By Yemi Olakitan
The Federal Government of Nigeria has expressed dissatisfaction about the country’s $5 billion petrol revenues, arguing that they fall short of reserves.
The Vice President, Kashim Shetima revealed this during his speech at the 6th Value Chains Annual Lecture and Awards in Abuja on Thursday.
In his capacity as the Vice President’s Special Advisor on Energy and Power Infrastructure, Sodiq Wanka stated that Nigeria is the ninth-largest country in the world in terms of proved reserves and possesses over 200 trillion cubic feet of undeveloped gas reserves.
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He claimed that the importance of fully utilising the country’s gas reserves could not be emphasised because gas not only provides 80% of the country’s power but is also predicted to overtake all other power sources by the end of this decade.
“Today, Nigeria produces about $5 billion in gas, which is 40% less than Egypt, which possesses about 30% of Nigeria’s reserves.
Our production-to-reserve ratio is roughly 10% that of Malaysia, less than a quarter that of Algeria, and less than a third that of Egypt. The EU, along with many other countries, was shopping for liquefied natural gas following the conflict between Russia and Ukraine.
Due to insufficient gas supplies, the biggest LNG assets in Nigeria were functioning substantially below capacity.
“If current trends continue, a ten-year analysis of gas supply and demand could result in a gas shortage of up to 10 billion standard cubic feet per day) by 2030,” he stated.
