Business News
Gas reserves hit 187 trillion cubic feet
Sep 24, 2004, 10:32
| | Nigeria’s proven gas reserves have hit 187 trillion cubic feet up from 166 trillion. In effect, the country could be earning as much revenue from gas as from crude oil, which is currently the mainstay of the economy.
The Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), Mr Funsho Kupolokun, declared the figures at a conference on gas in Abuja on 21 September.
He also said that the local annual consumption, which stands at 532 million cubic feet, is expected to reach 1.7 billion cubic feet by the turn of the decade due to reforms in the power sector.
Kupolokun further explained that the nation has committed 50 trillion cubic feet of gas to existing Liquefied Natural Gas (LNG) projects, while about 130 trillion cubic feet are yet to be exploited.
Nigeria currently has a number of gas projects that are designed to yield as much revenue as is derived from crude. However, over $14 billion dollars is required to fully grasp the maximum value of the commodity.
In the interest of the economy, Kupolokun appealed to the private sector to take advantage of the prevailing transparent culture in the oil and gas industry and subsequently invest in this sector.
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