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Nigeria’s proven gas reserve now 206.53tcf, says DPR

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Nigeria’s proven gas reserve now 206.53tcf, says DPR

By Salomon Asowata

The Department of Petroleum Resources (DPR) said Nigeria‘s proven reserves of natural gas stood at 206.53 trillion cubic feet (tcf) as of January 1, 2021.

DPR Director Sarki Auwalu made the announcement Thursday in Abuja at the Nigeria International Petroleum Summit in 2021.

The new figure represents an increase of 3.37 tcf, a percentage increase of 1.66% compared to the 203.16 tcf recorded on the corresponding date of January 1, 2020.

He said growing gas reserves was a key lever to achieve the federal government’s “Decade of Gas Initiative”, aimed at transforming Nigeria into a gas-fueled economy by 2030.

Auwalu said: “Nigeria has reached the target of 200 tcf of natural gas reserves through the declaration of reserve on January 1, 2019, ahead of the 2020 target.

“Subsequently, the government set itself the objective of reaching a reserve position of 2020tcf by 2030.

“As a department, we have continued to drive industry performance to increase reserves through dedicated gas exploration, deep drilling, optimal appraisal, field studies and better oil recovery.

“It is therefore with pleasure that I officially declare the position of national gas reserves on January 1, 2021 during this important forum.

“Nigeria’s natural gas reserves as of January 1, 2021 amount to 206.53 tcf. The associated gas is 100.73 tcf and the unassociated gas is 105.80 tcf, for a total of 206.53 tcf. ”

He said the recent award of 57 marginal oil fields to indigenous companies was one of the strategies to increase their participation in the country’s oil and gas industry.

Nigeria’s human and natural resources, coupled with being Africa’s largest economy, put the country in an advantageous position for investment and participation, he said.

Auwalu said, “Nigeria is positioned to optimally develop its oil and gas resources for the benefit of its 200 million shareholders. Indigenous operators have an important role to play.

“The government’s aspirations and the political orientation of the ‘Gas Decade’ underpin the campaign for investments along the value chain.

“The government will support indigenous and marginal field operators to develop, share and improve participation in the sector for the creation of wealth and value. ” (NOPE)

(NAN)

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