According to the Federal Government, Nigeria’s gas production is increasing from 7.5 billion cubic feet per day to a slow 12 billion cubic feet per day.
At a recent event in Lagos, this was revealed to journalists by Ekperikpe Ekpo, the Minister of State for Petroleum Resources (Gas).
According to Ekpo, his main goal for his second year in office is to implement the Decade of Gas project, which calls for increasing gas production and transforming Nigeria into a gas economy.
“In the Decade of Gas, we are looking at turning Nigeria into a gas economy by 2030, in which case, we are looking at growing from 7.5 billion cubic feet to about 12 bcf. So, we are progressing in that direction to make sure we have gas sufficiency in the country,” he stated.
Ever since the Federal Government of Nigeria decided to adopt gas as the country’s transition fuel, questions have been raised about the sustainability of the country’s gas production. The government’s commitment to increasing gas production is a step towards achieving energy sufficiency and reducing reliance on oil. With proper planning and investment, Nigeria has the potential to become a major player in the global gas market.
The minister of gas, however, was optimistic that additional gas will be produced, particularly because several multinational oil corporations were moving their operations to deeper waters.
Ekpo reassured Nigerians, saying, “The sustainability plan is all about producing more gas from the gas resources.”
Nigeria’s President Bola Tinubu has pledged to ensure sufficient gas supply to sustain the country’s gas reserves, which stand at 209.26 trillion cubic feet. The country’s upstream petroleum Regulatory Commission reports that some IOCs are moving from shallow water to deep water, with a huge gas deposit. However, Nigerians are concerned about the rising cost of cooking gas, which now sells at around N1,300 per kilogramme, from less than N1,000 in June.
Nigeria’s Minister of State, Petroleum Resources, Timipre Sylva, has also stated that the government is working on policies to address the issue and stabilize prices. Additionally, efforts are being made to increase domestic gas utilization to reduce dependency on imported gas.
