Gbenga Komolafe, the chief executive of the Nigerian Upstream Petroleum Regulatory Commission has announced a slight increment of 1.01% or 2.09 trillion cubic feet in Nigeria’s gas reserves.
Driving the news
The gas reserve increment of 1.01% shows that the level rose from 206.53 tcf in 2021 to 208.62 tcf. Projections are that in the next 10 years, the gas reserves would record 220 tcf and 250 tcf thereafter.
- Nigeria also continues to top the list of African countries with the biggest gas reserves, followed by Algeria with 159.1 trillion cubic feet and Senegal with 120 trillion cubic feet.
Why it matters
The increment shows the enormous potential that Nigeria’s gas reserves possess, as the federal government plans to become one of the top suppliers of gas to the global market amidst the war between Russia and Ukraine.
- To further this plan, Nigeria and Morocco are seeking funds to establish the longest offshore pipeline in the world to convey Nigerian gas from Nigeria to the North African country, Morocco.
By the numbers
Recent data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) shows that Nigeria averagely produces 8BSCF/D of gas with 20% of it going to the domestic market, about 40% exported to the foreign markets and 30% used for internal purposes. The rest is flared.
- Nigeria from January – March has earned $387.72 million in gas sales, almost twice the $177.86 generated from oil.