We Will Grow Domestic Gas Utilization To 4.5BCF Through Aggressive Infrastructural Investment – Kyari
The Group Managing Director, Nigerian National Petroleum Corporation Mele Kyari, has reiterated the ongoing effort of the Corporation to grow the Nigeria domestic gas utilisation to 4.5 billion cubit feet, through aggressive investment in infrastructure.
Kyari who spoke at the 2020 Abu Dhabi International Petroleum Exhibition and Conference said that the investments in infrastructure will improve power generation and industrialization.
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“Nigeria is blessed with abundant Natural Gas resource –203TCF of proven reserve with over 600 trillion Cubic feet potential reserve.
” Our objective is to grow the domestic utilization of Nigeria and in the long term increase our investments in export projects such as LNG.”
The Minister of State, Timipre Sylva, in his remark said that Nigeria, which holds the largest natural gas reserve, is currently being threatened by glaring market uncertainties.
He explained that the Nigerian government through the gas master plan policy seek to minimize the gas sector across the value chain with aim to boost the gas market and obtain maximum revenue.
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“The Nigeria gas expansion program is currently taking the forefront in ensuring improvement in natural gas utilisation through domestic consumption.”
He said that Nigeria is seizing the opportunities presented by the current reality to diversify its energy mix and build build a resilient future that will eradicate poverty.
“There is no doubt that the current grave situation caused by the COVID-19 pandemic is an unprecedented one, which has dented the demand for oil, and dwindling investment in the oil and gas sector.
“The oil business is no longer as usual as a bleak future is being painted all over the industry. There can be no better time to vigorously pursue strategy that will accelerate resilience in the oil industry”.
He further explained that Nigeria, in the Petroleum Industry Bill has set out policies and program to adapt to the present reality as well as improve the technical, operational, environmental and regulatory efficiency in the operation of the industry.
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“A concerted and sustained effort is required for the oil industry to recover fro the ongoing devastating effort of COVID-19 pandemic.
“With many countries currently experiencing a second wave, all stakeholders have a role to play noting that oil and gas will remain an important component of the energy mix to the foreseeable future,” he added.
