Nigeria loses gas worth $ 32 bn yearly

Feb 05, 2008 01:00 AM

Nigeria loses about $ 32 bn worth of gas every year due mainly to gas flare and lack of a master plan to harness the commodity, the offshore West Africa Conference revealed at the end of its three-day conference in Abuja.
In a 13-point conclusion, participants noted that gas resource waste is still an issue in Nigeria and that bringing the three planned Liquefied Natural Gas plants on stream, on time and a strategic plan to gather gas and stimulate domestic consumption will help to reduce the loss.

Participants noted that despite concerns over meeting future demands, West Africa will continue to maintain a prominent role in world energy supply. It remains relatively a "friendlier" region to major oil consuming nations, they contended, but quickly added that stemming the tide of conflicts and militancy will create a better environment to achieve set goals.
Participants pointed out however that oil sands, GTL, CBM etc. remain the unconventional resources challenge in the sub-region.

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