•DPR says indigenous companies contribute 33% of nation’s oil reserves
Nigeria’s confirmed gas deposits has risen to 206.53 trillion cubic toes (tcf) from the 203.16tcf declared final yr, the Division of Petroleum Assets (DPR) stated yesterday, in Abuja.
Talking on the Nigeria Worldwide Petroleum Summit, Director of DPR, Auwalu Sarki disclosed that indigenous oil, and gas corporations have been now contributing as a lot as 33 per cent to the nation’s crude oil reserves and about 30 per cent of gas reserves.
Whereas the native operators’ contribution to the reserves was lower than 10 million barrels in 2005, it has grown considerably to about 62 million barrels in 2020.
Talking on the gas reserves, Auwalu attributed the expansion to current efforts being made on gas exploration within the nation, particularly the “Decade of Gas Initiative’.
The Federal Authorities had final yr put the nation’s whole gas reserves at 203.16 tcf, representing a marginal improve of 1.16tcf or 0.57 per cent from the 202tcf recorded in 2019. The current improve implies a progress of over three trillion.
Auwalu stated: “Nigeria attained the goal of 200tcf of pure gas reserves by the Reserve Declaration as at January 1, 2019, earlier than the 2020 goal. Thereafter, authorities set a goal to attain a reserve place of 202 tcf by 2030”.
He famous that unbiased corporations have been driving worth addition to gas, including that acquisition of divested belongings in addition to accelerated appraisal and growth efforts are different driving elements.
To him, the nation is already gaining from the deliberate nationwide efforts to enhance indigenous participation within the sector.
The Chairman of Nigeria Gas Affiliation and Managing Director, Shell Nigeria Gas, Ed Ubong, who spoke on the occasion stated gas solely accounts for 5 per cent of Africa’s power combine.
“Nigeria is sitting on a big, big useful resource base of gas, however how a lot gas are we producing? We’re a prime ten nation once we discuss of what we’ve however once you discuss of what we are literally producing, we start to sit again however we’re within the prime 20 ranges,” he acknowledged.
Earlier on the occasion, the Minister of State for Petroleum, Timipre Sylva, had stated there was want for the trade to transfer past ‘lips service’ on gas growth.
“I need to see a holistic roadmap and motion plan that gives the suitable leverage for the way in which ahead in delivering the Decade of Gas imaginative and prescient. The important milestone that have to be achieved must be clearly acknowledged with quick, medium and long run methods”, the Minister stated on the finish of the four-day occasion.