FG puts worth of Nigeria’s proven gas reserves at over $803.4tn

29 Apr FG puts worth of Nigeria’s proven gas reserves at over $803.4tn

THE Federal Government on Thursday said the value of Nigeria’s proven gas reserves of about 206.53 trillion cubic feet was over $803.4tn, adding that the country had the most extensive gas resource in Africa.

It also stated that the European Union had proposed categorising natural gas as a green energy source, as this would impact favourably on Nigeria due to the country’s abundant natural gas reserves.

The Minister of State for Petroleum Resources, Timipre Sylva, disclosed this at the 2022 Annual Public Lecture of the Nigerian Society of Engineers, Bwari Branch, Abuja.

Sylva explained that markets alone would not drive the energy transition at a sufficient pace or scale to address the climate challenge from an investment standpoint.

He said, “The Federal Government has a key role to play in energising the private sector to act so that Nigeria’s economy can compete with the rest of the global economy.

“Consequently, on our part, the government typically has three major priorities when setting energy policies: security of supply, economic competitiveness, and a reduction of greenhouse gas emissions.

“At present, only gas can meet all three priorities simultaneously. This puts Nigeria with approximately 206.53 trillion cubic feet of proven gas valued at over $803.4tn and potential upside of 600TCF of gas, the most extensive in Africa, and in the top 10 globally.”

He added, “And luckily for Nigeria, the European Union has proposed labelling natural gas as a ‘green energy’ source, a development that could translate into huge economic value for Nigeria.”

The minister said Nigeria was following a transition pathway that combined technology, investment, business strategies, and government policy that would enable the country to transition from its current energy system to a low-carbon energy system.