Speaking at the Nigeria International Petroleum Summit, Auwalu Sarki, director of DPR, announced that domestic oil and gas companies now contribute up to 33% to the country’s crude oil reserves and approximately 30% of the gas reserves.
While the company’s contribution to reserves was less than 10 million barrels in 2005, it increased significantly to around 62 million barrels in 2020.
Auwalu also led the way with gas reserves Growth back to recent gas exploration efforts in the country, particularly the Decade of Gas Initiative.
The Nigerian government last year put Nigeria’s total gas reserves at 203.16 trillion cubic feet (TCF), which is one modest increase of 1.16 tcf or 0.57 percent compared to 202 tcf in 2019. The most recent increase implies growth of over 3 trillion.
“Nigeria has reached its target of 200 tcf in natural gas reserves the reserve declaration on January ar reached .1, 2019, ahead of the 2020 goal
“Thereafter, the government has set a goal of achieving a reserve position of 2020 tcf by 2030,” said Auwalu.
Noting that independent companies are driving the appreciation of gas, he added that the Acquisition of sold assets and accelerated valuation and development efforts are further driving factors.
For him, the country is already benefiting from the targeted national efforts to strengthen the participation of the indigenous population in this sector.
Nigeria Gas Association Chairman and Managing Director of Shell Nigeria Gas Ed Ubong, who spoke at the event, said gas is only 5 percent of the African energy mix.
“Nigeria is sitting on a big, huge gas base, but how much gas are we producing? We’re a top ten country when we talk about what we have, but when you talk about what we actually produce, we sit back, we’re in the top 20.
< p> “There are a number of positive aspects to gas development in Nigeria; in the last 30 years we have doubled our domestic gas consumption, increasing from around 200. Today, the domestic market flows almost 1.2 pcf of gas daily, he said.
Previously, Minister of State for Petroleum, Timipre Sylva, said the industry needs to pay lip service to gas development.
“I want to see a holistic roadmap and action plan that will provide the appropriate leverage for moving forward in realizing the vision of the gas decade.