Nigeria‘s natural gas re-serves have risen by 4.067 trillion cubic feet (tcf) from 187.998tcf in 2014 to 192.065tcf in 2015, the Nigerian Natural Resource Chapter (NNRC) has said.
In its “2017 Benchmarking Exercise Report” obtained by The Nation, the body said gas reserves in 2013 stood at 181.95 tcf, 182. 258tcf in 2012, 183.434tcf in 2011 and 182.817 tcf in 2010.
The report added that the reserves included associated and non-associated gas, adding that the country remained one of the largest producers of natural gas.
The report said: “The firm relies on statistics from the Nigerian Bureau of Statistics (NBS), the monthly financial bulleting of the Central Bank of Nigeria (CBN), Nigerian National Petroleum Corporation (NNPC), Ministry of Petroleum Resources, Petroleum Technology Development Fund (PTDF) and other sources to arrive at the figures that were computed as the country’s natural gas reserves. The country has gas reserves of 192.065 tcf of gas in 2015 and 187.998 trillion cubic feet of gas in 2014.
The body said many of the stakeholders interviewed raised concerns about the ability of the government to generate accurate figures because of lack of a strong research culture in the country.
In the report, Nigeria is exporting part of the gas it is processing while at the same time uses part of it for electricity generation and Liquefied Petroleum Gas (LPG).
It said the country has become a major exporter of gas globally by selling its gas to countries in Asia.
The report added that the country should substantially increase its gas production in order to make processing and exportation of gas a veritable source of revenue and immediately regain the market it has lost to the discovery of shale gas in the United States.