How we plan to grow 180tcf of gas –Alison-Madueke

BY ADEWALE SANYAOLU

Minister of Petro­leum Resources, Mrs. Diezani Alison-Madueke, has given hints on how the country intends to grow its over 180 trillion cubic feet (tcf) of discovered gas.

The Minister made the dis­closure at a recent meeting in Brussels where she told a gathering of other Energy Ministers from the European Union (EU) that the coun­try equally has an additional 600tcf of undiscovered gas reserves.

The Minister explained that significant investment is planned to support expansion of the sector in the coming years. While increasing do­mestic power generation is a priority for the government, export capacity will also rap­idly grow, particularly as new Liquefied Natural Gas (LNG) projects are completed.

She explained that the Fed­eral Government has stated its resolve to support the long term gas supply security for EU countries as part of measures to expand the na­tion’s gas market across veri­table frontiers, adding that the country is prime to explore its gas potentials to the fullest.

The Brussels meeting fo­cused on the role Nigeria can play in supporting the EU’s energy sector priorities, and particularly the long-term se­curity and diversification of gas supplies.

Alison-Madueke further highlighted that gas produc­tion has increased to over eight billion cubic feet per day, with Nigeria being the eighth largest gas producer in the world, and sixth largest gas supplier to Europe.

The Minister had earlier in her capacity as President of the OPEC Conference, highlighted the strength of the trade and energy rela­tions between OPEC and EU countries, noting that OPEC countries supply the EU with over 30 per cent of annual oil consumption and nearly 20 per cent of annual gas de­mand.

She highlighted the role of OPEC in ensuring stabil­ity, transparency and predict­ability in the international oil markets, which is essential as the global economies recover and strengthen.

Alison-Madueke stated that in the long term, OPEC member countries will con­tinue to play an essential role, and it is anticipated that they will provide as much as 11 million barrels per day (mbpd) out of the anticipated 18 mbpd of additional oil re­quired to meet the expected worldwide demand growth by 2035.

To maintain growth and investment, the Petroleum Minister emphasised the importance of maintaining reforms in emerging econo­mies, noting that one such reform in Nigeria is the Pe­troleum Industry Bill (PIB) currently before Nigeria’s National Assembly, which will change the face of the country’s petroleum opera­tions and ensure they remain in line with international stan­dards and best practices.

She noted that reform in the energy sector will support the longer term economic priorities of Africa’s largest economy, with significant investment planned in infra­structure, power generation, industry and agriculture, as well as in health and educa­tion services.

Source : SunOnline

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