The minister of state for petroleum, Timipre Sylva has disclosed the federal government of Nigeria is currently working to grow the country’s gas reserve from 206 trillion cubic feet to 600 TCF.
Sylva, who made this known on Wednesday at the 23rd World Petroleum Congress in Houston, Texas, U.S., at a session themed ‘Regional Development and Opportunities in Africa’, said the proposed growth to 600 tcf reserve will ensure that the country is better positioned to utilise its ample gas resources.
According to him: “We have a lot of gas in Nigeria. We currently have 206 trillion cubic feet of gas reserves,”
“This number is already discovered in gas reserves, and the 206 trillion cubic feet reserve were discovered while looking for oil; so it was accidentally discovered.
“We were actually going to look for crude oil, and we found gas, and in that process of the accidental discovery of gas, we have found about 206 tcf.
“So, the belief is that if we really aim to look for gas dedicatedly, we will find up to 600 trillion cubic feet of gas.”
He added: “The future of oil and gas industry in Nigeria is still very bright when we talk about energy transition, we are not expecting that oil will be discarded the next day,”
“We are saying that over the years, oil will account for less and less percentage in the global energy mix.
“It means that oil is still going to be relevant, but it will not be as relevant as it is today, but it is not going to happen just now.
“It’s going to happen years to come, so there is still a lot of opportunities in growing the oil industry.
“That’s why we are here to collaborate with the rest of the global community to develop oil industry.
“We’ve never discountenanced that the world is serious about the energy transition.”