By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DaiLy4mativeDaiLy4mative
  • Home
  • News
    • Business
    • Entertainment
    • Education
    • Sports
    • Health
  • TRAVEL
  • Books
  • Biography
Reading: Renewed exploration pushes Nigeria’s gas reserves to 206.53tcf
Share
Notification Show More
Latest News
What to do when EFCC invites you
December 10, 2022
How to remove palmpay security plugin on android phone
November 29, 2022
List of Celebrities Who Have Left Twitter After Elon Musk Took Over
November 14, 2022
The Most Popular Show On Cable To Watch Today
November 14, 2022
google chat app free download for android
Google chat app free download for android
November 9, 2022
DaiLy4mativeDaiLy4mative
Watch TV
  • Information
  • Education
  • Books
  • Business
  • COMPANIES
  • Education
  • Health
  • Lyrics
  • News
  • TRAVEL
  • More
    • BANKS
    • MP3 Download
    • News
    • Uncategorized
Have an existing account? Sign In
Follow US

Renewed exploration pushes Nigeria’s gas reserves to 206.53tcf

SHARE
- Advertisement -

Renewed exploration pushes Nigeria’s gas reserves to 206.53tcf

 

Department of Petroleum Resources•DPR says indigenous firms contribute 33% of nation’s oil reserves
Nigeria’s proven gas deposits has risen to 206.53 trillion cubic feet (tcf) from the 203.16tcf declared last year, the Department of Petroleum Resources (DPR) said yesterday, in Abuja.
Speaking at the Nigeria International Petroleum Summit, Director of DPR, Auwalu Sarki disclosed that indigenous oil, and gas companies were now contributing as much as 33 per cent to the nation’s crude oil reserves and about 30 per cent of gas reserves.
While the local operators’ contribution to the reserves was less than 10 million barrels in 2005, it has grown significantly to about 62 million barrels in 2020.

Speaking on the gas reserves, Auwalu attributed the growth to recent efforts being made on gas exploration in the country, especially the “Decade of Gas Initiative’.
The Federal Government had last year put the country’s total gas reserves at 203.16 tcf, representing a marginal increase of 1.16tcf or 0.57 per cent from the 202tcf recorded in 2019. The recent increase implies a growth of over three trillion.
Auwalu said: “Nigeria attained the target of 200tcf of natural gas reserves by the Reserve Declaration as at January 1, 2019, before the 2020 target. Thereafter, government set a target to attain a reserve position of 202 tcf by 2030”.
He noted that independent companies were driving value addition to gas, adding that acquisition of divested assets as well as accelerated appraisal and development efforts are other driving factors.
To him, the country is already gaining from the deliberate national efforts to boost indigenous participation in the sector.

The Chairman of Nigeria Gas Association and Managing Director, Shell Nigeria Gas, Ed Ubong, who spoke at the event said gas only accounts for five per cent of Africa’s energy mix.
“Nigeria is sitting on a large, huge resource base of gas, but how much gas are we producing? We are a top ten country when we talk of what we have but when you talk of what we are actually producing, we begin to sit back but we are in the top 20 ranges,” he stated.
Earlier at the event, the Minister of State for Petroleum, Timipre Sylva, had said there was need for the industry to move beyond ‘lips service’ on gas development.
“I want to see a holistic roadmap and action plan that provides the appropriate leverage for the way forward in delivering the Decade of Gas vision. The critical milestone that must be achieved should be clearly stated with short, medium and long term strategies”, the Minister said at the end of the four-day event.

- Advertisement -

You Might Also Like

NCC to unveil new voice tariff between local, international operators

3 Things to observe in the Stock Market This Week

African airlines see rising demand as global air cargo surges by 12%

Dollar To Naira Exchange Rate Today (Mon. Oct. 25, 2022)

List of registered Trademarks in Nigeria

TAGGED: Business News
GM Boss June 11, 2021
Share this Article
Facebook Twitter Whatsapp Whatsapp Email Print
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Latest Post

  • What to do when EFCC invites you
  • How to remove palmpay security plugin on android phone
  • List of Celebrities Who Have Left Twitter After Elon Musk Took Over
  • The Most Popular Show On Cable To Watch Today
  • Google chat app free download for android

© Daily4mative. All Rights Reserved.

Removed from reading list

Undo
AdBlock Detected
Our site is an advertising supported site. Please whitelist to support our site.
Okay, I'll Whitelist
Welcome Back!

Sign in to your account

Register Lost your password?