Nigeria’s Gas Reserves Could Last About 94 Years: FG

Federal Government disclosed that Nigeria holds 33% of total gas reserves in Africa, noting that it can last for about 94 years.

Gbenga Komolafe, Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), disclosed this information on Monday on behalf of FG at the Nigerian Association for Energy Economics' 16th Annual International Conference.

"With a reserve base of 36.97 billion barrels of oil and 208.83 trillion cubic feet of gas which represents 33 percent of Africa's total gas reserves of 620TCF, Nigeria can be described as a gas-rich nation ranking number one in Africa in reserves with a life index of 94 years," Komolafe said, Punch reported.

Komolafe explained that Nigeria is in a dominant position in the entire African gas market, adding that the country has the "potential to ensure sustained supply of natural gas across the sub-Saharan region of Africa if the necessary financing and infrastructure are in place."

The officer explained that over the last two centuries, there has been an evolution in various energy sources, from traditional to biomass to coal, oil and gas, hydropower, wind, solar, blue hydrogen and other renewable.

However, even today, oil and gas have been the most dominant source in the energy mix, according to Komolafe.

He noted that the world is calling for decarbonization and cleaner energies, which has created more opportunities for Africa to diversify its portfolio and gives leverage to Nigeria for economic development.

Prof. Yinka Omorogbe, who serves as the president of the Nigeria Association for Energy Economics (NAEE), said that the organization has been playing an active role in creating professional opportunities for the oil and gas, and power sectors in Nigeria.

Omorogbe previously criticized the government's subsidy removal decision, noting that it has encouraged illegal practices in the country.

He explained that there have been complaints by the Nigerian National Petroleum Company Limited and oil marketers about the smuggling of petrol out of Nigeria during the subsidy removal phase.

The news of gas reserves might come as positive for Nigerians. Although Nigerians have been going through various crises in the last couple of months.

Nigerians are currently facing skyrocketing petrol prices, which increased from N195 per litre to N600 per litre following the fuel subsidy removal announcement, made on May 29. Aside from the increase in fuel prices, the government also confirmed that a 7.5% VAT on diesel has been implemented.