Department of Petroleum Resources, DPR, on Thursday May 30 lamented the huge daily revenue loss of about N2.6 million through gas flaring in the Niger Delta and promised to redouble efforts at curtailing the unacceptable economic waste through legislation.
This was the submission of Director, Department of Petroleum Resources (DPR), Mr Ladan Modecai, at the monthly Nigeria-South Africa Chamber of Commerce breakfast meeting.
Modecai, who was represented at the May breakfast edition by the Deputy Manager, Gas Exploration and Production, Mr Joseph Ogunsola, sponsored by Sasol Chemicals with a theme “Nigeria Gas Sector Landscape, Status, Potential, Enablers and Opportunity,” stated that oil and gas business will be there for a long time, playing its significant role despite the emergence of renewable source of energy. He therefore, urged South African government and other investors to invest in the Nigeria’s gas sector, which he said is currently worth $50 billion, about N18 trillion with a lot of opportunities.
This admonition allayed the growing fears in some quarters about oil drying up, adding that investment prospects abound in the development of upstream gas fields with a total of 37.4 trillion cubic feet, Trans-Nigeria gas pipeline project including a gas revolution industrial park at Ogidigben FTZ, three power plants for additional 3.2GW capacity, licensing and establishment of several modular refineries.
“The National Gas Policy, Nigerian Gas Flare Commercialisation Programme and Gas Network Code are key enablers in charting our path toward optimum Gas Development and Gas-Based Industrialisation.
“Most of the erstwhile constraints are being addressed in a holistic manner through government policies, reforms, and gas monetisation drive.
“Hitherto, absence of robust legislative, physical and commercial structures for gas and mono-product nature of the economy have militated against the achievement of gas utilisation’’, he said.
Modecai disclosed government’s commitment to grow reserves and eliminate flaring.
To achieve this, he stated that DPR is currently involved in deep drilling and marginal field developments adding that Nigeria currently ranks first in Africa and ninth in global gas capacity with a daily production of 8 billion for industrial and commercial use.
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