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)