Federal Government (FG) has revealed that Nigeria currently accounts for 33 percent of the total gas reserves in Africa.
Disclosing this through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), on Monday, the government added that the gas reserves in Nigeria could last for about 94 years.
Gbenga Komolafe, Chief Executive Officer, NUPRC, disclosed this in Abuja at the Nigerian Association for Energy Economics 16th Annual International Conference.
Speaking in relation to the conference’s theme, ‘Energy evolution, transition and reform: Prospects for African economies,’ he said it was important to note that oil and gas would continue to guarantee energy security for Nigeria’s massive population estimated to be about 200 million.
“With a reserve base of 36.97 billion barrels of oil and 208.83 trillion cubic feet of gas which represents 33 per cent of Africa’s total gas reserves of 620TCF, Nigeria can be described as a gas rich nation ranking number one in Africa in reserves with a life index of 94 years.
“This clearly presents Nigeria in a dominant position in the entire Africa gas market. Nigeria has the potential to ensure sustained supply of natural gas across the sub-Saharan region of Africa, if the necessary financing and infrastructure are in place,” Komolafe said.
According to him, over the last two centuries, the world had witnessed the evolution of various energy sources, from the traditional biomass to coal, oil and gas, hydropower, wind, solar, blue hydrogen and other renewables.
“However, today, oil and gas has remained the most dominant source in the energy mix,” he stated.
Komolafe however said the global call for decarbonisation and increased focus on cleaner energies had provided the avenue for Africa to diversify its portfolio, while leveraging its abundant oil and gas resources for energy security and economic development.
via: Information Nigeria