The Department of Petroleum Resources (DPR) says Nigeria’s Proven Natural Gas Reserve is now 206.53 Trillion Cubic Feet (TCF) as at Jan. 1, 2021.
The News Agency of Nigeria (NAN) reports that Mr Sarki Auwalu, Director, DPR, made the announcement on Thursday at the 2021 Nigeria International Petroleum Summit (NIPS) in Abuja.
The new figure represents a major increase of 3.37TCF in proven natural gas reserves representing 1.66 per cent percentage increase from previous 203.16TCF recorded on Jan. 1, 2020.
He said that the growth of gas reserves was a critical lever to achieving the Federal Government’s Decade of Gas Initiative which aims to transform Nigeria to a gas-powered economy by 2030.
Auwalu said: ” First, Nigeria attained the target of 200TCF of natural gas reserves by the Reserve Declaration as at Jan.1, 2019, before the 2020 target
“Thereafter, government set a target to attain a Reserve Position of 2020TCF by 2030 .
“As a department, we have continued to drive industry performance to grow reserves via dedicated gas exploration, deep drilling, optimal appraisal, field studies and improved oil recovery.
“It is therefore my pleasure to formally declare the National Gas Reserves Position as at January 1, 2021 at this important forum.
“I, Mr Sarki Auwalu, Director, DPR, by the power conferred upon me by the Petroleum (Drilling & Production) Regulations, 1969, as amended, and other powers enabling me in that respect, hereby declare as follows:
” Nigeria Natural Gas Reserves as at Jan. 1, 2021 stands at 206.53TCF.Associated Gas is 100.73TCF and Non Associated Gas is 105.80TCF, making a total of 206.53TCF. Further details will be provided on the DPR website.”
He said the recent award of 57 marginal oilfields to indigenous companies was one of the strategies to increase their participation in the Nigeria oil and gas industry.
According to him, Nigeria’s human and natural resources, coupled with being Africa’s largest economy places the country at a vantage position for investment and participation.
Auwalu said: “Nigeria is positioned to optimally develop its oil and gas resources for the benefit of its 200 million shareholders, indigenous operators have a significant role to play.
“Govemment’s aspirations and policy thrust of the Decade of Gas underpin the drive for investments across the value chain.
“Whilst driving for investments from all quarters, both foreign and local we believe that real value added in country development can be enabled through daven by Independent participants
“Government wil support indigenous and marginal field operators to grow share and enhance participation in the sector for wealth and value creation.” (NAN)
