Nigeria’s gas reserves have increased by 7.3 per cent from 187 trillion cubic feet (tcf) to 200.79 tcf, according the Director of Department of Petroleum Resources (DPR), Mordecai Ladan.
He stated this at a technical workshop with the theme: “Gas Utilisation in Nigeria: Challenges, Opportunity and Outlook,” organised by Society of Petroleum Engineers (SPE), Lagos branch, in Lagos on Wednesday.
Ladan, represented by 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 and that is what should be quoted going forward.”
He said Nigeria was considered as a gas producing nation because of its potential unproven gas reserves which were more than her crude oil reserves.
The director said Nigeria’s daily gas production stood at 1.2 billion standard cubic feet (scuf).
He said that 41 per cent of the daily production was exported and 48 per cent went to domestic market while 11 per cent was being flared.
“We have got greater potentials 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.
“DPR will keep working with industry stakeholders to meet gas supply obligations and always crave for your cooperation,” he said
Ladan said there was 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 (NGFCP).
“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,” he added.
The director said the 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.”