Investments opportunities the minister of state for Petroleum (gas) presented to stakeholders at Gastech Confab in Singapore
Minister of State for Petroleum Resources (Gas), Mr.. Ekperikpe Ekpo, who is leading Nigeria’s delegation to the Gastech Conference in Singapore has reportedly assured that the country is richly endowed with sufficient natural gas reserves and can increase its production to more than five billion cubic feet per day by 2030.
Platforms Africa reports that Ekpo’s statement at the conference was shared in a press release to journalists in Nigeria.
“In Nigeria, it has been declared a decade of gas from 2020 to 2030. So, by 2030, we’ll get to 5.5 billion cubic feet of daily production (57 billion cubic meters a year),” Ekpo said, adding that there were funds available to finance expansion, without elaborating.
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A report by Reuters stated that Nigeria’s gas output declined by nearly 11% from the previous year to 40.4 bcm in 2022, down from over 49 bcm a year in 2019 and 2020, according to industry body the Energy Institute.
The decline in output resulted in lower exports of liquefied natural gas (LNG), which dropped by 16% to 19.6 bcm last year, the institute’s data shows, giving Nigeria less than a 4% share in global LNG exports.
Nigeria relies on fossil fuel exports for 90% of its foreign exchange and roughly half its budget, the report said.
