Senator Kashim Shettima, the Vice President of Nigeria, has voiced his concerns about the country’s gas earnings, which he considers insufficient in comparison to its vast gas reserves. This revelation came during his address at the 6th Valuechain Annual Lecture and Awards held in Abuja, where he highlighted the untapped potential of Nigeria’s gas resources.<\/p>\n
Representing the Vice President at the event, Sodiq Wanka, the Special Adviser on Energy and Power Infrastructure, emphasized that Nigeria boasts over 200 trillion cubic feet of untapped gas resources, placing it 9th on the global scale in terms of proven gas reserves. He underscored the critical role of gas in Nigeria’s energy landscape, stating that it not only accounts for 80 percent of power generation but is also anticipated to become the primary source of power generation by the end of the decade.<\/p>\n
Wanka stated, “Currently, Nigeria’s earnings from gas production stand at approximately $5 billion, which is 40 percent less than Egypt’s earnings, despite Egypt having only about 30 percent of Nigeria’s gas reserves. Our production-to-reserve ratio falls well below that of Egypt, Algeria, and Malaysia.”<\/p>\n
He went on to highlight a significant concern regarding Nigeria’s gas supply and demand. With the global demand for liquefied natural gas (LNG) surging in the aftermath of the Russia-Ukraine conflict, Nigeria’s largest LNG assets are operating below their capacity due to inadequate gas supply. Wanka noted, “At this rate, according to a decade of gas analysis, we could face a potential demand-supply gap of up to 10 billion standard cubic feet per day (bscfd) of gas by 2030.”<\/p>\n
The Vice President’s comments shed light on the pressing need for Nigeria to harness its abundant gas resources to maximize earnings and meet both domestic and international demand. Unlocking the potential of the nation’s gas reserves could not only bolster its revenue but also strengthen its position in the global energy market.<\/p>\n","protected":false},"excerpt":{"rendered":"
Senator Kashim Shettima, the Vice President of Nigeria, has voiced his concerns about the country’s gas earnings, which he considers insufficient in comparison to its vast gas reserves. This revelation came during his address at the 6th Valuechain Annual Lecture and Awards held in Abuja, where he highlighted the untapped potential of Nigeria’s gas resources. […]<\/p>\n","protected":false},"author":2,"featured_media":1809,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[59],"class_list":["post-3821","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-featured"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/3821","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=3821"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/3821\/revisions"}],"predecessor-version":[{"id":3822,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/3821\/revisions\/3822"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/1809"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=3821"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=3821"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=3821"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}