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Business News of Friday, 11 June 2021

Source: economicconfidential.com

Nigeria’s gas reserves rise to 206.53tcf – DPR

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The Department of Petroleum Resources (DPR) says Nigeria has recorded an increase in its proven natural gas reserves to 206.53 trillion cubic feet (tcf) as at Jan.1, 2021 up from 203.16tcf in the previous year.

The new figure represents an increase of 3.37tcf, representing 1.66 per cent percentage increase over the 203.16tcf recorded in the corresponding date of Jan. 1, 2020.

DPR director, Mr Sarki Auwalu, who made this known in Abuja at the 2021 Nigeria International Petroleum Summit, said the growth of gas reserves was a critical lever to achieving the federal government’s “decade of gas initiative’’, aimed at transforming Nigeria to a gas-powered economy by 2030.

Auwalu said: “Nigeria attained the target of 200tcf of natural gas reserves by the reserve declaration as at Jan.1, 2019, before the 2020 target
“Thereafter, the government set a target to attain a reserves 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 Jan. 1, 2021 at this important forum.

“Nigeria’s 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.’’

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