Nigeria’s Proven Gas Reserve Now 206.53tcf, Says DPR

Hamilton Nwosa
Writer
DPR Reorganisation In Line With FG’s Aspirations For oil, Gas Industry– Spokesman

Ad

Dangote Vs PENGASSAN Face-off Escalates as NLC Orders Nationwide Strike

By Abiola Olawale The face-off between Dangote Refinery, owned by Africa's richest man, Aliko Dangote, and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has continued to escalate as the Nigeria Labour Congress (NLC) has ordered full-scale mobilization of its affiliate unions for a nationwide strike. The NLC said it ordered the…

PSC warns senior officers: fail promotion exam three times, face retirement

By Obinna Uballa The Police Service Commission (PSC) on Monday conducted a compulsory promotion examination for 30 senior police officers in Abuja, with a stern warning that those who fail the test three times will be forced into retirement. The exercise, held at the Commission’s headquarters, involved one Assistant Inspector-General of Police, two Commissioners of…

Brent Prices Retreat below $70 as OPEC+ Mulls Another Output Hike

Brent Crude prices dropped below $70 per barrel, and WTI Crude slipped below $65, due to increased supply and expectations of further output hikes from OPEC+. Iraq resumed crude oil exports from Kurdistan via a pipeline to Turkey, adding an estimated 230,000 barrels per day to the global oil market after a two-and-a-half-year halt. OPEC+…

Ad

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

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

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

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

Auwalu said: “Nigeria attained the target of 200tcf of natural gas reserves by the Reserve Declaration as at Jan.1, 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 Jan. 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.’’

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.

Auwalu said: “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’s aspirations and policy thrust of the “Decade of Gas’’ underpin 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.’’

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp