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Nigeria’s Gas Resources Would Mean Nothing If Not Developed – Attah

MD NLNG, Tony Attah

 

The Managing Director of Nigeria LNG Limited (NLNG), Tony Attah has mentioned the massive deposit of gasoline assets in Nigeria would quantity to nothing if the gasoline shouldn’t be developed and utilised urgently to satisfy the nation’s vitality wants.

Attah mentioned this on the pre-summit convention of the 2021 Nigeria International Petroleum Summit (NIPS) organised by the Federal Ministry of Petroleum Resources and sponsored by NLNG and lined dwell by Channels Television on Monday.

He said that it was essential to act now on gasoline by means of deliberate insurance policies such because the Decade of Gas, including that the nation should not proceed to be gas-rich and energy-poor the place our gasoline processing and LNG capability don’t match the quantity of our gasoline reserves.

Attah, nonetheless, emphasised that the time for Nigeria to grow to be a high gasoline nation is now when gasoline is enjoying a pivotal position in bridging conventional vitality sources and renewables.

“Our world is changing. We are set to add two billion more people by 2040 to become 9 billion people on earth. On the back of this and anticipated growth in human prosperity, energy demand is expected to grow by more than 30%. Essentially the world needs more energy; but needs it cleaner and cheaper to manage climate change and the 20C challenge through decarbonisation.

“Energy transition has begun, resulting in a massive change in the global energy mix while renewable sources are gaining prominence to replace coal and other forms of fossil fuels,” he mentioned.

Gas is ready to be the fastest-growing transition gas of the long run. This is a superb alternative for Nigeria. Nigeria is blessed with lots gasoline reserves – 200TCF of proved reserve and an extra 600TCF scope to be confirmed by SEC guidelines.

“Proving the 600TCF will move us to number four in the world from the current 9th position which I believe should be a key objective for this decade of gas agenda. Essentially, Nigeria is a gas nation as we have more gas than oil on a BoE basis.

“Nigeria currently plays a significant role in the global energy sector, holding the position of the largest oil and gas producer in Africa and the sixth supplier of global LNG through the operations of NLNG. Our Train 7 project alone will attract about $10billion into the country with significant revenue generation for the government and our shareholders but also over 12,000 jobs opportunities for Nigerians.

“This is a decade of gas, another decade of sustained operations in NLNG, a decade of Train 7 and perhaps Trains 8,9 and 10; a decade of elimination of gas flaring, a decade of more Domestic LPG in households in Nigeria; and overall, a decade of fully gas-powered economy,” he mentioned.

He added that “Gas is everything for Nigeria. We must use what we have to get what we want. Saudi Arabia and Dubai used oil to move their economies to become one of the best in the world, Qatar has used gas to transform from a fishing economy to becoming a global gas giant. Nigeria has both oil and gas. However, Nigeria has thus far ridden on the back of oil for over 50 years, but the time has come for Nigeria to fly on the wings of gas. At NLNG, we believe It is time for GAS.”

Attah urged the Federal Government and stakeholders within the vitality business to maximise the Decade of Gas by focussing on growing and legislating the best laws, insurance policies, and legal guidelines that may engender the best surroundings for the much-needed funding in all of the streams of the sector.

He added that NLNG was able to companion with the federal government in making the Decade of Gas a actuality because the Company continues to actualise its imaginative and prescient as a world LNG firm, serving to to construct a greater Nigeria.

NLNG is owned by 4 Shareholders; specifically, the Federal Government of Nigeria, represented by Nigerian National Petroleum Corporation (49%), Shell Gas B.V.  (25.6%), Total Gaz Electricite Holdings France (15%), and Eni International N.A. N. V. S.àr. l (10.4%).

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