The Nigerian government also stated that the gas reserves in Nigeria might endure for roughly 94 years while making this disclosure through the Nigerian Upstream Petroleum Regulatory Commission and reported by The Punch NG, a Nigerian newspaper.
This information was presented by the Chief Executive Officer, of NUPRC, Gbenga Komolafe, in the country's capital, Abuja at the 16th Annual International Conference of the Nigerian Association for Energy Economics, which had as its topic "Energy evolution, transition, and reform: Prospects for African economies."
He stressed the significance of keeping in mind that oil and gas will continue to provide Nigeria's enormous population, which is thought to number about 200 million, with energy security. “With a reserve base of 36.97 billion barrels of oil and 208.83 trillion cubic feet of gas which represents 33 percent of Africa’s total gas reserves of 620TCF, Nigeria can be described as a gas-rich nation ranking number one in Africa in reserves with a life index of 94 years, the Chief executive officer said
“This clearly presents Nigeria in a dominant position in the entire African gas market. Nigeria has the potential to ensure a sustained supply of natural gas across the sub-Saharan region of Africa if the necessary financing and infrastructure are in place,” he added.
He pointed out that several energy sources have evolved over the last 200 years, from traditional biomass through coal, oil, and gas to hydropower, wind, solar, blue hydrogen, and other renewables. “However, today, oil and gas have remained the most dominant source in the energy mix,” he stated.
The CEO mentioned that the push for cleaner energy sources and the worldwide drive for decarbonization had given Africa the chance to diversify its economy and use its enormous oil and gas resources for energy security and economic growth.
Prof. Yinka Omorogbe, the president of the Nigeria Association for Energy Economics (NAEE), stated that the NAEE has continued to actively contribute to the development of professional competence for the Nigerian power and oil industries.
She said that the conference had demonstrated the association's tenacity in upholding its goals of serving as a venue for the exchange of ideas and the development of professional expertise in energy economics throughout the years.
