Friday, June 18, 2021

Nigeria’s proven gas reserve increased by 1.66 per cent: DPR

“Award of 57 marginal oilfields to indigenous companies is one of the strategies to increase participation in the country’s oil and gas industry.”

• June 10, 2021

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

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

The new figure represents an increase of 3.37tcf, representing a 1.66 per cent percentage increase over the 203.16tcf recorded on the corresponding date of January 1, 2020.

He said that the growth of gas reserves was a critical lever to achieving the federal government’s “Decade of Gas Initiative,” aimed at transforming Nigeria into a gas-powered economy by 2030.

“Nigeria attained the target of 200tcf of natural gas reserves by the Reserve Declaration as of January 1, 2019, before the 2020 target.

“Thereafter, the government set a target to attain a Reserve Position of 2020tcf by 2030.

“It is, therefore, my pleasure to formally declare the National Gas Reserves position as of January 1, 2021, at this important forum.

“Nigeria’s Natural Gas Reserves as of January 1, 2021, stands at 206.53tcf. Associated Gas is 100.73tcf and Non-Associated Gas is 105.80tcf, making a total of 206.53tcf,” Mr Auwalu said.

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

According to him, Nigeria’s human and natural resources, coupled with being Africa’s largest economy, places the country at a vantage position for investment and participation.

“Nigeria is positioned to optimally develop its oil and gas resources for the benefit of its 200 million shareholders. Indigenous operators have a significant role to play.

“Government will support indigenous and marginal field operators to grow, share and enhance participation in the sector for wealth and value creation,” he said.

(NAN)

More from Peoples Gazette

Senator Ali Ndume and Boko Haram

Maiduguri

Security worse in Abuja than Maiduguri: Ndume

“I feel safer than in Abuja. Because (in Abuja) somebody can knock down your door with a gun,” said Chairman of the Senate Committee on Army, Ali Ndume.

Maiduguri

I got over 90% votes in Borno, committed to restore peace: Buhari

President Muhammadu Buhari says he is committed to restoring peace to Borno, telling residents that he got over 90 per cent of votes in the state.

States

Killer herdsmen, UGM, Abia’s greatest challenge: Gov. Ikpeazu

Governor Okezie Ikpeazu says killer herdsmen and unknown gunmen are Abia’s greatest challenge.

Oyo State governor, Seyi Makinde and Police Inspector General, Usman Baba

Ibadan

Ibadan boils but police say ‘it’s little violence’

The police say it is “little violence” as Ibadan boiled on Thursday with two persons killed.

NationWide

No new constitution, no progress for Nigeria, Ozekhome insists

Mike Ozekhome has insisted that Nigeria will not progress as a nation without a new constitution that adequately reflects Nigerians’ aspirations and realities.

Politics

Obasanjo, mind your language; Falana, you’re anarchist feigning activist: Femi Adesina

Former President Olusegun Obasanjo should mind his language, and Femi Falana, an “anarchist,” must stop feigning being an activist, says Femi Adesina.