Nigeria Gas Reserves up by 4.067tcf, Says Report

Gas Plant
  • Nigeria Gas Reserves up by 4.067tcf, Says Report

Nigeria‘s natural gas reserves have risen by 4.067 trillion cubic feet (tcf) from 187.998tcf in 2014 to 192.065tcf in 2015, the Nigerian Natural Resource Charter (NNRC) has said.

In its ‘2017 Benchmarking Exercise Report’ obtained on Wednesday, the body said gas reserves in 2013 stood at 181.95 tcf, 182. 258tcf in 2012, 183.434tcf in 2011 and 182.817 tcf in 2010.

The report said the reserves included associated and non-associated gas, adding that the country remained one of the largest producers of natural gas.

“The firm relies on statistics from the Nigerian Bureau of Statistics (NBS), the monthly financial bulletin of the Central Bank of Nigeria (CBN), Nigerian National Petroleum Corporation (NNPC), Ministry of Petroleum Resources, Petroleum Technology Development Fund (PTDF) and other sources to arrive at the figures that were computed as the country’s natural gas reserves. The country has gas reserves of 192.065 tcf of gas in 2015 and 187.998 trillion cubic feet of gas in 2014,” the report said.

The body said many of the stakeholders interviewed raised concerns about the ability of the government to generate accurate figures because of lack of a strong research culture.

In the report, Nigeria is exporting part of the gas it is processing while at the same time uses part of it for electricity generation and Liquefied Petroleum Gas (LPG).

It said the country has become a major exporter of gas globally by selling its gas to countries in Asia.

The report added that the country should increase its gas production to make processing and exportation of gas a veritable source of revenue and immediately regain the market it has lost to the discovery of shale gas in the United States (U.S).

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years experience as a foreign exchange research analyst and trader.

Be the first to comment on "Nigeria Gas Reserves up by 4.067tcf, Says Report"

Leave a comment

Your email address will not be published.


*