The Federal Government of Nigeria has reported that 33 percent of Africa’s gas reserves are presently found in Nigeria.
Through the Nigerian Upstream Petroleum Regulatory Commission and as reported by the Nigerian publication The Punch NG, the Nigerian government has said that the country’s gas reserves may last for about 94 years.
The report was delivered by the Chief Executive Officer of NUPRC Gbenga Komolafe, during the 16th Annual International Conference of the Nigerian Association for Energy Economics in Abuja, Nigeria. The conference’s theme was “Energy evolution, transition, and reform: Prospects for African economies.”
He emphasized the need of remembering that oil and gas will continue to support Nigeria’s massive population, estimated to be 200 million people, with energy security.
“With a reserve base of 36.97 billion barrels of oil and 208.83 trillion cubic feet of gas which represents 33 percent 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,” the CEO said.
“This clearly presents Nigeria in a dominant position in the entire African gas market. Nigeria has the potential to ensure a sustained supply of natural gas across the sub-Saharan region of Africa if the necessary financing and infrastructure are in place,” he added.
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He noted that the classic biomass, coal, oil, and gas, as well as hydro-power, wind, solar, blue hydrogen, and other renewables, have all developed over the past 200 years.
‘’However, today, oil and gas have remained the most dominant source in the energy mix,” he further said.
The CEO remarked that the global effort for decarbonization and the push for cleaner energy sources had offered Africa the potential to diversify its economy and make use of its vast oil and gas reserves for energy security and economic development.
The NAEE has continued to actively contribute to the development of professional competence for the Nigerian power and oil industries, according to Prof. Yinka Omorogbe, president of the association.
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She claimed that the conference had shown the association’s resolve in sustaining its long-term objectives of acting as a forum for the discussion of ideas and the growth of professional knowledge in energy economics.
