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Nigeria targets dominance of West African oil, gas market

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Nigeria targets dominance of West African oil, gas market

By Salomon Asowata

The federal government has said it is aiming for Nigeria’s dominance in the oil and gas market in the West African region with its ongoing initiative on the Refinery Revolution and the Gas Decade.

Mr. Sarki Auwalu, director of the Petroleum Resources Department (DPR), made it known Wednesday in Lagos during the second quarter 2021 business dinner of the Petroleum Club Lagos.

The Nigerian News Agency (NAN) reports that the topic of the session was: “A Discussion on the Future of the Nigerian Oil Industry”.

Auwalu said Nigeria must rewrite its history and reverse the resource curse syndrome that has plagued the country for decades by ensuring the use of its vast oil and gas resources for national development.

He said the country has the population and is geographically positioned to be a dominant player in the regional oil and gas market.

The DPR boss said the government’s goal is to increase its oil reserves to 40 billion barrels and increase its gas reserves to 220TCF by 2030.

He said the government is also planning to increase production capacity to three million barrels per day.

“This is achievable with the ongoing rehabilitation of the country’s refineries, the commissioning of the Dangote refinery and other modular refineries under construction.

“None of the West African countries has a refinery producing Premium Motor Spirit and this represents a great opportunity for us.

“We can conquer the market and this is a future we look forward to,” said Auwalu.

He said the focus on developing the country’s gas resources would help transform Nigeria into a gas-based economy that would create employment opportunities for the people.

Auwalu said the adoption of the Petroleum Industry (GDP) Bill is necessary to drive these initiatives to clarify the legal framework, institutional alignment and improvement of the investment climate.

He thanked the Petroleum Club members for their contribution to the industry over the past decades.

He added that the government will continue to partner with the private sector to realize its vision for the oil and gas industry.

Earlier in his remarks, Dr Layi Fatona, President of Petroleum Club Lagos, said that the association is a think tank of people who have played a key role in the oil industry and want to improve its contribution to the economy.

Fatona said the COVID-19 pandemic and the global energy transition made it imperative for Nigeria to use its vast oil resources as soon as possible for national development. (NOPE)

(NAN)

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