gas flares with potentially enormous multiplier and development outcomes for Nigeria.
“The objective of the NGFCP is to eliminate gas flaring through technically and commercially sustainable gas utilisation projects developed by competent third party investors.”
The director said investors would be invited to participate in a competitive and transparent bid process.
He said, “The commercialisation approach has been considered from legal, technical, economic, commercial and developmental standpoints.
“It is a unique and historic opportunity to attract major investment in economically viable gas flare capture projects whilst permanently addressing a 60 year environmental problem in Nigeria.”