The Department of Petroleum Resources (DPR) has said that indigenous oil and gas companies are now contributing as much as 33% to the country’s crude oil reserves and about 30% to its gas reserves.

This is as it has announced that Nigeria’s proven gas deposits have increased to 206.53 trillion standard cubic feet.

This disclosure was made by the Director, Department of Petroleum Resources (DPR), Auwalu Sarki, while speaking at the Nigeria International Petroleum Summit, in Abuja. Auwalu Sarki noted that while these companies’ contribution to the reserves was less than 10 million barrels in 2005, it has grown significantly to about 62 million barrels in 2020.

He attributed the growth to recent efforts being made on gas exploration in the country, especially the Decade of Gas Initiative.

WHAT THE DIRECTOR OF DPR IS SAYING

Auwalu said, “Nigeria attained the target of 200tcf of natural gas reserves by the Reserve Declaration as at Jan.1, 2019, before the 2020 target. Thereafter, the government set a target to attain a Reserve Position of 2020tcf by 2030.’’

He noted that independent companies are driving value addition to gas, adding that acquisition of divested assets, as well as accelerated appraisal and development efforts, are other driving factors, adding that the country is already benefiting from the deliberate national efforts to boost indigenous participation in the sector.

WHAT THE CHAIRMAN OF THE NIGERIAN GAS ASSOCIATION IS SAYING

The Chairman of Nigerian Gas Association and Managing Director, Shell Nigeria Gas, Ed Ubong, who spoke at the event said gas only accounts for 5% of Africa energy mix.

He said, “Nigeria is sitting on a large, huge resource base of gas, but how much gas are we producing? We are a top ten country when we talk of what we have but when you talk of what we are actually producing we begin to sit back. We are in the top 20 range.

The gas development in Nigeria has a number of positives, over the last 30 years, we have doubled our domestic gas consumption and moved from about 200 and today in the domestic market we have close to 1.2pcf of gas flowing every day.”

Also, at the event, the Minister of State for Petroleum, Timipre Sylva said there was a need for the industry to move beyond lips service on gas development.

He said, “I want to see a holistic roadmap and action plan that provides the appropriate leverage for the way forward in delivering the Decade of Gas vision. The critical milestone that must be achieved should be clearly stated with short, medium and long term strategies.’’

WHAT YOU SHOULD KNOW

The Federal Government had last year put Nigeria’s total gas reserves at 203.16 trillion cubic feet (TCF), representing a marginal increase of 1.16tcf or 0.57 per cent from the 202tcf recorded in 2019. The recent increase implies growth of over 3 trillion.

The Nigerian government, in recent times, has been pushing for a shift in focus in the oil and gas sector, to tap from the country’s huge gas deposits and reduce the dependence on crude oil.

SOURCE: https://brandnewsday.com/2021/06/14/indigenous-firms-oil-reserves-dpr/

It still doesn't change the fact that Nigeria under Buhari is a failed state

Ok

We're getting there

Nice dev

Nice. The local content bill was indeed a good one.

People are reserving money in their sovereign account and thoughtless people are reserving oil that the value keeps depreciating.

Fahdiga1:
It still doesn't change the fact that Nigeria under Buhari is a failed state

Find something else to cart about

Igbo's, Buhari's haters, you will die because of hate

This one sef get mark of the beast.

I still don't understand why they paint their foreheads whith charcoal. Looks terrifying

Please Nairalanders,i am hungry.Hungry as hell,nothing has entered my mouth in almost 48hrs..Mek una help me abeg..This one no be scam,na just hunger..1k fit even help.I am begging..
..2253236504...Zenith bank..Incase it touches anyone to help me..

Although this is a very good news, it doesn't change the fact that the FG over reliance on oil is very disappointing and if not swiftly corrected, will be catastrophic on the economy as we are witnessing a mirage of the catastrophe at the moment.

The G7 recently signed a pact to do without PMS and diesel by 2030. China and Singapore are aggressively pushing for lesser fossil consumption and more clean energy.

Its high time the government realize that the economy needs to be diversified especially towards manufacturing and agriculture because these two are the major sector that can cater for a large population.

Anyways, its so unfortunate that we have a government who believes in old and archaic ways of doing things. They are just an analog minds in a digital age.

A1h2m3e4d:
Igbo's, Buhari's haters, you will die because of hate

Just like the way Buhari and his fellow Nigerians are dying ontop igbo matter.

With all this donations or contributions we hope to see more developments in our country. The APC led administration should at least try and put smiles in the faces of Nigerians within the next two years of their tenure.

How many percent did cow and its herders contribute to the oil reserve?

All these are Lies we don’t have any Oil Reserve

Pretty much soon the oil reserves would not be economical to ramp up our revenue as a country..DPR and NNPC and what not wake up!!!

Ok

Thumbs up to seplat and other indigenous E&P companies but from the stats we still are off track cause our focus should be gas while the government through PPP focus on gas to power plants we are a Gas provinces generating a miserable 5000MW or less when we have what it takes to power west Africa