Nigeria's gas reserves total 177 tcf

Jun 09, 2006 02:00 AM

Nigeria's natural gas reserves are currently estimated at 177 tcf (5 tcm), almost equal to 30 bn barrels of crude oil, a high-ranking official said. He said Nigeria had the fifth largest gas reserves in the world, "which more than double the crude oil reserves" in the country.
"Approximately half of these reserves are in the form of associated gas, while the other half is non-associated," he said.

Jonathan Zwingina, Senate deputy leader, made the remarks while leading debate on the general principles of the Downstream Gas Bill, 2006. Zwingina, who sponsored the bill, expressed regret that oil prospecting companies had not conducted any deliberate search for gas.
He said the absence of a separate and distinct legal framework for the gas sector had, to a large extent, discouraged foreign investors from venturing into the sector.

The deputy senate leader described the bill as being timely, saying the west African country would establish a Gas Regulatory Commission and unbundle the Nigerian Gas Company into the Nigerian Gas Transportation Company and the Nigerian Gas Marketing Company.
Among other benefits, he said the bill, if passed, would attract credible private sector investors to participate in the gas transmission infrastructure critical for independent power producers.

According to Sen. Jibril Aminu, former minister of petroleum resources, "Nigeria is known as a gas country in which there is oil," implying that the gas is more in quantity and value than the oil.
He said, the bill, if passed, would enhance the quality of life, provide clean and sustainable energy, improve fertilizer production and improve power generation.

Source: Xinhua
Market Research

The International Affairs Institute (IAI) and OCP Policy Center recently launched a new book: The Future of Natural Gas. Markets and Geopolitics.


The book is an in-depth analysis of some of the fastest moving gas markets, attempting to define the trends of a resource that will have a decisive role in shaping the global economy and modelling the geopolitical dynamics in the next decades.

Some of the top scholars in the energy sector have contributed to this volume such as Gonzalo Escribano, Director Energy and Climate Change Programme, Elcano Royal Institute, Madrid, Coby van der Linde, Director Clingendael International Energy Programme, The Hague and Houda Ben Jannet Allal, General Director Observatoire Méditerranéen de l’Energie (OME), Paris.

For only €32.50 you have your own copy of The Future of Natural Gas. Markets and Geopolitics. Click here to order now!


Upcoming Conferences
« June 2018 »
1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30

Register to announce Your Event

View All Events