Experts said for the government to achieve 40,000megawatts (mw) electricity generation target from the current 4,000mw, it must develop its gas reserve, The nation reports.
The Oil Producers Trade Section (OPTS) of the Lagos Chamber of Commerce and Industry, which consists of exploration and production firms says there is a need to expand domestic gas as a key enabler to power industry growth.
Neff Clef, OPTS chairman, who represented Mr. Osagie Okunbor, Managing Director of Shell Petroleum Development Company Limited (SPDC) and Country Chairman of Shell Companies in Nigerian (SCiN), said gas development is key to realising the aspiration of 40mw generation and requires an approximate seven-fold increase in domestic gas supply for electricity generation alone and even more.
He however, noted that the importance role of natural gas for the development of our economy which cannot be over-emphasised in our drive to become one of the top 20 economies in the world. Identifying and implementing measures that capture the potential of the gas industry requires a deliberate collaborative effort between government and key stakeholders.
According to him, “With 181 trillion cubic feet of proven gas reserves, and multiples of this figure in undiscovered gas resources, OPTS believes that Nigeria has the potential to be a gas super-power. These reserves place Nigeria as the largest in Africa and the ninth largest in the world.
He added, “However, only about 25 per cent of those reserves is being produced or under development today. The remaining 135 trillion cubic feet of proven gas is not associated with any planned development. And, there is virtually no active exploration in search of new gas reserves.
“The total power potential of these discovered, but undeveloped reserves represent 68 years of 40,000mw compared to today’s power generation of approximately 4,000mw. With the largest proven gas reserves in Africa, Nigeria has the potential to be a gas super-power,”he said.