Sylva: Nigeria Intends To Increase Its Natural Gas Reserves To 600 Trillion Cubic Feet

0
Sylva: Nigeria Intends To Increase Its Natural Gas Reserves To 600 Trillion Cubic Feet
Sylva: Nigeria Intends To Increase Its Natural Gas Reserves To 600 Trillion Cubic Feet

The Nigerian government has revealed that it intends to increase the country’s gas reserves from 206 trillion cubic feet to 600 trillion cubic feet (TCF).

According to NAN, this was revealed by the Minister of State for Petroleum, Chief Timipre Sylva, at the 23rd World Petroleum Congress in Houston, Texas, USA.

Speaking at a session titled “Regional Development and Opportunities in Africa,” he stated that the increase would place Nigeria among the countries with the world’s largest gas reserves.

According to the Minister, the 600 trillion cubic feet reserve will allow Nigeria to achieve the desired development of a gas nation.

“In Nigeria, we have a lot of gas.” “At the moment, we have 206 trillion cubic feet of gas reserves.” This number has already been discovered in gas reserves, and the 206 trillion cubic feet reserve was discovered by accident while looking for oil.

“We were actually looking for crude oil when we discovered gas, and in the process of the accidental discovery of gas, we discovered about 206 TCF.”

READ ALSO: NNPC GMD Mele Kyari To Outline The Benefits Of Nigeria’s Petroleum Industry Act

Read Also:  Cash In With 2 High-Yield Dividend Stocks: Passive-Income Stocks To Fight Inflation

“So, the belief is that if we really aim to look for gas, we will find up to 600 trillion cubic feet of gas,” he explained.

Sylva went on to say that the future of Nigeria’s oil and gas industry is still very bright when it comes to energy transition, as the FG does not expect that to happen.