Nigeria now holds 33% of Africa’s total gas reserves. It was revealed through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) which stated that Nigeria’s gas reserves might last for 94 years.
Gbenga Komolafe, Chief Executive Officer of NUPRC, made the announcement in Abuja at the Nigerian Association for Energy Economics 16th Annual International Conference, with the topic “Energy Evolution, Transition, and Reform: Prospects for African Economies.”
He emphasized that oil and gas would continue to provide energy security for Nigeria’s large population of almost 200 million people .
“We have a reserve base of 36.97 billion barrels of oil and 208.83 trillion cubic feet of gas,” Komolafe stated. “With a reserve base of 36.97 billion barrels of oil and 208.83 trillion cubic feet of gas, representing 33% of Africa’s total gas reserves of 620TCF, Nigeria can be described as a gas rich nation, ranking first in reserves in Africa with a life index of 94 years.”
He remarked that the globe had watched the evolution of diverse energy sources over the last two centuries, from traditional biomass through coal, oil and gas, hydropower, wind, solar, blue hydrogen, and nuclear.
He stated that the global drive for decarbonisation and a greater emphasis on cleaner energies has created an opportunity for Africa to diversify its PORTFOLIO. This will lead Africa to utilize its enormous oil and gas resources for energy security and economic development.
Prof. Yinka Omorogbe, President of the Nigeria Association for Energy Economics (NAEE), stated that the NAEE had continued to play an active role in developing professional competence in Nigeria’s oil and gas and power sectors.
According to her, the conference had over the years demonstrated the association’s tenacity in pursuing its goals of providing a forum for the exchange of ideas and professional development in energy economics