Economy
Federal Government to Open 213 Gas Blocks For Investment
FG to auction 213 gas blocks to raise more cash
To generate more revenue amid the ongoing cash crunch, the Federal Government of Nigeria is about to open additional 213 gas blocks for investment, a document by the Nigerian Upstream Petroleum Regulatory Commission has stated.
According to (NUPRC), the gas blocks are located across the country with the Niger Delta region accounting for a significant part of it.
The document which was titled “Nigeria’s Cretaceous Basins: The Potentials for Gas,” revealed that 69 of the gas blocks are located in the Niger Delta Basin, 12 in Anambra, 41 in Benue Trough, 17 in Bida, 40 in Chad, six in Dahomey, and 28 in Sokoto.
Currently, Nigeria has 115 gas wells where the country produces gas for both domestic use and also export to its international trade partners. The addition of another batch of 213 gas blocks will enhance revenue generation and improve the country’s foreign exchange.
Similarly, the increase in gas production and its usage will align with Nigeria’s zero net emissions agenda by 2060.
Investors King could recall that Vice President, Yemi Osinbajo on behalf of the Federal Government had launched the “Nigeria Energy Transition Plan” in August 2022 which is a major pathway in achieving universal energy access by 2030 and a carbon-neutral economy by 2060.
The ambitious plan will require $10 billion worth of investment per year while it is projected to lift about 100 million Nigerians out of poverty.
Similarly, President Muhammadu Buhari had pledged that Nigeria will reach net zero by 2060 at the United Nations Climate Change Conference held in Glasgow in 2021.
Meanwhile, the Nigerian Upstream Petroleum Regulatory Commission has reiterated that gas holds a very promising future for the country.
The commission disclosed that gas is a pathway for Nigeria to decarbonise while ensuring energy security.
Investors King understands that Nigeria is richer in gas than oil.
Going forward, NUPRC stated that it will reinforce its effort by exploring other potential basins and ensure Nigeria triple its gas reserve by 2050.