The Group Managing Director, NNPC, Mr Andrew Yakubu,has said that Nigeria will earn nearly 10 billion dollars as Foreign Direct Investment from gas-based industries following government's transformation drive in the sector.
A statement by the acting Group General Manager, Public Affairs, NNPC, Ms Tumini Green, quotes Mr Yakubu as stating this at the Offshore West Africa conference in Accra.
It said that in view of government’s transformation drive, the country was currently transiting from an essentially oil-based country to integrated Oil and Gas one.
The Group Managing Director, NNPC, Mr Andrew Yakubu,has said that Nigeria will earn nearly 10 billion dollars as Foreign Direct Investment from gas-based industries following government's transformation drive in the sector.
A statement by the acting Group General Manager, Public Affairs, NNPC, Ms Tumini Green, quotes Mr Yakubu as stating this at the Offshore West Africa conference in Accra.
It said that in view of government’s transformation drive, the country was currently transiting from an essentially oil-based country to integrated Oil and Gas one.
“In clear terms, the Jonathan’s administration has outlined three aspirations for gas, which are, Gas to power, Gas-based industrialisation and High Value Gas Export.
“This will undoubtedly generate as much revenue and other economic benefits as oil,’’ it quoted Yakubu as saying.
It said the country had a total gas reserve of 187 trillion cubic feet (TCF) with potential to grow to as high as 600 TCF making it the seventh among countries with natural gas reserves.
Between now and 2015, more than two billion cubic feet per day of natural gas would be deployed in the country to triple the existing power generation of 4.5 GW to 13.5 GW, the statement added.
It said that government’s focus on gas development and ensuring its availability for power generation was based on the belief that the spin-off effects of reliable power supply would provide a solid base for industrialisation.
The statement added that Nigeria would continue to maintain its presence in High Value Gas Export by pursuing two additional Greenfield Liquefied Natural Gas (LNG) projects at Brass (10m metric tonnes per annum) and Olokola LNG (10m MTPA).
It said this was in addition to the existing 22m MTPA NLNG in Bonny, Rivers State.
According to the statement, in a bid to generate more revenue from gas, the country supplies 130 million cubic feet of gas to Togo, Benin Republic and Ghana.
It said the government had also commenced reforms geared towards attracting more investment.
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