The Nigerian government revealed that it is planning to increase Nigeria’s gas reserves by growing them from 206 trillion cubic footage to 600 trillion cubic feet (TCF).
This information was provided by Chief Timipre Silva, Minister of State Petroleum, at the 23rd World Petroleum Congress in Houston (Texas), USA.
In a session entitled, “Regional Development and Chances in Africa,” he said that Nigeria would become one of the top five countries with the largest gas reserves.
The Minister stated that Nigeria’s 600 trillion-year-old reserve of natural gas will enable it to realize the development desired by a nation with this type of resource.
Nigeria is blessed with a lot of natural gas. We currently have 206 trillion cubes of gas reserves.
Sylva noted that the future prospects for Nigeria’s oil industry are still very bright when it comes down to energy transition. However, the FG does expect that oil won’t be thrown out the next day.
He said that oil will make up less and less of the global energy mix in the future. This means that although oil will still be relevant, its relevance will diminish.
The oil industry will continue to grow in the years ahead.
“We haven’t discounted that the world cares about the energy transition.”
He said that Nigeria had also declared gas its transition fuel. This provides investors with investment opportunities, given the country’s oil and gas reserves.
“Forty percent of Nigerians have no access to off-grid electricity. The challenge is real and we must commit to energy safety and the cost to the global community to ensure the security of our people’s energy. This is for us a balancing act.
“We must make sure that the citizens have energy security. It’s a balancing act. We must attain energy security for Nigerians as well as be net-zero em>, he stated.