Nigeria now accounts for 33% of Africa’s gas reserves — FG

The Federal Government has said that Nigeria currently accounts for 33 per cent of the total gas reserves in Africa.

Disclosed through the Nigerian Upstream Petroleum Regulatory Commission, it added that the gas reserves in Nigeria could last for about 94 years.

The Chief Executive Officer, NUPRC, Gbenga Komolafe, made this known this in Abuja at the Nigerian Association for Energy Economics 16th Annual International Conference, with theme, ‘Energy evolution, transition and reform: Prospects for African economies.’

“With a reserve base of 36.97 billion barrels of oil and 208.83 trillion cubic feet of gas which represents 33 per cent of Africa’s total gas reserves of 620TCF, Nigeria can be described as a gas rich nation ranking number one in Africa in reserves with a life index of 94 years.

“This clearly presents Nigeria in a dominant position in the entire Africa gas market. Nigeria has the potential to ensure sustained supply of natural gas across the sub-Saharan region of Africa, if the necessary financing and infrastructure are in place.”

He said it was important to note that oil and gas would continue to guarantee energy security for Nigeria’s massive population estimated to be about 200 million.

He noted that over the last two centuries, the world had witnessed the evolution of various energy sources.

He said the global call for decarbonisation and increased focus on cleaner energies had provided the avenue for Africa to diversify its portfolio, while leveraging its abundant oil and gas resources for energy security and economic development.