<p>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.</p>



<p>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.</p>



<p>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.</p>



<p>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.</p>



<p>“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.</p>



<p>“Most of the erstwhile constraints are
being addressed in a holistic manner through government policies, reforms, and
gas monetisation drive.</p>



<p>“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.</p>



<p>Modecai disclosed
government’s commitment to grow reserves and eliminate flaring.</p>



<p>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.</p>

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