The federal government announced on Monday that Nigeria now holds 33% of all gas reserves in Africa.
According to Nigeria’s Upstream Petroleum Regulatory Commission, gas reserves in Nigeria could last for about 94 years.
NUPRC Chief Executive Officer Gbenga Komolafe announced at the 16th Nigerian Energy Economics Association Annual International Conference with theme, ‘Energy evolution, transition and reform: Prospects for African economies’.
He said it was important to note that oil and gas will continue to ensure energy security for Nigeria’s huge population, estimated at around 200 million.
“Nigeria has reserves of 36.97 billion barrels of oil and 208.83 trillion cubic feet of gas, which accounts for 33 percent of Africa’s total gas reserves of 620 TCF, making it a gas-rich country,” Komolafe said. As a country, it ranks among the best in the world.” Africa’s reserves are “number one” with a lifespan index of 94 years.
“This clearly presents Nigeria in a dominant position in the entire Africa gas market. Nigeria has the potential to ensure sustained supply of natural gas across the sub-Saharan region of Africa, if the necessary financing and infrastructure are in place.”
Over the past two centuries, the world has developed a variety of energy sources, ranging from traditional biomass to coal, oil, gas, hydropower, wind, solar, blue hydrogen and other renewable energy sources, he said.
“However, oil and gas are still major sources in today’s energy mix,” he explained.
He said the global demand for decarbonization and growing focus on clean energy presents Africa with an opportunity to diversify its portfolio while leveraging its abundant oil and gas resources for energy security and economic development.
The President, Nigeria Association for Energy Economics, Prof. Yinka Omorogbe, said the NAEE had continued to play active role in building professional capacity for the oil and gas, and power sectors in Nigeria.
She believes the meetings over the years have highlighted the tenacity to realize the association’s goal of providing a forum for the exchange of ideas and the promotion of professional experience in the energy industry.
