Nigeria to increase gas output three-fold

oil industry NigeriaFrom AUGUSTINE OSAYANDE in Abuja, Nigeria
ABUJA, (CAJ News) – THE Nigerian National Petroleum Corporation (NNPC) aims to triple the country’s gas reserves to support domestic and export demand, put at about 15 billion standard cubic feet per day (bscfd) by the year 2020.

The Group Managing Director of the Corporation, Maikanti Baru, disclosed this on Monday at the ongoing tenth Nigerian Gas Association International Conference and Exhibition at the Transcorp Hilton, Abuja.

Baru said Nigeria holds the ninth largest gas reserves in the world and the largest in Africa with about 192 trillion cubic feet (tcf).

“To increase our reserves, we need to expand the areas for gas exploration. The frontier basins need to be explored more aggressively.

Huge opportunities abound for gas in the upstream, midstream and downstream sectors of the nation’s oil and gas industry,” he said.

The NNPC Group Managing Director further stated that there is over $51 billion investment opportunities in gas processing, transmission and general infrastructure development in the country.

“For Nigeria’s gas sector to grow, it requires a new gas policy and an appropriate pricing structure and guarantees for payment,” Baru said.

Beyond growing gas for the power sector, there had been a strategic positioning of the sector to support massive gas based industrialization.

“The intent is to position Nigeria as the regional hub for gas based industries such as fertilizer, methanol and petrochemicals,” said Baru.

CAJ News

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Posted by on Oct 31 2016. Filed under Africa & World, Energy, Featured, Finance, National, Oil & Gas, Regional. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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