Nigeria’s Natural Gas Reserve Jumps 1.7% to 206.53tcf – DPR
Nigeria is positioning to optimally develop its oil and gas resources for the benefit of its 200 million citizens , even as its proven natural gas reserves hit 206.53 trillion cubic feet (tcf) as at Jan.1, 2021, the Department of Petroleum Resources (DPR) said Thursday.
The new figure represents a marginal increase of 3.37tcf which represents a 1.7 percent increase over the 203.16tcf recorded in January, 2020.
Giving the announcement at the 2021 Nigeria International Petroleum Summit in Abuja, the DPR Director, Sarki Auwalu, said that the growth of gas reserves was a critical to achieving the Federal Government’s Decade of Gas Initiative which is aimed at transforming Nigeria to a gas-powered economy by the end of 2030.
“Nigeria has attained the target of 200tcf of natural gas reserves by the Reserve Declaration as at January 2021, 2019, before the 2020 target.
“Thereafter, government set a target to attain a Reserve Position of 2020tcf by 2030.
“As a department, we have continued to drive industry performance to grow reserves via dedicated gas exploration, deep drilling, optimal appraisal, field studies and improved oil recovery.
“It is, therefore, my pleasure to formally declare the National Gas Reserves Position as at January 1, 2021 at this important forum.
“Nigeria’s Natural Gas Reserves as at Jan. 1, 2021 stands at 206.53tcf. Associated Gas is 100.73tcf and Non-Associated Gas is 105.80tcf, making a total of 206.53tcf,” Auwalu said.
He said further that 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 and indigenous operators have a significant role to play.
“Government’s aspirations and policy thrust of the Decade of Gas reiterates the drive for investments across the value chain.
“Government will support indigenous and marginal field operators to grow, share and enhance participation in the sector for wealth and value creation,” Auwalu concluded.
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