Nigeria currently accounts for 33 per cent of the total gas reserves in Africa, the Federal Government said on Monday.
While disclosing this through the Nigerian Upstream Petroleum Regulatory Commission, it added that the gas reserves in Nigeria could last for about 94 years.
The Chief Executive Officer, NUPRC, Gbenga Komolafe, disclosed this in Abuja at the Nigerian Association for Energy Economics 16th Annual International Conference, with theme, ‘Energy evolution, transition and reform: Prospects for African economies’.
He said it was important to note that oil and gas would continue to guarantee energy security for Nigeria’s massive population estimated to be about 200 million.
Komolafe said, “With a reserve base of 36.97 billion barrels of oil and 208.83 trillion cubic feet of gas which represents 33 per cent 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.
“This clearly presents Nigeria in a dominant position in the entire Africa gas market. Nigeria 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.”
He noted that over the last two centuries, the world had witnessed the evolution of various energy sources, from the traditional
biomass to coal, oil and gas, hydropower, wind, solar, blue hydrogen and other renewable.
“However, today, oil and gas has remained the most dominant source in the energy mix,” he stated.
He said the global call for decarbonisation and increased focus on cleaner energies had provided the avenue for Africa to diversify its portfolio, while leveraging its abundant oil and gas resources for energy security and economic development.
The President, Nigeria Association for Energy Economics, Prof. Yinka Omorogbe, said the NAEE had continued to play active role in building professional capacity for the oil and gas, and power sectors in Nigeria.
According to her, the conference had over the years brought to light the doggedness of the association in keeping with its objectives of providing a forum for the exchange
of ideas and advancement of professional experience in energy economics.