NIGERIA has proven gas reserves of 182 trillion Cubic feet! The Nigerian National Petroleum Corporation (NNPC) has said that in addition to Nigeria’s proven natural gas reserves of 182 trillion cubic feet (TCF), about 600 thousand cubic feet of undiscovered gas potential is still available for her to tap from. NNPC said that with such gas potential available to Nigeria, the country’s hydrocarbon industry would remain competitive despite new hydrocarbon discoveries in Sub-Saharan African countries like Mozambique. Group Managing Director of NNPC, Andrew Yakubu, stated at the just concluded 2014 edition of the Nigeria Oil and Gas conference and exhibition in Abuja that while Libya remained the only country with more crude oil reserves, Nigeria’s delta regions remains one of the most prospective areas in the world. Other production improvement strategies according to Yakubu included a paradigm shift in exploration, attraction of new capital investments into the industry and new oil exploration and production licensing rounds. On the challenges of pipeline vandalism and economic of small fields operations, Yakubu explained that the establishment of a midstream regulator as proposed by the Petroleum Industry Bill (PIB) will ensure appropriate cost recovery mechanisms for pipeline operators, at the same time yielding results in optimum investment in midstream infrastructure nationwide. He said the use of production allowance from small fields will reduce the impact of taxation on their productions and equalise losses from large oil fields. “All of the strategies mentioned will reinforce our position as Africa’s leading producer of oil. However, planned increases in oil production in the near and medium term will also result in the significant production of gas
Posted on: Tue, 25 Mar 2014 18:45:14 +0000
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